Kolkata: Hindustan Zinc’s (HZL) silver refinery located at Pantnagar in Uttarakhand, has been added to London Bullion Market Association’s (LBMA) “London Good Delivery” list for Silver with effect from April 16, 2018. This certifies Hindustan Zinc’s silver bars are of international quality that match global trade acceptability, an official statement from the company said.
The LBMA is an international trade association that represents the wholesale over-the-counter market for gold and silver bullion. It lists those refineries whose gold and silver bars have been found, when originally tested, and met the required standard for acceptability in the London Bullion market. The List now includes 69 gold and 82 silver refiners.
Hindustan Zinc Silver refinery is India’s third refinery and the only private sector refinery to be listed on LBMA. The other listed refineries from India are MMTC Pamp, Mewat and Hindustan Platinum Pvt. Ltd, Navi Mumbai, both government-owned. Hindustan Zinc is the only Indian private sector company to feature in LBMA’s global 82 “London Good Delivery” list.
Sunil Duggal, CEO of HZL said: “We are very pleased to receive recognition by London Bullion Market Association (LBMA) for our silver refinery located at Pantnagar, Uttarakhand. Since we represent India in global silver market, with production of 95% primary silver in India, I would like to attribute Hindustan Zinc silver as Silver of India.”
As per the latest World Silver Survey report 2018, Hindustan Zinc ranked 10th among the top Silver producing companies globally in the year 2017. The report also showcases 2017 as the third consecutive year of growth posted in India due to higher silver grades and ore volumes processed by Hindustan Zinc. The company jumped 8 positions from its 2016 ranking of 18.
In the financial year 2017-18, Hindustan Zinc has produced a record 556 tonnes of silver. The Company sells Silver in the form of 30 kilograms’ bars. The Company is aiming to produce 1000 tonnes of Silver in the next 3-4 years at which the Company would be counted amongst the top 5 global silver producers.
In the domestic market, silver is expected to remain bullish due to the digital wave, solar power generation and upcoming electric vehicle market.
Source: Economic Times