UDAIPUR: The Silver refinery of Hindustan Zinc, located at Pantnagar in the State of Uttarakhand, has been added to London Bullion Market Association’s (LBMA) London Good Delivery list for Silver with effect from 16 April 2018.
The LBMA is the 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.
LBMA has exhaustive testing procedures under which silver bars are examined and assayed by independent referees, and assaying capabilities are tested. It also includes assessment of company’s ownership, history, production capability and financial standing.
The LBMA recognition to Hindustan Zinc for Silver has become effective from 16th April 2018. This gives Hindustan Zinc certification of international standards quality of silver bars that match global trade acceptability.
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 of government.
The CEO of Hindustan Zinc, Sunil Duggal said “We are very pleased to receive recognition by London Bullion Market Association (LBMA) for our silver refinery located at Pantnagar in the State of 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 will remain bullish due to the digital wave, solar power generation and upcoming electric vehicle market.