Indian silver refining companies earning good from silver price rise

Hindustan Zinc's revenue from silver more than doubled to Rs 467 crore
(Rs 209 crore) in the first half of this fiscal while it logged an
increase of 58 per cent to Rs 544 crore last fiscal. The company's
mined metal production was at 840,000 tonnes in 2010-11 while it rose
three per cent to 398,000 tonnes in first six months of this fiscal.

Its revenue from silver is expected to rise further with production at
Sindesar Khurd zinc mines expected to achieve its full capacity of 1.5
million tonnes this fiscal, said an analyst.

PRICES SOFTEN

Silver prices, which are driven by demand from jewellery, coinage,
industrial and medical applications, have softened substantially after
hitting an all-time high of Rs 75,000 a kg in April last year. This
was largely due to investment-driven buying in line with global
markets, where the metal rose to a fresh 31-year high. Currently, it
is quoted at about Rs 52,000 a kg.

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