Update: 16% of US Annual Silver Supply Just Vaporized…Submitted by SteveMT on Sat, 04/13/2013 - 23:28
How will this effect what's left of the laws of supply and demand?
16% of US Annual Silver Supply Just Vaporized…
5 million ounces of annual silver supply and 500,000 ounces of annual gold supply have just been vaporized landslided.
Rio Tinto’s Kennecott mine in Utah- the US’ 2nd largest silver mine and world’s largest copper mine has just suffered a massive landslide which will likely shut down production at the mine for years as upwards of 1 billion tons of dirt and ore have collapsed into the basin.
16% of US annual silver production just vanished. Good thing there aren’t any physical supply issues in silver currently or anything…
According to Rio Tinto’s VP of Marketing Vania Grandi, Kennecott produces up to 5 million ounces of silver, and 1/2 million ounces of gold annually:
“We produce about 3 (million) to 5 million ounces of silver a year and 300,000 to 500,000 ounces of gold,” said Vania Grandi, vice president of marketing for the Precious Metals Copper Group at Rio Tinto — parent company of Kennecott Utah Copper Corp.
The total US mine output for silver in 2012 was 1,050 tons for 2012 or 30.6 million ounces, and US gold production was 230 tons, meaning Rio Tinto’s Kennecott accounted for upwards of 16% of total US silver supply, and 5% of US gold supply!!!
Astonishing Photos below: