Russia's Silver Resources: A Post-Soviet Assessment

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Abstract
The current status of silver production in Russia (and areas in other former Soviet republics) is discussed with particular attention to mine output, deposit geology, byproducts, economics of production, and potential export markets. In Russia and elsewhere in the former Soviet Union, most silver is found and recovered in subordinate or trace amounts in deposits mined primarily for other commodities (especially gold and various base metals). Kazakhstan and Russia are the major mine producers of silver in the region, although in Russia potential demand is forecast to exceed output by as much as 25% by 1994. This potential shortfall, coupled with the approaching depletion of rich deposits in the Urals and northern East Siberia, has prompted the Russian government to formulate a plan for revitalizing the silver industry by opening new deposits and installing new processing capacity. A major objective of the plan, which attempts to reduce imports of silver concentrate and metal products, is increased foreign investment via international tenders. However, given the recent history of weak world silver markets, and an abundance of competing investment opportunities for global capital, it appears that Russia may have to consider incurring the costs of opening new silver deposits or relying more on imports.