Production of Silver in United States of America reached 35,274Thousand Ounces in 2020
Production declined by a CAGR of 0.98% between 2017 to 2020,and is expected to grow by...
GlobalData projects the production to grow 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
Industrias Penoles SAB de CV (Penoles) is an integrated mining company which identifies, explores and develops mineral properties. Penoles carries out the exploration of gold, silver, zinc, lead, copper, bismuth and other metals. It operates mines in Mexico such as Francisco I. Madero, Herradura, Cienega, Fresnillo, Saucito, Noche Buena, Sabinas, San Julian, Bismark, Tizapa, the Capela Polymetallic project and Velardena. It also operates mines in Chile and Peru.
KGHM Polska Miedz SA stood as the second largest silver producer in the world. Besides silver, the company also produces including copper, gold, palladium and platinum and refined lead. It operates the Lubin, Deep Glogow, Polkowice-Sieroszowice, Retkow, Rudna and Gaworzyce–Radwanice mines in Poland, Weisswasser and Weisswasser II projects in Germany and the Ajax project in Canada. The company markets its products across Europe, North America, South America, Australia, Asia and Africa.
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