World’s silver production to grow 18% by 2024 - report
(Kitco News) - As Kitco reported earlier, according to the preliminary data released by the U.S. Geological Survey (USGS), global mine silver output was 25,000 tonnes in 2020, a 6% decline compared to 2019 (26,500 tonnes).
USGS said that this drop in silver production was primarily associated with temporary shutdowns of mines in China, Mexico and Peru in response to the COVID-19 pandemic.
Mexico was the largest silver producer (5,600 tonnes), followed by Peru (3,400 tonnes) and China (3,200 tonnes). Nine out of the top ten silver producing countries have seen a decline in their silver output, while one country (USA) increased its domestic silver production by 2%.
According to the data from another source, GlobalData, global silver mine production is estimated to have declined for the fourth consecutive year in 2020, with a drop of 2.4% to 849.7 million ounces (Moz).
GlobalData expects that the world's silver production to increase by 8.1% in 2021 to 918.3moz, and then exceed 1 billion ounces by 2024 – a 3.2% CAGR. Therefore, silver production to grow up to 17.7% by 2024 compared to 2020.
Mexico, Peru and China will be the key contributors towards this growth, with combined production in these countries expected to increase from a forecast 393.9Moz in 2021 to 443.9Mkoz in 2024.