Production of Silver in Chile reached 58,037.28 thousand ounces in 2024
Production grew by a CAGR of 5.25% between 2021 to 2024,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.
Chile silver mining
According to the USGS, Chile holds the world’s sixth-largest silver metal reserves as of January 2019 in the global total. The Antofagasta and Atacama provinces contain enormous silver deposits.
According to the Chilean Copper Commission (Cochilco), the country’s mining industry is expected to receive an investment during the period 2018–2027. However, due to the effect of the investments is not expected to translate into production before the end of the forecast period; therefore, production over the forecast period is expected to further decrease in 2023.
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
Polymetal International Plc (Polymetal International) is a gold and silver mining company which is headquartered in Cyprus. The company stood as the sixth largest silver producer in the world. The company owns a portfolio of gold and silver producing mines, as well as various development and exploration projects. The company’s product portfolio includes gold, silver and copper. Its silver producing mines include the Dukat, Lunnoye-arylakh and Omolon mines.
Compania De Minas Buenaventura SAA
Compania De Minas Buenaventura SAA (Buenaventura), headquartered in Peru, is a precious metals mining company. It carries out the mining, processing, development and exploration of gold, silver, coal, lead, molybdenum, zinc and copper through its wholly owned mines and joint exploration projects. Buenaventura currently operates several mines in Peru, including the Orcopampa, Uchucchacua, Julcani, El Brocal, La Zanja and Coimolache and Tambomayo projects, among others.
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