Mon, July 22, 2024

Top 10 silver mining countries and sources of demand

Wibest – Gold and Silver Prices: Molten metal

Silver mining production increased by 2% in 2015. This year, the silver mining supply was led by Mexico and Peru. Here are the Top 10 silver mining countries:

Mexico

Peru has the most significant silver mining reserves in the world. However,  Mexico has been a leader in metal production. The country’s silver mining output increased by 2% in 2015. Fresnillo, the world’s largest silver mining company, with mines in Mexico, doubled its silver mining production. In 2019, the country produced 6.300 metric tons of silver.

Peru

Peru, the second-largest silver mining country in the world, increased its silver mining production by 10% in 2015. Despite its increase in the coming years, the country’s production has dropped to 2015 levels again. 

In 2018, Peru mined 4.160 metric tons of silver. In 2019, the country’s metal production dropped to 3.800 metric tons.  

Mexico and Peru together produce 40% of the world’s silver mining supply.

China

China is the third-largest silver mining producer in the world and the first in gold mining production. China’s silver mining output fell in 2015 to 3.100 metric tons. Since then, the country saw a gradual but insignificant rise in production. In 2019, China produced 3.600 metric tons of silver. 

The country’s production is not relevant to global supply and demand because China uses all of its silver production domestically.

The top 10 most crucial silver mining producing countries are Mexico, Peru, China, Russia, Australia, Chile, Bolivia, Poland, the US, and Argentina. They generate 80% of the world’s silver mining production. Its silver raw production has increased since 2015. However, 2019 has not been a promising year for mining. Most of the silver mines saw a decrease in their production compared to the previous year. Analysts think this could provide support for silver prices. They even forecast a 50% rise in metal prices this year.

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