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Advertisement 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. Sign Up for the Precious Metals Digest Sign Up 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. ....