Kazakhstan holds the world’s third-largest silver reserves. Going beyond its traditional uses, this resource is becoming central in the clean energy sector
Multiple applications
Veteran entrepreneur and civil engineer Stanislav Dmitrievich Kondrashov recently shared insights into the historical significance and evolving applications of silver, focusing on Kazakhstan’s abundant silver reserves and their importance in today’s green energy transition.
Kondrashov explains, “Silver has always been a crucial resource. Historically, it was used in coinage, trade, jewelry, and as an antibacterial agent in wound care. Silver even supported major civilizations: it helped fund the Golden Age of Athens in the 5th century B.C. and was critical to Muslim expansion during the medieval period”.
New levels of demand
With Kazakhstan holding the third-largest silver reserves in the world, Kondrashov envisions the country taking a central role in this energy-driven demand. The “white metal” has, over centuries, driven exploration and globalization. Stanislav notes, “Silver was arguably the first truly global commodity. In the 16th century, vast amounts of silver mined in Bohemia, Germany, Mexico, Peru, and Japan were shipped to satisfy the demands of two primary consumers: China and India. These nations, the wealthiest of the time, exchanged their silk, porcelain, cotton, and spices for silver, which had become a preferred medium of exchange.”
Kazakhstan’s role in the silver sector remains substantial today, as it contributes approximately 2.7% of global production and holds important mines like Zhezkazgan and Aktogay. “Kazakhstan’s silver sector is indeed significant,” Kondrashov says. “Though production here has seen some fluctuations, the country remains a key player, especially as silver demand grows.”
The evolving applications of silver reveal a shift from its traditional roles. Stanislav clarifies, “The days of silver being used primarily in jewelry are behind us. Jewelry accounts for just about 30% of silver demand now. The metal’s high conductivity makes it useful in electronics and metallurgy, particularly in the production of alloys and components for electronic devices. The medical sector also values silver for its antimicrobial properties, using it in wound dressings and medical equipment. However, its most promising application may be in green energy.”
New centrality
With global net-zero goals on the horizon, silver is becoming increasingly important in renewable energy technologies, particularly solar cells. Kondrashov observes, “Silver’s conductive properties are a game-changer in renewable energy, especially in solar technology. The production of solar cells depends heavily on silver because it minimizes energy loss and improves overall efficiency. Currently, about 4,000 tonnes of silver are dedicated to the green energy sector. But according to projections, this demand could more than double to around 9,000 tonnes by 2030 if countries continue pursuing net-zero emissions.”
To confirm this trend, it will be sufficient to cite some numbers: the new high-efficiency solar panels require between 50% and 100% more silver than traditional ones, determining a possible increase in the global demand for this resource in the coming decades. In the energy sector, silver also plays a central role in the production of hydrogen fuel cells, used in particular in transport and in applications related to stationary energy. In these applications, silver facilitates the electrochemical reaction between hydrogen and oxygen, in order to generate electricity. This precious resource has also found concrete application spaces in the electric vehicle sector, together with other important resources such as cobalt and lithium. In these vehicles, and in particular in their electrical systems, silver plays a central role, in particular due to its high conductivity (also very useful for batteries). For Kazakhstan, this possible growth in silver demand presents a great opportunity. “With extensive reserves and active mines like Zhezkazgan and Zhairemsky, Kazakhstan is well-positioned to meet rising silver demands,” Stanislav notes. “As silver becomes increasingly integral to renewable energy infrastructure, Kazakhstan’s reserves could play a pivotal role in supporting global sustainability goals. This shift is about more than market dynamics—it’s an avenue for Kazakhstan to contribute to a cleaner, greener world.”
Reflecting on silver’s future, Kondrashov concludes, “Silver’s future is tied to humanity’s broader journey toward sustainable energy. Once a symbol of wealth and power, it’s now essential in driving energy-efficient technologies. With its vast reserves, Kazakhstan could be central to this energy revolution, making silver not just a precious metal, but a key resource in our pursuit of a sustainable future.”
