Silver consumption will grow
(PresseBox) - In 2022, silver demand amounted to just under 39,000 tons, around 18 percent more than in the previous year, and the trend is upward.
According to calculations by the Silver Institute in spring 2023, silver consumption continues to rise. The largest demand comes from the industry, with demand now exceeding supply. A significant consumer of the precious metal is the solar cell industry. According to estimates by the Silver Institute, this sector will consume around 14 percent. In 2014, it was only five percent. In addition, there are efforts to produce solar cells with the latest technology, which would require 22 milligrams of silver per watt of power, compared to the current ten milligrams.
This would result in significantly increased silver consumption for the silver market. At the same time, the International Energy Agency expects solar panel production to double by 2024. Little expansion is anticipated in the silver supply. According to forecasts, silver production is projected to grow by only two percent in 2023. The majority of the precious metal (around 80 percent) is extracted from gold, copper, lead, and zinc mines. Primary silver projects are in the minority. Mexico has the world s leading silver mining area, the Fresnillo trend.
Here, for example, MAG Silver - https://www.commodity-tv.com/ondemand/companies/profil/mag-silver-corp/ - has been producing since the beginning of June due to an investment. The company is also working on three other projects, such as the silver-rich Deer Trail project in the USA.
So the increasing silver consumption in solar cells and the increasing production of solar cells should please companies with silver in the projects. Moreover, the current silver price is hardly an incentive for the mining community to invest in silver production.
Also in the silver country of Mexico is Discovery Silver - https://www.commodity-tv.com/ondemand/companies/profil/discovery-silver-corp/ - with its Codero silver project. At the immensely large deposit, the feasibility study will be completed in the first half of 2024.
Current corporate information and press releases from MAG Silver (- https://www.resource-capital.ch/en/companies/mag-silver-corp/ -) and Discovery Silver (- https://www.resource-capital.ch/en/companies/discovery-silver-corp/ -).
In accordance with ?34 WpHG I would like to point out that partners, authors and employees may hold shares in the respective companies addressed and thus a possible conflict of interest exists. No guarantee for the translation into English. Only the German version of this news is valid.
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Datum: 11.07.2023 - 03:42 Uhr
Sprache: Deutsch
News-ID 687328
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