New Pacific Metals to ease silver shortage amid growing demand

Silver continues to grow steadily. The metal has gained almost 12% year-to-date after rising by 35% in 2024. Analysts explain that demand is driven by the active use of the metal in artificial intelligence technologies, transportation, electronics and green energy. The heightened interest led some South Korean banks to halt sales of silver bars, and also resulted in increased purchases in Europe.

Meanwhile, the Canadian company New Pacific Metals stands out. It is carrying out two large silver mining projects in Bolivia—Silver Sand and Carangas. According to CEO Andrew Williams, the company’s potential annual production could be as high as 19 million ounces. It may make New Pacific Metals one of the leaders in the industry. 

Amid steady demand and supply shortages, the launch of new projects may have a significant impact on the market balance. In 2023, the global silver deficit reached 184.3 million ounces, and it risks deepening without new mines. Thus, New Pacific's projects are gaining strategic importance for the silver market, Benzinga reports.