Silver News
Silver Industry Officials Visit China - Build Alliances, Discuss Ways to Grow Country’s Silver Industry
A delegation of silver industry officials traveled to China in February for a four-day visit to discuss that country’s burgeoning silver industry.
“Our purpose in going to China was to discuss with the Chinese government and industry officials ways to grow the Chinese silver industry,” said Ross Beaty, Chairman & CEO of Pan American Silver Corporation, and President of the Silver Institute. “China will benefit from a
developed silver manufacturing industry, and we have offered to assist the Chinese in stimulating domestic silver demand. One outcome from our mission has been to establish partnerships with organizations there, and we will soon announce those alliances,” he said.
Other delegates included Dennis Wheeler, Chairman & CEO of Coeur d’Alene Mines Corporation, the largest silver producer in the United States, and Paul Bateman, Executive Director of the Silver Institute.
China is the world’s fourth largest silver producer and has become a significant exporter, shipping 1200 tons in 2001, up 469 percent over the previous year. This growth has been stimulated by a 13 percent value-added tax rebate on silver exports and by the undeveloped nature of China’s
domestic markets for silver products. This is a vast change from 1994 when China was a net importer of silver.
Chinese silver demand stood at 1200 tons in 2000, and is forecast to grow to 2500 tons by 2015, according to the report Chinese Gold Economy 2000. “There will be room for greater growth, with improved manufacturing, design, and promotion of silver products in China,” said Wheeler.
The delegation also discussed the importance of improved statistics from China with respect to mine production, exports, consumption, and government reserve holdings. This is needed so the global market can have the clearest understanding of the changes underway in the Chinese silver market, delegation officials noted.
Silver News - Second Quarter 2002
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