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LeFt: Site tour at Great panther Silver's
Guanajuato mine Complex in central
mexico where the company operates two
underground silver mines – the Guanajuato
and San Ignacio. the triangular structure was
built by Spanish miners in the 17th century at
the past-producing Valenciana mine. photo
courtesy Great panther Silver Ltd.
rIGHt: a miner on a scissors lift prepares to
install a rock bolt at the Guanajuato mine
Complex. photo courtesy Great panther Silver
Ltd.
supplies. Overall, Johnson Matthey is con-
fident that 2016 will see further growth in
gross demand for palladium in its 'consum-
ing applications' (automotive, industrial
and jewellery). Combined demand from
these sectors could exceed 10 million oz
for the first time – a gain of over 1 million
oz in the past five years.
niCKel
Nickel's performance has been among the
worst in the base metals sector. Nonetheless,
UBS Group AG sees potential for prices to
rise 25% in 2017 as the Philippines wid-
ens its crackdown on miners. Nickel is up
20% this year, with most of the gain since
June. However, Global Macro Forecaster
BMI Research believes that current "mar-
ket sentiment is overly bullish compared
with fundamentals." The firm cites weaker
Chinese consumption in 2017 and the avail-
ability of a cheaper nickel pig iron coming
on line from smelters in Indonesia which
would reduce Chinese demand for more
expensive refined nickel.
