Silver demand in China and India is set to rise 40 perent in 2012

Analysts also raised its 2024 aluminum price forecast from $2,400/tonne to $2,450/tonne to reflect these expectations.

In its Q3 results release, the company noted that the silver mine expansion is essentially complete at 99%.

The export tax rebate was also removed for copper and lowered for some refined oil, solar, battery and non-metallic mineral products.

The West African nation increasingly seeks new partners, such as Russia, in its mining sector.