Hindustan Zinc Limited (NSE: HINDZINC), India’s only and the world’s third-largest silver producer, is optimistic about the ongoing silver price rally, as the metal reaches a record high of US$ 34/t oz. The company operates the world’s second-largest silver-producing mine, Sindesar Khurd, located in Rajasthan, and has reported a 10% increase in silver production for the second quarter of the current fiscal year.
Arun Misra, CEO of Hindustan Zinc Limited, said, “The current momentum in silver prices is driven by industrial demand, such as in expanding photovoltaic applications, followed by the jewellery and silverware segments. As India’s only and the world’s third-largest silver producer, we are well-resourced to meet this rising demand in India with our world-class assets like the Sindesar Khurd Mine in Rajasthan, the second-largest silver-producing mine globally and operational excellence.
We remain bullish on silver and as the metal contributes significantly to our overall profit. We have maintained that establishing a separate silver company through demerger will unlock value for all stakeholders and support long-term growth. This precious metal vertical will be better positioned to capitalize on the market, as Hindustan Zinc is India’s sole producer of this precious metal from primary sources. This will help the proposed silver company to focus on its core strength thus accelerating growth and value for shareholders.”
Citi Research has revised its 6 to 12-month silver price forecast upward from $38 to $40 per ounce, citing expected outperformance of silver compared to gold, potential US labour market deterioration, and anticipated interest rate cuts by the Federal Reserve.
About Hindustan Zinc Limited
Hindustan Zinc Limited (BSE: 500188 and NSE: HINDZINC), a Vedanta Group company, is the world’s second-largest integrated zinc producer and the third-largest silver producer. The company supplies to more than 40 countries and holds a market share of about 75% of the primary zinc market in India. Hindustan Zinc has been recognized as the world’s most sustainable company in the metals and mining category by the S&P Global Corporate Sustainability Assessment 2023, reflecting its operational excellence, innovation, and leading ESG practices. The company also launched EcoZen Asia's first low carbon 'green' zinc brand. Produced using renewable energy, EcoZen has a carbon footprint of less than 1 tonne of carbon equivalent per tonne of zinc produced, about 75% lower than the global average. Hindustan Zinc is also a certified 2.41 times Water-Positive company and is committed to achieving Net Zero emissions by 2050 or sooner. Transforming the lives of 1.9 million people through its focused social welfare initiatives, Hindustan Zinc is among the Top 10 CSR companies in India. As a world leader in the metals and mining industry, by Hindustan Zinc is pivotal in providing critical metals essential for the global energy transition for a sustainable future
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