Silver Set to Shine Again in India
Source: Mineweb, Shivom Seth (5/13/11)
"Unfazed investors see dip as inevitable profit-taking."
The relentless slide in silver prices has been termed a temporary aberration by silver producers in India, who insist that since silver has had its biggest run in the shortest period of time, there is bound to be profit taking by certain investors.
"Give it some time. The market will correct," said an unfazed senior official at Hindustan Zinc. The company is targeting a 43% increase in production in the next financial year, 2012-13.
Vedanta Group, through its subsidiary Hindustan Zinc, in en route to also becoming one of the largest integrated silver producers globally. The aim is to ramp up production from its Sindesar Khurd mine, in Rajasthan.
Also set to follow is is Hindalco, which is likely to produce 60-70 tons of silver by 2012-13. Hindustan Copper is also ramping up silver production.
With India currently placed at the 15th spot of top silver producing nations, silver producers across the country have charted out growth plans that will place India amongst the top 10 silver producing nations within a very short time. The aim - total silver production should cross 20 million ounces over the next two years.