Solar industry devours silver
Last year was one of the best years for solar systems in the EU. By 2030 more energy is to be generated from solar power than from other sources
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In photovoltaic technology, the raw material silver, around 55 percent of whose total production is processed in industry anyway, plays an immensely important role. In 2010, the demand for solar energy in the EU has grown strongly, as well as in 2019, with an estimated 96 million ounces of silver consumed in the solar industry last year, two million ounces more than in 2018.
Around 16.7 gigawatts were installed in the EU in 2019. This represents an increase of 104 percent compared to 2018. Germany, Spain, France, the Netherlands and Poland were particularly eager. Poland recorded a quadrupling of the installed megawatt capacity.
The reasons are obvious. Solar energy is usually cheaper than other ways of generating electricity. It is also important to achieve the climate and energy policy targets in the EU. In addition to reducing greenhouse gas emissions by at least 40 percent, this includes increasing energy from renewable sources. This is expected to increase by at least 32 percent by 2030.
But other countries such as China, Japan and the USA are also increasingly relying on energy from the sun. This development should be good for the silver price and thus also for silver companies.
A company that has been successfully producing silver for years is Endeavour Silver with its silver mines in Mexico: https://www.commodity-tv.com/play/endeavour-silver-optimizing-existing-silver-mines-and-looking-for-terronera-financing/. An increase in production is expected in 2020. Discovery Metals is also represented in Mexico: https://www.commodity-tv.com/play/discovery-metals-well-financed-for-development-further-exploration-at-cordero/. The Codero project, one of the largest silver projects in the world, is being developed there. Further silver mines in Mexico and the Coahuila silver-zinc-lead project complete the portfolio of Discovery Metals.
Recent corporate news and press releases from Endeavour Silver (https://www.resource-capital.ch/en/companies/endeavour-silver-corp/) and Discovery Metals (https://www.resource-capital.ch/en/companies/discovery-metals-corp/).
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