Real Assets
Mapped: The 10 Largest Undeveloped Silver Deposits in the World
The following content is sponsored by Discovery Silver
Ranked: The Largest Undeveloped Silver Deposits in the World
Global silver demand is poised to soar in the next decade, driven by emerging technologies like electric vehicles and solar power.
Silver demand from solar alone has grown from less than 50 million ounces (Moz) a decade ago to an expected 160 Moz in 2023.
So, where will the necessary supply come from to meet this surge? This graphic from Discovery Silver shows the largest undeveloped silver deposits in the world.
Silver in Green Technology
Silver is a vital part of solar cells. The metal is converted into paste and coated onto silicon wafers to make solar arrays.
When sunlight hits the silicon, silver helps to transport the generated electricity for immediate use or store it in batteries. A typical solar panel can contain as much as 20 grams of silver.
Silver’s conductivity and corrosion resistance are vital in electronics, especially electric vehicles where nearly all electrical connections rely on the metal. Over 50 million ounces of silver are used every year to enhance conductivity in powered seats, windows, and other vehicle electronics.
In 2022, 27% of all silver consumption in the U.S. was attributed to electrical and electronics, while 10% was linked to solar technology.
Global Silver Demand Rising
With the increasing demand for new technologies combined with physical investment (bars) demand, the silver market saw a 237.7 Moz deficit in 2022, an all-time record.
2023 silver industrial demand is forecasted to rise by 4% to a new record high.
However, according to the Silver Institute, mined output is expected to decline over the next five years.
In this scenario, new mines are expected to play an important role in meeting the demand.
Currently, the world’s top 10 undeveloped silver deposits contain 984 Moz. Discovery Silver’s Cordero project in Mexico leads the ranking:
| Rank | Project | Owner | Country | Contained Silver Reserves (Moz) |
|---|---|---|---|---|
| 1 | Cordero | Discovery Silver | Mexico | 266 |
| 2 | Corani | Bear Creek Mining Corporation | Peru | 229 |
| 3 | Prognoz | Polymetal International plc | Russia | 125 |
| 4 | Bowdens | Silver Mines Limited | Australia | 66 |
| 5 | Santa Ana | Formerly Bear Creek | Peru | 63 |
| 6 | Fuwan | Minco Silver Corporation | China | 55 |
| 7 | Nueva Esperanza | Kingsgate Consolidated Limited | Chile | 48 |
| 8 | Vares | Adriatic Metals PLC | Bosnia & Herzegovina | 47 |
| 9 | Terronera | Endeavour Silver Corp. | Mexico | 47 |
| 10 | Menkechka | GeoProMining Ltd. | Russia | 38 |
Cordero is located in Chihuahua State in Mexico, one of the world’s most prolific silver producing regions.
Once in production, it is expected to become one of the top three silver mines in the world.
As silver demand is expected to soar, Discovery Silver offers direct investment exposure to this paradigm shift through its Cordero Project. Click here to learn more about Discovery Silver.
Real Assets
Visualizing Global Gold Production in 2023
Gold production in 2023 was led by China, Australia, and Russia, with each outputting over 300 tonnes.
Visualizing Global Gold Production in 2023
This was originally posted on our Voronoi app. Download the app for free on iOS or Android and discover incredible data-driven charts from a variety of trusted sources.
Over 3,000 tonnes of gold were produced globally in 2023.
In this graphic, we list the world’s leading countries in terms of gold production. These figures come from the latest USGS publication on gold statistics (published January 2024).
China, Australia, and Russia Produced the Most Gold in 2023
China was the top producer in 2023, responsible for over 12% of total global production, followed by Australia and Russia.
| Country | Region | 2023E Production (tonnes) |
|---|---|---|
| 🇨🇳 China | Asia | 370 |
| 🇦🇺 Australia | Oceania | 310 |
| 🇷🇺 Russia | Europe | 310 |
| 🇨🇦 Canada | North America | 200 |
| 🇺🇸 United States | North America | 170 |
| 🇰🇿 Kazakhstan | Asia | 130 |
| 🇲🇽 Mexico | North America | 120 |
| 🇮🇩 Indonesia | Asia | 110 |
| 🇿🇦 South Africa | Africa | 100 |
| 🇺🇿 Uzbekistan | Asia | 100 |
| 🇬🇭 Ghana | Africa | 90 |
| 🇵🇪 Peru | South America | 90 |
| 🇧🇷 Brazil | South America | 60 |
| 🇧🇫 Burkina Faso | Africa | 60 |
| 🇲🇱 Mali | Africa | 60 |
| 🇹🇿 Tanzania | Africa | 60 |
| 🌍 Rest of World | - | 700 |
Gold mines in China are primarily concentrated in eastern provinces such as Shandong, Henan, Fujian, and Liaoning. As of January 2024, China’s gold mine reserves stand at an estimated 3,000 tonnes, representing around 5% of the global total of 59,000 tonnes.
In addition to being the top producer, China emerged as the largest buyer of the yellow metal for the year. In fact, the country’s central bank alone bought 225 tonnes of gold in 2023, according the World Gold Council.
Estimated Global Gold Consumption
Most of the gold produced in 2023 was used in jewelry production, while another significant portion was sold as a store of value, such as in gold bars or coins.
- Jewelry: 46%
- Central Banks and Institutions: 23%
- Physical Bars: 16%
- Official Coins, Medals, and Imitation Coins: 9%
- Electrical and Electronics: 5%
- Other: 1%
According to Fitch Solutions, over the medium term (2023-2032), global gold mine production is expected to grow 15%, as high prices encourage investment and output.
Real Assets
Charted: The Value Gap Between the Gold Price and Gold Miners
While gold prices hit all-time highs, gold mining stocks have lagged far behind.
Gold Price vs. Gold Mining Stocks
This was originally posted on our Voronoi app. Download the app for free on Apple or Android and discover incredible data-driven charts from a variety of trusted sources.
Although the price of gold has reached new record highs in 2024, gold miners are still far from their 2011 peaks.
In this graphic, we illustrate the evolution of gold prices since 2000 compared to the NYSE Arca Gold BUGS Index (HUI), which consists of the largest and most widely held public gold production companies. The data was compiled by Incrementum AG.
Mining Stocks Lag Far Behind
In April 2024, gold reached a new record high as Federal Reserve Chair Jerome Powell signaled policymakers may delay interest rate cuts until clearer signs of declining inflation materialize.
Additionally, with elections occurring in more than 60 countries in 2024 and ongoing conflicts in Ukraine and Gaza, central banks are continuing to buy gold to strengthen their reserves, creating momentum for the metal.
Traditionally known as a hedge against inflation and a safe haven during times of political and economic uncertainty, gold has climbed over 11% so far this year.
According to Business Insider, gold miners experienced their best performance in a year in March 2024. During that month, the gold mining sector outperformed all other U.S. industries, surpassing even the performance of semiconductor stocks.
Still, physical gold has outperformed shares of gold-mining companies over the past three years by one of the largest margins in decades.
| Year | Gold Price | NYSE Arca Gold BUGS Index (HUI) |
|---|---|---|
| 2023 | $2,062.92 | $243.31 |
| 2022 | $1,824.32 | $229.75 |
| 2021 | $1,828.60 | $258.87 |
| 2020 | $1,895.10 | $299.64 |
| 2019 | $1,523.00 | $241.94 |
| 2018 | $1,281.65 | $160.58 |
| 2017 | $1,296.50 | $192.31 |
| 2016 | $1,151.70 | $182.31 |
| 2015 | $1,060.20 | $111.18 |
| 2014 | $1,199.25 | $164.03 |
| 2013 | $1,201.50 | $197.70 |
| 2012 | $1,664.00 | $444.22 |
| 2011 | $1,574.50 | $498.73 |
| 2010 | $1,410.25 | $573.32 |
| 2009 | $1,104.00 | $429.91 |
| 2008 | $865.00 | $302.41 |
| 2007 | $836.50 | $409.37 |
| 2006 | $635.70 | $338.24 |
| 2005 | $513.00 | $276.90 |
| 2004 | $438.00 | $215.33 |
| 2003 | $417.25 | $242.93 |
| 2002 | $342.75 | $145.12 |
| 2001 | $276.50 | $65.20 |
| 2000 | $272.65 | $40.97 |
Among the largest companies on the NYSE Arca Gold BUGS Index, Colorado-based Newmont has experienced a 24% drop in its share price over the past year. Similarly, Canadian Barrick Gold also saw a decline of 6.5% over the past 12 months.
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