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The Company’s flagship projects are located in the Cadillac - Malartic - Val-d’Or region of the prolific Abitibi gold mining district Quebec.

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Silver supply and demand

posted on Apr 28, 2008 05:32AM
World Silver Supply and Demand
(in millions of ounces)
1997 1998 1999 2000 2001 2002 2003 2004 2005 2006
Supply
Mine Production 520.0 542.1 556.8 590.9 606.2 593.8 600.7 622.2 645.7 646.1
Net Government Sales -- 33.5 97.2 60.3 63.0 59.2 88.7 61.9 65.9 77.7
Old Silver Scrap 169.3 193.9 181.6 180.7 182.7 187.5 184.0 181.5 186.4 188.0
Producer Hedging 68.1 6.5 -- -- 18.9 -- -- 9.6 27.6 --
Implied Net Disinvestment 78.9 45.2 42.0 83.5 -- 8.3 -- -- -- --
Total Supply 836.3 821.2 877.5 915.4 870.8 848.7 873.4 875.2 925.6 911.8
Demand
Fabrication
Industrial Applications 319.5 313.2 336.1 371.3 332.4 336.5 346.8 364.2 405.8 430.0
Photography 217.4 225.4 227.9 218.3 213.1 204.3 192.9 181.0 162.1 145.8
Jewelry 150.6 140.6 159.8 170.6 174.3 168.9 179.2 174.8 173.8 165.8
Silverware 117.7 114.2 108.6 95.6 105.2 82.6 83.0 66.2 66.6 59.1
Coins & Medals 30.4 27.8 29.1 32.1 30.5 31.6 35.6 42.4 40.0 39.8
Total Fabrication 835.6 821.2 861.5 888.0 855.4 823.9 837.4 828.6 848.3 840.5
Net Government Purchases 0.7 -- -- -- -- -- -- -- -- --
Producer De-Hedging -- -- 16.0 27.4 -- 24.8 20.9 -- -- 6.8
Implied Net Investment -- -- -- -- 15.4 -- 15.0 46.6 77.2 64.5
Total Demand 836.3 821.2 877.5 915.4 870.8 848.7 873.4 875.2 925.6 911.8
Silver Price
(London US$/oz)
 4.897 5.544 5.220 4.951 4.370 4.599 4.879 6.658 7.312 11.549
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