WORLD SILVER SURVEY 2019World Silver Survey 2019The Silver Institute / RefinitivTHE SILVER INSTITUTE (major funding companies of The Silver Institute)Asahi RefiningCia. de Minas Buenaventura, S.A.A.Coeur Mining, Inc.Endeavour Silver Corp.First Majestic Silver Corp. Fresnillo plcHecla Mining CompanyHochschild Mining plcIndustrias Peñoles, S.A.B. de C.V.Pan American Silver Corp.Wheaton Precious MetalsFront Cover Image: Macro close up of a pure silver bullion coin © Michael Turner - Dreamstime.comRefinitivThe Refinitiv Building, 30 South ColonnadeLondon, E14 5EP, UKE-mail: GFMS@refinitiv.comWeb: financial.tr.com/eikon-metalsThe Silver Institute1400 I Street, NW, Suite 550Washington, D.C., 20005Telephone: +1-202-835-0185 info@silverinstitute.orgwww.silverinstitute.orgWORLD SILVER SURVEY 2019BYCameron Alexander, Director of Precious Metals Research Bruce Alway, Director of Base Metals Research Saida Litosh, Manager of Metals ResearchJohann Wiebe, Lead AnalystWenyu Yao, Lead AnalystDebajit Saha, Senior AnalystKaren Norton, Senior AnalystSamson Li, Senior Analyst Federico Guy, Senior Analyst Natalie Scott-Gray, Senior AnalystSeema Goenka, AnalystOTHER CONTRIBUTORS:IFR Production, RefinitivProduced for The Silver Institute by the GFMS team at RefinitivABOUT THE MAJOR SPONSORS OF WORLD SILVER SURVEY 2019Coeur Mining, Inc.Coeur Mining, Inc. is a well-diversified, growing precious metals producer with five mines in North America employing approximately 2,000 people. Coeur’s wholly-owned operations include the Palmarejo silver-gold complex in Mexico, the Silvertip silver-zinc-lead mine in British Columbia, the Rochester silver-gold mine in Nevada, the Kensington gold mine in Alaska, and the Wharf gold mine in South Dakota. In addition, the Company owns the La Preciosa project in Mexico, a silver-gold exploration stage project, and conducts exploration activities throughout North America.Fresnillo plc Fresnillo plc is the world’s largest primary silver producer and Mexico’s second largest gold producer, listed on the London and Mexican Stock Exchanges under the symbol FRES. Fresnillo plc has seven operating mines, all of them in Mexico - Fresnillo, Saucito, Ciénega (including the San Ramón satellite mine), Herradura, Soledad-Dipolos1, Noche Buena and San Julián (phase I), three development projects - San Julián (phase II), the Pyrites plant, and second line of DLP at Herradura, and four advanced exploration projects – Orisyvo, Juanicipio, Las Casas Rosario & Cluster Cebollitas and Centauro Deep, as well as a number of other long term exploration prospects. In total, Fresnillo plc has mining concessions covering approximately 2 million hectares in Mexico. Fresnillo plc has a strong and long tradition of mining, a proven track record of mine development, reserve replacement, and production costs in the lowest quartile of the cost curve for silver. Fresnillo plc’s goal is to maintain the Group’s position as the world’s largest primary silver company, producing 65 million ounces of silver per year by 2019, having already surpassed the gold target of 750,000 ounces.1 Operations at Soledad and Dipolos are currently suspended.Industrias Peñoles, S.A.B. de C.V.Peñoles is a mining group with integrated operations in smelting and refining non-ferrous metals, and producing chemicals. Peñoles is the world’s top producer of refined silver, metallic bismuth and sodium sulfate, and the leading Latin American producer of refined gold and lead. The Company was founded in 1887 and it is part of “Grupo BAL”, a privately held diversified group of independent Mexican companies. Peñoles’ shares have traded on the Mexican Stock Exchange since 1968 under the ticker PE&OLES. Peñoles highlights:• Began operations in 1887 as a mining company.• Has integrated operations in the areas of exploration, mining, metallurgy and chemicals.• Listed on the Mexican Stock Exchange since 1968; the stock is included in the IPC index.• One of the largest net exporters in Mexico’s private sector.Pan American Silver Corp.Pan American Silver is the world’s premier silver mining company, with large silver reserves and a diversified portfolio of producing mines. On February 22, 2019, we completed our acquisition of Tahoe Resources. Our portfolio of assets now includes 10 operating mines located in Canada, Mexico, Peru, Bolivia and Argentina. Through the transaction, we also acquired the Escobal mine in Guatemala, one of the most attractive silver assets in the world. Operations at Escobal are currently suspended, pending, among other things, the completion of an ILO 169 consultation process with Xinka indigenous communities to be undertaken by Guatemala’s Ministry of Energy and Mines. Pan American intends to support this consultation process, as well as engage the local communities and Xinka populations in an effort to build long-lasting, trusting relationships for the benefit of all stakeholders.In 2018, Pan American produced 24.8 million ounces of silver and 178,90...
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