Silver Trends Guided by Canadian Mining Strength
Mining is the largest industry in Canada, producing more than 60 minerals and metals. It’s the industry on which the entire Canadian economy runs. Although Canada doesn’t list in top 10 silver producing countries, it takes up a significant 14th rank in the world’s top silver producing nations, with 12.2 million ounces produced in year 2015.
In the year 2015, global production of silver reached 886.7 million ounces, even if it tripped 2 percent compared to the year before. Canada lacks focus for silver mining. It has very few primary silver mines and that could be the reason for its low ranking as a primary silver supplier nation. Canada’s silver produces accounts for roughly 30 percent of the global silver mine supplies each year.
Canada mostly produces silver as a by-product of mining of other commodities and metals. Natural resources Canada (NRC) issued a report which mentioned that Canada is a polymetallic mining ground and hence, it’s not surprising that copper-nickel, copper-zinc and lead-zinc ores are the primary sources of silver.
British Columbia (BC) takes the limelight as the corporate base for all mining activities in Canada, along with a long history of silver mining. Sullivan lead-zinc-silver mine was once the largest silver producing mine in the world with an estimated total output of 280 million ounces. Nunavut and the Yukon Territories are coming up as new centres of silver mining research, exploration and expansion.
However, British Columbia, Nunavut and the territories are not the only producers of silver mines in Canada. Some major mineral mining companies producing significant silver have been doing well in small provinces like Manitoba.
From the perspective of silver focused investors, although it’s very important to be aware of the trade policies and shifts in prices of precious metals like the silver, it helps to be aware of the countries which have potential to produce more.