High silver prices ‘float a lot of boats’ for Yukon’s mining industry
Gold prices have been on a historic run for the past two years, and now silver prices are starting to catch up — and Yukon’s mining industry is happy to see it.
While prices for the precious metals dipped last week, silver has gone up by more than 170 per cent since this time last year.
“It’s great news for longtime producers and explorers,” said Jonas Smith, executive director of the Yukon Chamber of Mines. “These kinds of prices float a lot of boats, right?”
Mike Satre, director of governmental affairs with Hecla Mining Company, said it’s “exciting” to see silver prices hitting all-time highs.
“It’s obvious there’s still going to be a lot of volatility in the market, but Hecla being a leading producer of silver in both the United States and Canada … this is a great time for Hecla.”
Hecla owns the Keno Hill silver mine in the Yukon, which is the territory’s only operating hard rock mine. Last week, the company rang the bell to close the New York Stock Exchange after holding investor meetings in New York.
“It was really neat … to have Hecla be celebrated along with positive metals prices,” said Satre. “And some real positive momentum from the public and government in recognizing critical mineral production.”
In November, the U.S. Geological Survey added silver to its critical minerals list. Despite pressure from Canadian mining executives, Canada does not consider silver to be a critical mineral.
Still, some Yukon industry advocates see potential in silver as an investment metal.
“Silver is less of a long-term investment, but it’s still a safeguard against the lack of confidence in various currencies,” said Smith.
Data from the Yukon Geological Survey shows more than 100 silver deposits in the territory, and exploration companies such as Silver North generated millions in investment interest this past January.
“[Investors] see things trending in this direction and everyone wants to be part of the winning team,” said Smith. “I expect Yukon explorers to be well-funded for this season.”
An article by Caitrin Pilkington
Related stories from around the North:
Canada: PM, Manitoba reaffirm Arctic Gateway push, though project absent from recent federal priority list, CBC News
Greenland: Greenland’s leader hails EU as trusted friend and urges investment in its minerals, The Associated Press
Norway: Lawmakers in Norway make a deal opening up for deep sea mining in Arctic Ocean, The Associated Press
Russia: Putin in Arkhangelsk: Arctic industry and infrastructure on agenda, The Independent Barents Observer
Sweden: Just how significant is the discovery of rare earth metals in Arctic Sweden?
United States: Alaska Ambler Road project back in focus as company outlines vision for work ahead, Reuters
