2025年世界白银调查

Major Funding Companies of The Silver InstituteAsahi RefiningCoeur Mining, Inc.Endeavour Silver Corp.Fresnillo plcGlencore International AGHecla Mining CompanyIndustrias Peñoles, S.A.B. de C.V.Pan American Silver Corp.San Cristobal MiningWheaton Precious MetalsFront & Back Cover Images: Courtesy of MKS PAMP Over the past 35 years, the Silver Institute’s World Silver Survey has been a reliable source of information about the global silvermarket, widely quoted and referenced by industry, governments, media, and others.The Survey offers market participants and observers a wide-ranging overview at the international silver market during thepreceding year, with an in-depth look at the various components of silver demand and the areas that contribute to supplying themarket with the indispensable precious metal, silver.Conducting research and producing a report of this scale takes an experienced and knowledgeable team of professionals. MetalsFocus, a leading precious metals consultancy, independently researched and produced this year’s edition of the World SilverSurvey; this is the 6th edition Metals Focus has produced for us. Metals Focus has over 30 staff and consultants in eight locationsworldwide and has high-level contacts in virtually all aspects of the silver industry. Their team’s breadth and depth make themuniquely qualified to produce this report.One of my goals as Chair is to highlight our members’ commitment to sustainability. Our members strategically contribute tothe well-being of people through the sustainable mining of silver, all the while caring for our employees, partnering with ourcommunities, and protecting the environment. Later this year, the Silver Institute will share our combined efforts by releasing avideo and other materials on our commitment to sustainability.Another goal is to continue highlighting silver as an essential and critical metal for the future, especially in green energyapplications. We will continue to draw attention to silver’s important role in decarbonization, health, water purification and industry.I want to thank all our member companies and sponsors of the 2025 edition of the World Silver Survey for their financial support,which made this publication possible. We are grateful for your generosity and leadership.We hope that you find this report both enjoyable and beneficial.Octavio AlvidrezChair of the Silver InstituteChief Executive Officer of Fresnillo plc Dear Reader, Fresnillo plc is the world’s largest primary silver producer and Mexico’s largest gold producer, listed on the London and MexicanStock Exchanges under the symbol FRES. Fresnillo plc has eight operating mines, all of them in Mexico - Fresnillo, Saucito,Juanicipio, Ciénega, Herradura, Soledad-Dipolos1, Noche Buena and San Julián (Veins and Disseminated Ore Body) and fouradvanced exploration projects - Orisyvo, Rodeo, Guanajuato and Tajitos as well as a number of other long term explorationprospects. Fresnillo plc has mining concessions and exploration projects in Mexico, Peru and Chile. Fresnillo plc’s goal is tomaintain the Group’s position as the world’s largest primary silver company and Mexico’s largest gold producer.1Operations at Soledad-Dipolos are currently suspended.The Major Sponsors of World Silver Survey 2025Coeur Mining, Inc.Fresnillo plcIndustrias 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. Peñolesis the world’s top producer of refined silver, metallic bismuth and sodium sulfate, and the leading Latin American producer of refinedgold and lead. The Company was founded in 1887 and it is part of “Grupo BAL”, a privately held diversified group of independentMexican companies. Peñoles’ shares have traded on the Mexican Stock Exchange since 1968 under the ticker PE&OLES. Peñoleshighlights:• 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.Coeur Mining, Inc is a U.S.-based, well-diversified, growing precious metals producer with five wholly-owned operations: the LasChispas silver-gold mine in Sonora, Mexico, the Palmarejo gold-silver complex in Chihuahua, Mexico, the Rochester silver-goldmine in Nevada, the Kensington gold mine in Alaska and the Wharf gold mine in South Dakota. In addition, the Company wholly-owns the Silvertip polymetallic exploration project in British Columbia. Pan American Silver is a leading producer of precious metals with a diversified portfolio of silver and gold mines located acrossthe Americas. We provide enhanced exposure to silver through large silver reserves and resources, as well as catalysts to growsilver production. We have been operating in the Americas for over three decades, earning an industry-leading reputation forsustain