NEW DELHI: Hindustan Zinc Limited, a Vedanta group company, became the third-largest silver producer globally, according to the World Silver Survey 2024 conducted by ‘The Silver Institute’, USA.
The survey also mentioned the company’s Sindesar Khurd Mine was now the world’s second-largest silver-producing mine, moving up from last year’s fourth position.
Priya Agarwal Hebbar, Chairperson of Hindustan Zinc, attributed to increased ore production and enhanced grades, reinforcing its status as a key player in the global silver market. “Silver plays a pivotal role in the global energy transition and our recent record silver production of 746 MT paves the way for Atmanirbhar Bharat.
Hindustan Zinc’s production growth of 5% year-on-year is attributed to increased ore production and enhanced grades, reinforcing its status as a key player in the global silver market. This remarkable feat has been achieved using innovative technologies and sustainable mining practices, which helped us in optimising the production process while reducing the environmental impact,” tweeted Hebbar.
Mexico-based Fresnillo is the world’s largest silver producer. It has silver and gold mining operations across Mexico. Fresnillo produced 53.5 million ounce silver in 2023, 5% year-on-year growth.
Polish miner KGHM Polska Miedz is the second-largest producer of silver in the world. It produced 45.9 million ounce in 2023, an 8% increase from the previous year.
Anticipating a modest 4% recovery in jewellery fabrication in 2024, India is expected to be the biggest contributor, in part as restocking by retailers resumes. The silverware demand is projected to rise by 7%, predominantly driven by India’s robust economic growth and escalating disposable incomes.