Global silver mine or metal content in ore production was 930.5 Million ounces in 2015; down by 1.6% over 2014. This decrease was mainly due to a 25.7% fall in production in Australia, 6.7% each in Russia and the US, 4% in Chile and 2.1% in China. Projects accounting for the falling production include the Cracow mine in Australia, where production fell by 41.3%, followed by the Guanaco project and the Minera Florida mine in Chile, with 34.5% and 32.2% drops respectively, and the Olympic Dam mine and the Ridgeway mine in Australia with 25.5% and 25.4% drops respectively.
Global silver metal reserves totaled were 571,000 tonnes (t) at the end of January 2016. Peru accounted for the largest share, with 21%, followed by Australia and Poland with 14.9% each, Chile with 13.5%, China with 7.5% and with Mexico 6.5%; the remainder was held by other countries, including the US with 4.4% and Bolivia with 3.9%.
Global silver consumption was 1.17 Billion ounces in 2015; up by 3.4% over 2014, due to a 24% increase in demand from coins and bars – supported by fall in silver price. Over the forecast period, global silver consumption is expected to post a nominal CAGR of 1.1%, to reach 1.27Billion ounces by 2020.
Mexico was the world’s largest silver producer, with silver mine or metal content in the ore production of 174.9 Million ounces in 2015, accounting for 18.8% of the global total that year. In the same year, production increased by 4.9% over 2014, due to increased production from various mines. Most Mexican silver mine production originates from Zacatecas, Chihuahua, Durango, Sonora and Oaxaca.
Peru was the second-largest silver producer, with silver mine or metal content in the ore production of 131.9 Million ounces in 2015; up by 8.9% over 2014. This increase in production was due to the commencement of the Inmaculada property, Las Bambas project and Shahuindo project in 2015, with annual silver metal capacities of 11.3 Million ounces, 3.6 Million ounces and 905,000 ounces respectively.
The report “Global Silver Mining to 2020” contains an overview of the global silver mining industry together with the key factors affecting the industry and demand for the commodity. It also provides information about global silver reserves, the historic and forecast data on silver production, prices, silver metal consumption, the competitive landscape and active, exploration and development silver projects.
Companies mentioned in this report: KGHM Polska Miedz SA, Fresnillo Plc, Goldcorp Inc., Glencore Plc, BHP Billiton Ltd.