In December 2023, Natural Resources Canada opened a public commentary period for proposed updates to Canada’s Critical Minerals list and methodology. One of the criteria used is that the mineral must be necessary for the national transition into a “low carbon and digital economy”.
“Silver is identified as the best electrical conductor, the best metallic thermal conductor, and the best reflective material. These qualities make silver an essential and irreplaceable component for many industrial and technological applications,” the letter reads.
The demand for technologies such as solar power has led to increasing industrial demand for silver.
In 2023, global silver demand was estimated to be 1,167 million ounces (Moz), of which 576.4Moz (50%) was industrial use. Photovoltaics demanded 161.1 Moz in 2023, or 14% of the global silver demand.
Silver is also a common component of nuclear reactors. In the letter, the miners…
