https://www.engineeringnews.co.za
generation|Mining|Power|Solar|Power Generation|Power-generation
generation|Mining|Power|Solar|Power Generation|Power-generation
generation|mining|power|solar|power-generation|power-generation-industry-term

‘Five new Greens Creeks needed to meet silver demand from solar’

Greens Creek in Alaska is the biggest silver mine in the US.

Greens Creek in Alaska is the biggest silver mine in the US.

19th February 2024

By: Mariaan Webb

Creamer Media Senior Deputy Editor Online

     

Font size: - +

The relentless expansion of solar power installations is triggering a staggering surge in silver demand, which is outpacing production capacity, says US-based silver producer Hecla Mining CEO Phillips Baker.

Considering that each gigawatt of installed solar requires about 500 000 oz of silver, demand for the metal has spiked.

Baker points out that, in 2023, about 75% of the world’s new renewable electric power generation capacity was solar. “China alone installed as much solar as the entire world did in 2022, and significant new solar facilities are now planned for the US,” he says.

Silver demand for solar installations has increased by 50-million ounces to 190-million ounces last year, notes Baker.

“To put this 50-million ounces in context, that is the equivalent of five new Greens Creeks or ten new Lucky Fridays,” he says, drawing comparisons to Hecla’s iconic silver mines in the US.

In 2023, Greens Creek, in Alaska, produced 9.7-million ounces of silver.

According to the Silver Institute, the silver market saw what may well have been the biggest deficit on record in 2022, with a shortfall of 237.7-million ounces. Another hefty deficit is forecast for 2023.

With the mining industry unlikely to deliver a parallel production surge, the solution lies in above-ground silver and Baker says that prices will have to be higher to meet that demand.  

Edited by Creamer Media Reporter

Comments

Showroom

Weir Minerals Africa and Middle East
Weir Minerals Africa and Middle East

Weir Minerals Europe, Middle East and Africa is a global supplier of excellent minerals solutions, including pumps, valves, hydrocyclones,...

VISIT SHOWROOM 
Aqs image
AQS Liquid Transfer

AxFlow AQS Liquid Transfer (Pty) Ltd is an Importer and Distributor of Pumps in Southern Africa

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Photo of Martin Creamer
On-The-Air (26/04/2024)
26th April 2024 By: Martin Creamer

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.097 0.161s - 160pq - 2rq
Subscribe Now