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Global silver mine production is estimated to have declined by 2.4% to 849.7 million oz in 2020, the fourth consecutive annual decrease, partly owing to lockdowns and restrictions at top silver-producing countries, particularly Peru, Mexico, and China. In addition, depleting ore reserves have been a major concern for the industry in the recent years. However, global silver production is expected to increase by 8.1% in 2021 to 918.3 million oz and then exceed 1 billion oz by 2024 – a 3.2% compound annual growth rate (CAGR), says GlobalData.
Mexico, Peru, and China will be the key contributors towards silver mine production growth, with combined production in these countries expected to increase from a forecast 393.9 million oz in 2021 to 443.9 million oz in 2024.
Global silver output to rise 8.1% in 2021 – report
Peñasquito silver mine in Mexico. (
Following four consecutive years of annual decline, global silver production is expected to increase by 8.1% in 2021 to 918.3 million ounces (moz) and then exceed one billion ounces by 2024 – a 3.2% compound annual growth rate (CAGR), according to GlobalData.
Mexico, Peru and China will be the key contributors towards silver mine production growth, with combined production in these countries expected to increase from a forecast 393.9moz in 2021 to 443.9moz in 2024.
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This forecast follows a year of decline in 2020, which saw global silver mine production fall by an estimated 2.4% to 849.7 million ounces, partly owing to lockdowns and restrictions in top silver-producing countries. In addition, depleting ore reserves have been a major concern for the industry in the recent years, GlobalData says.
A likely restart of several projects in Africa is expected to boost global graphite production and will also help reduce China’s dominance in the sector.
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Global natural graphite output to grow 7.6% in 2021 – report
Syrah’s Balama graphite project in Mozambique. (Photo courtesy of Syrah Resources).
After increasing in 2018 and 2019, global natural graphite production has been adversely affected by covid-19 in 2020, with mines being placed either under care and maintenance or temporary suspension due to lockdowns and restrictions.
According to analytics firm GlobalData, while output has declined by 15.4% to 952.6kt in 2020, it is expected that natural graphite production will increase by 7.6% in 2021 to 1,025.5kt.
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China, the world’s largest producer, is expected to produce 665kt of natural graphite over the year. This represents a decline of 5% versus 2019 due to covid-19 restrictions, mainly during the first quarter of 2020 when several mines and plants had to temporarily cease production activities.