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Sound prices on silver are rejuvenating silver mining firms with increased profitability. Firms are now looking for new reserves and renewed investment in their projects. For the ninth consecutive year, global silver production has witnessed an uninterrupted growth of 4 percent in 2011. The year 2010 has observed many changes, particularly the South American continent wherein Mexico overtook Peru as the top silver producing nation. Mexico should stay firmly planted in 2011 considering that sound prices on silver are rejuvenating silver mining firms with increased profitability. Firms are now looking for new reserves and renewed investment in their projects. *Top Silver Mining Firms in the World *BHP Billiton: BHP’s claim to fame lies in the Cannington mine in Australia that produces 6 percent of the silver in the world. BHP also owns three other properties – Escondida, Antamina and Olympic Dam operations, which contributed a total of 9.15 million ounces of silver with Cannington topping the list producing 7.55 million ounces. However, in 2011 BHP silver production has reduced by 25 percent compared to last year for the same month. *Fresnillo Plc: Mexico’s Minera Fresnillo deposit is the catch prize of Fresnillo Plc with proven and probable silver reserves of 365.4 million ounces. It also own stakes at other properties, namely Minera Saucito, Cienega, Herrardura, Soledad-Dipolos, and the Noche Buena silver mines. Fresnillo’s total proven & probable reserves are 441 million ounces of silver, down by 13.4 percent from last year. *KGHM Polska Miedz sa: Primarily a copper producer, KGHM is a Polish firm with an estimate of 37.3 million troz of silver production in 2010. *Pan American Silver Corp: A Canadian company, Pan American Silver Corp boasts of 11 properties in US, Mexico, Peru, Bolivia, and Argentina. Its main interests lie in the Alamo Dorado mine in Sonora, Mexico. Over the years, the mine production has decreased from 6.7 million ounces in 2010 to an expected 5.1 million ounces in 2011. *Goldcorp Inc.: Goldcorp has its hands full with the massive Penasquito mine in the Zacatecas, Mexico. The company expects to produce an annual average of 28 million ounces of silver in 2011 out of the total P&P reserves of 1309 million ounces at the 9 deposits. The company is hunting for more reserves as well. *Cia. Minera Volcan: Cia. Minera Volcan is a Peruvian silver company, with a production of 20 million ounces of silver in 2010. *Hochschild Mining: Another Peruvian mining company, Hochschild’s main deposits lie in Arcata, Ares, and Pallancata sites. In 2010, these mines produced 18.98Moz of silver, supplemented by 5.38 million ounces of silver from San Jose mine in Argentina and Morris mine in Mexico. For the first three quarters of 2011, Hochschild produced 16.9 million ounces of silver aiming towards 22.5 million ounces by the end of the year. *JSC Polymetal: Russian mining firm, JSC Polymetal total reserves are 353.8 million ounces from four properties and they continue to lookout for added reserves. By 2012, JSC Polymetal plans to increase its silver production by 50% to 25.6 million ounces. *Coeur d’Alene Mines Corp.: Coeur d’Alene Mines Corp. is the largest US based silver mining company with plans to produce 19.5 million ounces of silver in 2011. It owns five deposits in US, Mexico, Bolivia, Argentina and Australia where the P&P reserves total to 227.09 million ounces of silver. *Sumitomo Corp.: A Japanese company, Sumitomo pride itself on their Bolivia mines – the third largest in the world. Operated by their subsidiary, Minera San Cristobal, the mine along with other properties produced 14.4 million ounces of silver. Kyles Humphrey is an experienced columnist in silver market, mining & stocks, who frequently writes articles related to silver prices, silver spot price including tips on investment in silver. Please visit silverprices.com for more details.
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