全球银矿行业市场前景及投资研究报告-外文版培训课件

INDUSTRIES

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MARKETSSilverminingindustryworldwideCHAPTER

01OverviewReservesofsilverworldwidefrom2010to2023(in1,000metrictons)Silverreservesworldwide2010-20237006106005004003002001000570570560560550540530530530530520510500201020112012201320142015201620172018201920202021202220233Description:Silverisasoft,whitelustrousmetal.In2023,thetotalglobalreservesofsilveramountedtosome610,000metrictons.ReadmoreNote(s):Worldwide;2010to2023Source(s):USGeologicalSurveyReservesofsilverworldwideasof2023,byleadingcountry(in1,000metrictons)Globalreservesofsilver2023,byleadingcountryReservesinthousandmetrictons600204080100120PeruAustraliaRussia1109492China72Poland63RestofworldMexico5737Chile26ArgentinaUnitedStatesBolivia232322India84Description:Asof2023,Peruhadtheworld'slargestsilverreserves,at110,000metrictons.Australiahadthesecond-largestsilverreservesworldwideatthattime,amountingto94,000metrictons.Globalsilverreservesamountedtoatotalof610,000metrictonsin2023.ReadmoreNote(s):Worldwide;2023Source(s):USGeologicalSurveyMineproductionofsilverworldwidefrom2005to2023(inmetrictons)Globalsilvermineproduction2005-202330,00025,00020,00015,00010,0005,00002005

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2023*5/statistics/253293/silver-production-volume-worldwideTheestimatedglobalproductionofsilverin2023amountedto26,000metrictons.Theworldwideproductionofthispreciousmetalhasseenacontinualannualincreasesince2020.Humanshavebeenminingandprocessingsilversinceantiquity.

ReadmoreNote(s):Worldwide;2005to2023;*EstimateThisstatisticwasassembledusingseveraleditionsofthereport.ReadmoreSource(s):USGeologicalSurveyLeadingsilverproducingcountriesworldwidein2022(inmillionounces)Leadingglobalsilverproducingcountries2022Productioninmillionounces020406080100120140160180200220MexicoChina199.2111.8Peru107PolandChileRussia42.441.941.1Bolivia38.738.5AustraliaUnitedStatesArgentinaIndia32.430.922.3KazakhstanSweden14.814.86Description:In2022Mexicoproducedmorethan199millionouncesofsilverandtherefore,wastheworld'slargestsilverproducingcountry.Chinawasthesecond-largestsilverproducer,withproductionamountingtonearly112millionouncesinthatyear.Thetotalglobalproductionvolumeofsilverin2022amountedtoanestimated26,000metrictons,or822.4millionounces.ReadmoreNote(s):Worldwide;2022Source(s):MetalsFocus;TheSilverInstituteLeadingprimarysilverminesworldwidein2023(inmillionounces)Leadingglobalprimarysilvermines2023Productioninmillionounces051015202530354045KGHMPolskaMiedź(Poland)SindesarKhurd(India)***Peñasquito(Mexico)Juanicipio(Mexico)Dukat(Russia)41.1191816.814.9SanJulián(Mexico)FresnilloMine(Mexico)Cannington(Australia)**Saucito(Mexico)13.412.812.412.111.6Antamina(Peru)GreensCreek(U.S.)Puna(Argentina)CerroLosGatos(Mexico)Collahuasi(Chile)9.79.79.29.2SanCristobal(Bolivia)*8.17Description:In2023,theKGHMPolskaMiedźmineinPolandproducedroughly41.1millionouncesofsilver,makingittheworld'slargestprimarysilvermine.ꢀTheSaucitomineinMexico,ownedbyFresnilloplc,thelargestproducerofsilverintheworld,wasrankedninth,andproduced12.1millionouncesthatyear.ReadmoreNote(s):Worldwide;*Estimated.**Payablemetal.***Estimated,refinedsilver.ReadmoreSource(s):TheSilverInstituteDistributionofsilverproductionworldwidein2023,byprimarysourcemetalDistributionofglobalsilverproduction2023,byprimarysourcemetalOther0.5%Gold13.0%Lead/zinc30.8%Copper26.7%Primary28.3%8Description:In2023,around30.8percentofthesilverproducedworldwidewasaby-productofleadandzincmining,whichwasthelargestsourceofglobalsilverproductionthatyear.Primarysilverminingaccountedforthesecond-largestshareofglobalsilverproductionthatyear,atnearly28.3percent.ReadmoreNote(s):Worldwide;2023Source(s):MetalsFocus;TheSilverInstituteVolumeofsilverrecycledworldwidefrom2013to2023,andaforecastfor2024(inmillionounces)Globalrecycledsilvervolume2013-2024200180.3178.6178.9176.9173.718016014012010080164.3160.4148.7148.2147147.2145.76040200201320142015201620172018201920202021202220232024*9/statistics/1231248/recycled-silver-volume-worldwideThevolumeofsilverthatwasrecycledworldwidein2023amountedtonearly178.6millionounces,anincreaseofnearlyonepercentwhencomparedtothepreviousyear.In2024,silverrecyclingisexpectedtoincreaseslightly,to178.9millionounces.ReadmoreNote(s):Worldwide;2013to2023;*Forecast.ReadmoreSource(s):MetalsFocus;TheSilverInstituteCHAPTER

02TradeandpriceLeadingsilverexportingcountriesworldwidein2022,basedonvalue(inbillionU.S.dollars)Silverexportvalueworldwide2022,byleadingcountryExportsinbillionU.S.dollars4012356789UnitedKingdomHongKongChina8.23.52.8Mexico2.3GermanyUnitedStatesSouthKoreaSwitzerlandJapan1.81.81.61.61.6CanadaPolandRussiaTurkey0.950.950.820.690.660.55KazakhstanItaly11Description:In2022,theUnitedKingdom(UK)wastheworld'slargestsilverexportingcountrybasedonvalue.SilverexportsfromtheUKamountedtoatotalvalueof8.2billionU.S.dollarsthatyear,whichaccountedfornearlyaquarteroftheworld'ssilverexportsoverall.ReadmoreNote(s):WorldwideSource(s):CIA(TheWorldFactbook);InternationalTradeCentre(TradeMap);WTExDistributionofsilverimportsworldwidein2021bycountryGlobaldistributionofsilverimportsbycountry2021Shareofimports0%2%4%6%8%10%12%14%16%18%UnitedKingdomUnitedStatesCanada17%16.1%12.8%HongKongIndia10.8%5.34%5.05%4.83%4.6%4.51%JapanSwitzerlandGermanyChinaTaiwanThailandItaly2.43%2.07%1.73%1.46%Australia12Description:TheUnitedKingdomaccountedforthelargestshareofsilverimportsworldwideasof2021,importinga17percentshareofthe37.3billionU.S.dollarsintotalglobalimportsofthispreciousmetalthatyear.TheUnitedStateswasrankedsecond,accountingformorethan16percentofglobalsilverimports.ReadmoreNote(s):Worldwide;2021Source(s):TheObservatoryofEconomicComplexityAverageComexspotpriceofsilverfrom1975to2022(inU.S.dollarsperounce)AverageComexspotpriceofsilver1975-202240353025201535.2725.1723.7817.0816.2415.6814.7113.47107.366.155.214.94.424.38501975

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202213Description:In2005,theannualaveragepriceforoneounceofthepreciousmetalsilverontheComexexchangewas7.33U.S.dollars.By2022,theannualaveragepriceofsilvergrewto21.82U.S.dollarsperounce.

ReadmoreNote(s):Worldwide;1975to2022Source(s):Bloomberg;CMEGroupFoundation;COMEX;TheSilverInstituteAverageLondonfixpriceofsilverfrom1975to2022(inU.S.dollarsperounce)AverageLondonfixpriceofsilver1975-202240353025201535.1225.1423.7917.0516.2115.6814.6613.39107.226.135.24.854.434.37501975

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202214Description:TheannualaverageofLondonfixpriceforoneounceofsilverin2022was21.73U.S.dollars.ReadmoreNote(s):Worldwide;1975to2022Source(s):Bloomberg;LondonBullionMarketAssociation;TheSilverInstituteReturnsonsilverinvestmentsworldwidefrom2011to2023Globalrateofreturnonsilverinvestments2011-2023Rateofreturn-50%2023-40%-30%-20%-10%0%10%20%30%40%50%60%20222021202020192018201720162015201420132012201115Description:In2023,therateoflossonsilverinvestmentsamountedtoapproximately0.66percentworldwide.Thisrepresentsasignificantdecreaseininvestmentperformancecomparedtothepreviousyearwhensilverinvestmentreturnscametonearly2.77percent.ReadmoreNote(s):Worldwide;2011to2023Source(s):Bloomberg;U.S.GlobalInvestors;VisualCapitalistCHAPTER

03CountriesLeadingcountriesbasedonsilvermineproductionworldwidein2023(inmetrictons)Globalsilvermineproduction2023,byleadingcountryProductioninmetrictons3,00001,0002,0004,0005,0006,0007,000MexicoChina6,4003,4003,100PeruChile1,4001,3001,200PolandAustraliaBolivia1,2001,200RussiaUnitedStatesKazakhstanArgentinaIndia1,00099091069017/statistics/264640/silver-production-by-countryMexico'ssilverminesproducedsome6,400metrictonsofsilverin2023,makingtheLatinAmericancountrytheworld'slargestsilverproducer.ThiswasfollowedbyChinaandPeruthatyear,withasilvermineproductionofover3,000metrictons.

ReadmoreNote(s):Worldwide;2023;EstimatesSource(s):USGeologicalSurveyDistributionofsilverproductionworldwidein2022,bycountryShareofglobalsilverproduction2022,bycountryShareofglobalproduction0%5%10%15%20%25%30%MexicoChina24.2%13.6%13%PeruPoland5.2%Chile5.1%5%RussiaAustraliaBolivia4.7%4.7%UnitedStatesOthers3.9%20.6%18Description:In2022,Mexicowasthelargestproducerofsilverintheworld,accountingfornearly24percentofglobalmineproduction.Chinacameinsecondplace,representingsome13.6percentofthispreciousmetal'sproductionworldwide.Perufollowedclosely,rankingthirdwith13percentoftheglobalsilverproductionthatyear.ReadmoreNote(s):2022;ShareofproductioninouncesSource(s):CámaraMineradeMéxico;TheSilverInstituteSilvermineproductioninMexicofrom2010to2023(inmetrictons)SilvermineproductioninMexico2010-20237,0006,0005,0004,0003,0002,0001,00006,630.46,263.46,097.56,049.25,974.85,8215,8155,839.75,766.75,604.85,420.55,358.24,777.74,410.72010201120122013201420152016201720182019202020212022202319Description:In2023,Mexico'ssilvermineproductiondecreasedbyapproximately5.5percentincomparisontothepreviousyear,reachingmorethan6.2thousandmetrictons.Mexicoremainsbyfarthelargestsilverproducerworldwide,trailedbyChina.

ReadmoreNote(s):NorthAmerica,Mexico;2010to2023Source(s):INEGI;MineproductionofsilverinChinafrom2010to2021(in1,000metrictons)SilvermineproductioninChina2010-20214.03.753.673.643.63.573.423.423.443.443.383.53.02.52.01.51.00.50.03.233.0920102011201220132014201520162017201820192020202120Description:In2021,China'ssilvermineproductionamountedtosome3.44thousandmetrictons,slightlyupfrom3.38thousandmetrictonsoneyearearlier.ChinawastheleadingmineproducerofsilverintheAsiaticcontinentthatyear.

ReadmoreNote(s):2010to2021Source(s):WorldBureauofMetalStatisticsSilvermineproductioninPerufrom2010to2022(in1,000metrictons)SilvermineproductioninPeru2010-20225.04.334.324.54.03.53.02.52.01.51.00.50.04.0743.743.713.643.653.483.423.383.082.77201020112012201320142015201620172018201920202021202221Description:SilverproductioninPeruamountedto3.08thousandmetrictonsin2022,adecreaseofaroundninepercentincomparisontothepreviousyear.2020hadseensilvermineproductioninPerureachtherecordlowofthedecade.Additionally,in2021Peruwasthethirdlargestsilverproducerworldwide.ReadmoreNote(s):Peru;2010to2022;FiguresrefertometrictonsofmetalcontentSource(s):MinisteriodeEnergíayMinas(Peru)Productionvolumeofsilverworldwidein2022,bypoliticalstabilityofproducercountries(inmetrictons)Productionvolumeofsilverglobally2022,bypoliticalstabilityofproducers25,00020,00015,00010,00020,430.186,090.935,0003.9259.30StableFairUnstableExtremelyunstable22Description:In2022,countriesclassifiedaspoliticallyunstableaccountedforthelargestshareofglobalsilverproduction.Thatyear,nearly20,430metrictonsofsilverwereproducedbypoliticallyunstablecountries.Incomparison,politicallystablecountriesproducedapproximately3.92metrictonsofsilver.ReadmoreNote(s):Worldwide;2022Source(s):BMLRT(Österreich)CHAPTER

04CompaniesLeadingsilverminingcompaniesworldwidebasedonproductionin2023(inmillionounces)Leadingsilverproducingcompaniesworldwide2023Productioninmillionounces2001030405060Fresnilloplc*(Mexico)KGHMPolskaMiedzS.A.**(Poland)HindustanZincLtd.***(India)PanAmericanSilverCorp.(Canada)Glencoreplc.(U.S.)53.545.923.820.420CODELCO(Chile)19.2IndustriasPenoles*****(Mexico)SouthernCopperCorp.(U.S.)Newmont**(U.S.)PolymetalInternationalplc(Russia)VolcanCia.MineraS.A.A.(Peru)HeclaMiningCompany(U.S.)South32**(Australia)18.918.41817.715.214.31324Description:In2023,theMexicanminingcompanyFresnillowastheworld'slargestsilverproducingcompany,producingsome53.5millionouncesofsilver.Thesecond-largestproducerthatyearwasthePolishcompanyKGHMPolskaMiedź,whichproducednearly46millionouncesofsilver.ReadmoreNote(s):Worldwide;2023;*ExcludingSilverstreamcontract.**Payablesilverproduction.Codelco'sproductionfiguresareestimated.***HindustanZincisaVedantaGroupcompany.Includesrefinedsilverproductionfromintegratedoperations[...]

ReadmoreSource(s):MetalsFocus;TheSilverInstitute;Varioussources(Companyreports)SilverproductionofFresnilloplcfrom2010to2023(inmillionounces)AnnualsilverproductionofFresnillo2010-20237061.858.7605040302010056.354.653.753.153.150.3474542.742.141.9412010201120122013201420152016201720182019202020212022202325Description:In2023,theMexicanminingcompanyFresnilloplc'sannualsilverproductionamountedto56.3millionounces,anincreaseofaround4.7percentwhencomparedtothepreviousyear.ꢀFresnilloistheworld'slargestsilverproducer.

ReadmoreNote(s):Worldwide;2010to2023Source(s):FresnilloGlencore'ssalesvolumeofsilverfrom2015to2023(inmillionounces)Glencore'svolumessoldofsilver2015-202310092.189.389.1908070605040302010081.46968.365.564.950.920152016201720182019202020212022202326Description:Glencoreisagloballyoperatingcompany,andtheworld'sleadingcommoditiestradingcompany.Itisalsooneoftheleadingsilverproducersworldwide.In2023,some50.9millionouncesofsilvermetalwassoldbyGlencore.GlencoreplcwasformedinMay2013throughamergerwithXstrata.ReadmoreNote(s):Worldwide;2015to2023Source(s):GlencoreProductionofsilverfromNewmontCorporationfrom2019to2023(inmillionounces)SilverproductionofNewmontCorporation2019-20233530252031.3829.6727.81815.861510502019202020212022202327Description:In2023,NewmontCorporations'ssilverproductiontotaled18millionounces,adecreaseofnearly12millionouncesincomparisontotheproductionfromthepreviousyear.

ReadmoreNote(s):Worldwide;2019to2023Source(s):NewmontCorporationSilverproductionofPolymetalInternationalfrom2012to2022(inmillionounces)PolymetalInternational'ssilverproduction2012-20223532.129.23025201510528.727.426.826.525.321.62120.418.802012201320142015201620172018201920202021202228Description:ThesilverproductionofPolymetalInternationalincreasedby0.6millionouncesoverthelatestyearobserved,measuringat21millionouncesin2022.Thehighestvolumeofsilverproducedbythecompanywasrecordedin2015at32.1millionounces.PolymetalInternationalisoneoftheleadingsilverproducersworldwide.ReadmoreNote(s):Russia;2012to2022Source(s):PolymetalInternationalCHAPTER

05SupplyanddemandSupplyofsilverworldwidefrom2010to2022,withaforecastfor2023(inmillionounces)Globalsupplyofsilver2010-20231,2001,074.81,009.71,054.21,046.91,046.41,027.31,024.91,0081,011.71,004.51,004.71,000999.5957.91,000800600400200020102011201220132014201520162017201820192020202120222023*30Description:In2022,thetotalglobalsilversupplyamountedtomorethanonebillionounces.Itisforecastthattheworld'ssilversupplyin2023willamounttonearly1.03billionounces.ReadmoreNote(s):Worldwide;2010to2022;*Forecast.Thisstatistichasbeenassembledusingmorethanoneeditionofthedatarelease.ReadmoreSource(s):MetalsFocus;TheSilverInstituteSupplyofsilverworldwidein2022,bysource(inmillionounces)Globalsilversupplybysource20221,2001,0001,004.7822.4800600400180.620001.7MineproductionRecyclingNetofficialsectorsalesTotal31Description:In2022,mineproductionofsilveryielded822.4millionounces,andwasthelargestsourceoftheglobalsilversupplythatyearbyfar.Inadistantsecondplacewassilverrecycling,whichaccountedfor180.6millionouncesofthetotalglobalsilversupplythatyear.ReadmoreNote(s):Worldwide;2022Source(s):MetalsFocus;TheSilverInstituteDemandforsilverworldwidefrom2010to2022,withaforecastfor2023(inmillionounces)Globalsilverdemand2010-20231,4001,2001,242.41,1671,058.71,051.71,055.61,049.81,045.41,011.9990978.8979.7985.7960.21,0008006004002000901.920102011201220132014201520162017201820192020202120222023*32Description:In2022,thetotalglobaldemandforsilveramountedto1.24billionounces.Itisforecastthattheworldwidesilverdemandin2023willbeslightlylower,atnearly1.17billionounces.ReadmoreNote(s):Worldwide;2010to2022;*Forecast.Thisstatistichasbeenassembledusingmorethanoneeditionofthedatarelease.ReadmoreSource(s):MetalsFocus;TheSilverInstituteDemandforsilverworldwidein2022,byenduse(inmillionounces)Silverdemandworldwidebyenduse2022Demandinmillionounces02004006008001,0001,2001,400Electrical&electronics*Bar&coininvestmentsJewelry371.5332.9234.1OtherindustrialSilverware13673.5BrazingalloysPhotography4927.517.9NethedgingdemandTotal1,242.433Description:In2022,theglobaljewelryindustryaccountedfor234.1millionouncesoftheglobaldemandforsilver.Thatwas18.8percentofthetotalglobalsilverdemandthatyear.ReadmoreNote(s):Worldwide;2022Source(s):MetalsFocus;TheSilverInstituteCHAPTER

06OutlookSilverproductionworldwidefrom2013to2021,withaforecastfor2023(inmillionounces)Globalproductionofsilver2013&20231,2001,0001,029.3936920.1918.3911849.78006004002000201320142018202020212023*35Description:Themineproductionofsilverworldwideisforecasttoincreasefromaround918millionouncesin2021,tooveronebillionouncesby20