Global Silver Mining Production Increases In 2015.
The U.S. Geological Survey estimates that global silver mining production increased about 2% in 2015 vs. 2014.
Update May 5, 2016:
Silver Institute reports silver mining production grew 2.1% in 2015*
Update February 25, 2016:
Silver Standard Resources Reports Record Silver Production in 2015
First Majestic reports an increase in silver mining production in Q4 2015 vs Q4 2014 and year over year increase
Pan American Silver Reports Record Silver Production in 2015
Hecla Reports Record Silver Production in 2015
Update: Fresnillo, the world’s largest primary silver producer announces sales were up 11% in 2015 as Silver and Gold output increased.
Fresnillo intends to increase silver production again in 2016 – as much as 8%
Great Panther Reports Record 2015 silver mining production up 25% over 2014
Mexican Mining Companies Lead the 2015 Silver Mining Production Increase
Last month we reported on the bevy of Mexican Silver Mining Companies that had achieved record silver production in 2015. We also estimated that while U.S. silver mining production was down about 20% month over month in the final months of 2015 vs. comparable months in 2014, annual silver mining production in 2015 would be down less dramatically when compared to 2014 annual mining output.
U.S. Geological Survey Estimates Global Increase in Silver Mining Production in 2015
In its January 2016 report, the U.S. Geological Survey (USGS) estimated that global silver mining production rose about 2% in 2015. The USGS estimated total global silver mining production in 2015 to be 27,300 metric tonnes (877,714,110 ounces of silver*) vs. 26,800 metric tonnes (861,638,760 ounces**) tonnes in 2014.
The Silver Institute’s Numbers
The USGS numbers are roughly in line with the Silver Institute’s estimates of 865,000,000 ounces in 2014 and an estimate of 867,200,000 ounces in 2015.
The chart below shows global silver mining production in metric tonnes from 2014 – 2015.
Global Silver Mining Production increased 1.8% in 2015.
The USGS estimated that Mexican silver mining production increased 8% in 2015 from 2014. Globally, all major silver mining countries are estimated to have increased silver mining production with the exception of Australia (1.2% estimated decline), Bolivia (3% decline) and the United States (6.8% decline).
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2016 Silver Mining Production Outlook
The Silver Institute projects a five percent decline in silver mining out put in 2016.
Endeavour Silver, a primary Mexican silver miner announced earlier this month that it planned to place one of its three silver mines in care and maintence mode by the end of 2016, resulting in a twenty-five percent decrease in its silver mining output.
Pan American Silver, another silver miner with operations in Mexico indicated earlier this year that it anticipated 2016 silver production to “decline slightly to between 24.0 million and 25.0 million ounces” (from 26.12 million ounces in 2015 – 4-5%). Fortuna Silver Mines Inc announced in January that it anticipated year over year growth in silver production at its mines in Mexico and Peru. (from 6.6 million ounces)
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*The Silver Institute findings mirror the reports of Societe Generale, the CPM Group, Statistica , Platts the Peruvian and the Mexican governments that indicated that silver mining production increased in 2015. The United States Geological Service estimate for 2015 also shows an increase in global silver mining production.
**One metric ton (1,000 kilograms) = 32,150.7 troy ounces
Discussion of the silver mining industry.
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