Production of Silver in Mexico reached 211,630.65Thousand Ounces in 2023
Production grew by a CAGR of 2.29% between 2020 to 2023,and is expected to grow by...
GlobalData projects the production to decline at a CAGR of...
Impact of COVID-19 on global silver production
Global silver mine production is expected to have declined in 2020 primarily due to the impact of the COVID-19 pandemic, although there were mine-specific impacts such as declining grades at a number of large silver mines. On a country basis, the largest declines are estimated to have been in Peru, followed by China, Argentina, Bolivia and Russia.
In contrast, despite the challenges posed by the COVID-19 pandemic, production in the US – the eighth largest silver producer in the world – is estimated to have increased in 2020 over the previous year. The increase in production was supported by uninterrupted operations at the country’s largest mine, the Greens Creek mine, coupled with the completion of the ramp-up at the Lucky Friday mine.
Global silver reserves
According to the US Geological Survey (USGS), global silver reserves held a significant position as of January 2020. The majority of these are located in Peru, this was followed by Poland, Australia, Russia, and China. The remaining is spread across other countries such as Mexico, Chile, the US and Bolivia.
Global silver production
Global silver mine production is estimated to have declined for the fourth consecutive year in 2020, with a significant drop in share. This was primarily due to the impact of the COVID-19 pandemic, although there were mine-specific impacts such as declining grades at many large silver mines. Major silver producing countries including Peru, Mexico, and Bolivia, among others, implemented nationwide lockdowns, resulting in the temporary closures of silver mines.
Stringent COVID-19 preventive measures in key silver mining countries such as Peru, China, Argentina and Bolivia, among others, coupled with the lower ore grades, led to lower mine production. While most nations suffered production losses, the US performed well over the same period.
Global silver producers
Glencore plc (Glencore) is the third largest silver produced in the world as in 2019. The company is headquartered in Switzerland and is spread across many countries and cities. It operates across three segments – Metals and Minerals; Energy; and Agriculture. The company produces several minerals, such as copper, cobalt, zinc, nickel and ferroalloys, and markets aluminum/alumina and iron ore from third parties.
Pan American Silver Corp. (Pan American), headquartered in Canada, is a silver mining company. It carries out the exploration, acquisition, development and related activities such as extraction, processing, refining and reclamation. The company's product portfolio includes silver, gold, zinc, lead and copper. It operates silver producing mines including the Morococha, Huaron, Shahuindo and La Arena mines in Peru, the Dolores and La Colorada mines in Mexico, the San Vicente mine in Bolivia, the Manantial Espejo mine in Argentina and the Timmins West mine in Canada.
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