silver is showing signs of pressure building up
http://srsroccoreport.com/worlds-largest-silver-company-states-big-decline-in-production/worlds-largest-silver-company-states-big-decline-in-production/
World’s Largest Silver Producing Company States Big Decline in Production
The world’s largest silver producer saw its production decline substantially in the first half of 2013. Many assume this decline came from Fresnillo, which is known as the largest primary silver miner in the world. However, it was recorded by KGHM Polska Miedz, the largest by-product silver producer on the planet whose annual silver production was 41 million oz in 2012.Silver production at KGHM Polska Miedz declined a whopping 17% from 653 tonnes in 1H 2012, to only 544 tonnes 1H 2013.
According to KGHM Polska Meidz’s 1H 2013 presentation, the decline in silver production was due to lower silver content in processed concentrate, lack of delivery of purchased concentrate with higher silver content and to a change in the schedule for the maintenance shutdown of the Precious Metal Plant.
The decline in silver production was not confined to just the second quarter, it also fell 17% during the first quarter of 2013. The brown line above the silver bar shows that this was a planned decline. I have emailed the investors relations department to see if the drop in silver production is attributed more to falling ore grades or a temporary situation of maintenance and etc.
Regardless, to see the worlds largest silver miner’s production decline 109 tonnes in just 6 months is a big deal. If this trend continues, KGHM Polska Miedz’s total silver production may fall from 41 million oz in 2012 to only 34-35 million oz in 2013. KGHM Polska Miedz is a large copper miner located in Poland.
If we look at the chart below, we can see who are the top silver mining companies in world:
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