New Delhi, 05 May 2022: India’s largest bullion refiner MMTC-PAMP has expanded its ambit and forayed into manufacturing of industrial silver. To utilize the vast demand for industrial silver, the refiner will now manufacture silver and silver alloyed contacts through PAMP Precision, its wholly owned subsidiary. These contacts will be used in switches, circuit breakers, relays, etc and will be a part of every human life.
Industrial silver is used across industries, from television screens to switches, and the ever-rising demand for the components is expected to increase in India.
The company also plans to foray into various alloys through the introduction of its brazing technology, and plans to bring out electrical contacts made out of silver-based alloys that will deliver on the promise of the highest standards of quality. With some notable marquee customers in India already sourcing from the just commissioned plant, the company is also eyeing the foreign exports US etc through the manufacture of contacts for switchgear & control gear, domestic switch, automobile etc.
Commenting upon the announcement, Mr Vikas Singh, the CEO and Managing Director of MMTC-PAMP said, “This was a logical extension for us as we have delivered excellence in the space of bullion refining. The new electrical contacts plant is expected to produce more than 100 million pieces of contacts this financial year, with plans to double output by the end of March 2024. The purity of the metal used for the contact by and large affects the efficiency of the circuits since it has a proportional effect on the flow of current. MMTC-PAMP is known for delivering purest of the metals and this venture will deliver on our guarantee of purity and excellence in the industrial and manufacturing space.”
In 2021, global physical silver demand increased by 19 percent from 2020 to reach 1.049 billion ounces and as per Metals Focus, India consumed about 4,500 tons of silver in 2021, with 40% of it in the form of jewelry and nearly a quarter in the industrial sector. This demand is projected to rise by a third to reach 5,900 tons this financial year.
As most nations strive to move towards becoming low carbon economies, increasing demand for solar panels and renewable batteries has driven the demand for industrial silver.
MMTC-PAMP not only plans to cater to this demand but also plans to add to the manufacturing capacities of the nation. Recently, the government has called for a push in manufacturing and has offered numerous product-linked incentives. Bringing its promise of purity in refining, MMTC-PAMP’s new plant has been set up adjacent to its existing world-class precious metals refinery in Haryana’s Mewat district to boost the local economy.
Going forward, the company also plans to set up an e-waste recovery plant that segregates precious metals such as gold and silver from mobile phones, computers and washing machines among other discarded consumer electronics.