World Silver Production to Surpass 1 Billion Oz Milestone by 2024

SEATTLE (Scrap Monster): The latest report published by GlobalData suggests that global silver production is likely to surge higher by 8.1% during the current year to 918.3 million ounces (moz). Furthermore, the output is likely to exceed one billion ounces by 2024, rising at a CAGR of 3.2%.

The rise in output follows four consecutive years of annual production declines. It must be noted that the mine output had registered a decline by 2.4% to 849.7 million ounces during the previous year, primarily on account of depleting ore reserves and Covid-19-related lockdown restrictions.

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The three major contributors to the projected silver mine output growth are Mexico, Peru and China. The combined output by these countries is expected to increase substantially from 393.9 moz in 2021 to 443.9 moz in 2024.

The global silver production took a hit during the initial nine-month period of 2020 due to the pandemic. The collective production by eight out of the top ten global silver producers reported nearly 14% year-on-year decline during this period. The output by Pan American was down by 6.8 moz, whereas those by Hochschild and Compania De Minas Buenaventura SAA were down by 6.4 moz and 6.3 moz respectively.

The Mexican output fell by 1.8% in 2020. The silver output by Peru suffered significantly larger decline, falling by over 29%.