Michael Steinmann, CEO of the mining group Pan American Silver, talks about the robust growth in demand for the precious metal, declining global inventories as well as the company’s opportunities and challenges when it comes to new mining projects.
Precious metals are attracting increasing interest. After a long sideways trend, gold and silver have come to life. Meanwhile, consolidation among mine operators is progressing.
Pan American Silver is one of the leading silver mining companies. The Vancouver-based group is primarily active in Latin America. With the acquisition of Yamana Gold’s South American portfolio in spring 2023, it has significantly expanded its presence in the region.
For CEO Michael Steinmann, it is evident that silver will play an increasingly important role in the modern economy, especially regarding the energy transition to renewables. However, while demand is increasing, supply capacities will remain limited for the foreseeable future.
«There will soon be very little inventory left,» says the Swiss mining executive with more than 25 years of experience in the sector. «Consequently, any uptick in investment demand, coupled with ongoing industrial usage, could create a particularly bullish scenario.»