Production of Silver in Peru reached 103,974.95Thousand Ounces in 2023
Production grew by a CAGR of 2.12% between 2020 to 2023,and is expected to decline by...
GlobalData projects the production to grow at a CAGR of...
Impact of COVID-19 on silver production in Peru
Peru ranked first globally in terms of silver reserves holding a significant position in the world’s total as of January 2020. Silver reserves are mostly distributed across the provinces of La Libertad, Ancash, Pasco, Junin and Lima.
A competitive costs and tax framework, coupled with favourable trends in metal commodities, makes Peru an attractive place for investors to develop mining activity in the country. Currently, the country is focused on developing mining projects which also includes silver projects such as the Quellaveco, Mina Justa, Toromocho expansion and Santa Maria expansion projects. The country is also developing many exploration projects. However, amid the Coronavirus (COVID-19) outbreak, expansions as well as developments of these projects have been delayed by several months, as much of the mining industry in Peru was halted by the lockdown during March to June 2020.
Peru silver production
Peruvian silver mine production is expected to decline in 2020 – the third consecutive decline, primarily due to the impact of the COVID-19 pandemic. By the end of July 2020, Peruvian silver production registered reduction. The Uchucchacua mine, owned by Buenaventura, was the biggest contributor towards this decline; where silver output dropped during the first nine months of 2020, against the same period in 2019. The mine could not accomplish full capacity amid the COVID-19 pandemic, which resulted in a shortage of workers.
Silver producers
Glencore Plc
Glencore plc, headquartered in Switzerland, is a diversified natural resources company. It carries out the production and marketing of various mineral commodities. The company’s key operating mines in Peru include the Antamina, Animon, Chungar Mining Unit, San Cristobal (Volcan Compania Minera SAA), Alpamarca, Carahuacra and Ticlio mines, among others.
Hochschild Mining plc
Hochschild Mining plc (Hochschild), a precious metals mining company, is headquartered in the UK. It focuses on the exploration, mining, processing and sales of silver and gold. The company operates underground epithermal deposits, including the Inmaculada, Pallancata and Arcata mines in Peru. The latter mine was placed under care and maintenance, amid unfavourable market conditions. The company is also developing the Crespo project in the Cusco province of Peru. Besides Peru, the company also has several greenfield prospects in Chile, the US and Canada. The company sells its products to customers based in Canada, Switzerland, Korea, Germany, Peru, Japan, Bulgaria and the US.
Switzerland
China
Japan
Luxembourg
South Korea
Japan
United Kingdom
Australia
Japan
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