HZL optimistic over Indian silver market
Vedanta group firm Hindustan Zinc said domestic silver market will remain bullish on account of digital wave, solar power generation and upcoming electric vehicle market.
“In the domestic market, silver will remain bullish due to the digital wave, solar power generation and upcoming electric vehicle market,” Hindustan Zinc Ltd (HZL) said in a statement.
Silver is used in industrial applications like manufacture of semiconductors, solar PV cells and batteries.HZL produced 556 tonnes of silver in 2017-18. The company sells silver in the form of 30 kg bars.The company is aiming to produce 1,000 tonnes of silver in the next 3-4 years to figure among top five global silver producers.
According to the World Silver Survey report 2018, Hindustan Zinc was the 10th largest silver producing company globally in 2017.
HZL said its silver refinery 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.
The LBMA is an international trade association that represents the wholesale over-the-counter market for gold and silver bullion.