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Primary Silver mine supply up 1% in 2012: The Silver Institute

# silver  # mining  # above mine stocks  # The Silver Institute  

Supply of silver from above-ground stocks fell by 7.5 percent to 261.3 Moz in 2012, driven by a continued decline in government stock sales, a drop in scrap supply, and the absence of net-producer hedging

NEW YORK (Bullion Street): Primary silver mine supply grew 1% in 2012 accounting for 28% of the global silver mine output while overall production grew to 787.0 million ounces, primarily due to by-product output from the lead/zinc sector, according to The World Silver Survey 2013 released by The Silver Institute.

Mexico was the world’s largest silver producing country in 2012, followed by China, Peru, Australia and Russia. Primary silver mine cash costs rose to $8.88 an ounce, reflecting higher prices for labor, electricity, and maintenance charges.

Supply of silver from above-ground stocks fell by 7.5 percent to 261.3 Moz in 2012, driven by a continued decline in government stock sales, a drop in scrap supply, and the absence of net-producer hedging. Producer de-hedging added 41.5 Moz to the demand equation in 2012. Government stock sales fell a staggering 39 percent to a 15-year low of 7.4 Moz. A continued decline in disposals from Russia and an absence of government stock sales from China and India were the primary factors. A drop in western supplies of recycled jewelry and silverware, combined with further falls from photographic sources, drove silver scrap supply down further by 1.6 percent to 253.9 Mo

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