The company wants to expand output to 1,500 tonnes from 679 tonnes now
Hindustan Zinc Ltd. (HZL), the ninth-largest silver producer in the world plans to become the world’s second-largest global silver producer, after Fresnillo plc. by more than doubling its production in the next five years.
HZL, the only integrated silver producer in India, produces about 95% of India’s primary silver and 100% of the India’s integrated silver.
It increased its production of silver manifold in the last fifteen years from 41 tonnes in FY 2002 to 679 tonnes in FY 2019.
“India is the largest consumer and importer of silver in the world. Keeping this in mind, we are aggressively looking to expand our silver production from current about 679 tonnes to 1,000 tonnes in two years and further to 1,500 tonnes in the next 5-6 years,” HZL CEO Mr. Sunil Duggal told. When production touches 1,000 tonnes, the firm will be counted among the top five global producers and eventually with 1,500 tonnes, it would be the world’s second-largest global silver producer, after Mexico’s Fresnillo plc., a move likely to place India among the top 5 producers.
HZL’s operations accounted for over two-thirds of total silver production growth in the continent.
The world over, the total supply of silver has been constant in the last 5 years, ranging between 31 Kt to 32 Kt, according to World Silver Survey 2019 by The Silver Institute.