Investor Presentaiton
SILVER MARKET
Silver used extensively in solar panels
Primary silver demand: 2020 to 2040
(Moz)
1,600
1,400
+55%
1,200
1,000
800
600
400
200
14x increase in solar capacity
anticipated in a 1.5C world
Lack of new high-content silver
polymetallic mines expected to
culminate in a material market deficit
+25%
2020
Base Case
1.5C scenario
Source: South32 analysis and CRU
III
SOUTH32
+95%
Demand
•
Silver is the preferred metal used in solar panels
due to its superior electrical conductivity
55% increase in primary demand to 2040
expected in our base case scenario
The level of demand growth rises a further 25%
to 1,400Moz in a 1.5°C (climate change) scenario
Supply
•
Additional demand of ~30Moz pa until 2040 is
equivalent to more than two new Cannington
mines being built each year
Despite this, there are very few high-silver
polymetallic options identified globally with a
material silver deficit looming
Additionally, constrained Chinese mine volumes
are expected to induce higher imports of
high-silver lead concentrates to meet domestic
silver demand
SLIDE 28View entire presentation