https://www.engineeringnews.co.za

Silver mine supply fell for first time in 14 years in 2016

12th May 2017

By: Anine Kilian

Contributing Editor Online

     

Font size: - +

 JOHANNESBURG (miningweekly.com) – Global silver mine production dropped by 0.6% year-on-year 885.8-million ounces in 2016 – the first decrease since 2002, according to the ‘World Silver Survey’ compiled by GFMS Thomson Reuters on behalf of the  Silver Institute.

Total silver supply decreased by 32.6-million ounces to 1.01-billion ounces in 2016 in line with decreased demand for the precious metal, with falling jewelry, coin and bar and industrial consumption contributing to an 11% decline.

This was driven by lower by-product output from the lead/zinc and gold sectors, as well as a sharp decline of scrap supply to the market, which hit its lowest since 1996.

Primary silver mine production grew by 1% to realise 30% of total silver mine output last year. Lead/zinc mines contributed 35% of 2016 by-product output, followed by copper mines at 23% and gold mining at 12%.

Demand, meanwhile, fell by 11% year-on-year to 1.03-billion ounces, dragged lower by weaker jewellery, silverware and retail investment.

Silver jewellery fabrication declined 9% to 207-million ounces, while demand for silverware decreased by 17% year-on-year to 52.1-million ounces.
Silver prices had average $17.14/oz in 2016, a 9.3% increase year-on-year.

Edited by Chanel de Bruyn
Creamer Media Online Managing Editor

Article Enquiry

Email Article

Save Article

Feedback

To advertise email advertising@creamermedia.co.za or click here

Showroom

The Steel Tube Export Association of South Africa
Steel Tube Export Association of South Africa

The Steel Tube Export Association of South Africa was established to develop sustainable, internationally competitive carbon steel tube and pipe...

VISIT SHOWROOM 
Rentech
Rentech

Rentech provides renewable energy products and services to the local and selected African markets. Supplying inverters, lithium and lead-acid...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

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







301

sq:0.051 1.066s - 140pq - 2rq
Subscribe Now