Mexico Retained its Place as the Number One Silver Mining Country in the World in 2015.
Mexico and Peru led countries that increased silver mining output in 2015.
Global silver mining production increased 2.1% in 2015.
Silver Miners Boost Production in 2015
2015 was a mixed year for the silver mining industry. Silver prices fell from at the start of the year at $15.71 an ounce and ended 2015 at $13.82 an ounce. According to Kitco, the average price of silver in 2015 was $15.68 an ounce, down from $19.08 an ounce in 2014, or 17.8% lower.
Silver miners made up some of the silver price slide in 2015 with an increase in production. According to the Silver Institute, globlal silver mining production rose 2.1% in 2015 from 868.3 million ounces in 2014 to 886.6 million ounces of silver in 2015.*
Mexico’s silver mining production in 2015 was 189.5 million ounces up 1.7% from 2015. Peru’s silver mining production increased 10.6% in 2015 to 135.9 million ounces.
The top two silver mining countries, Mexico and Peru increased their output in 2015.
Rounding out the top twenty silver mining countries in 2015 were (in order from 11-20) Guatemala, Kazakhstan, Sweden, Canada, India, Indonesia, Morocco, Turkey, Dominican Republic and Armenia.
The Top Silver Mining Countries In the World By The Numbers
Here are highlights from the top silver mining countries in the world.
- The top 10 silver producing nations in 2015 produced 737.3 million ounces.
- The top 10 silver producing nations accounted for 83.2% of global silver mining production.
- Mexico and Peru accounted for 36.7% of total global silver mining production in 2015.
- Peru led silver mining countries in 2015 with an increase of 13 million ounces, or 10.6% more than 2014.
- Argentina had the largest percentage increase in silver mining production of the top ten silver mining countries, producing 19.2% more silver in 2015 than it did in 2014.
- India had the largest percentage increase in silver mining production of the top twenty silver mining countries, up 42.9% from 8.4 million ounces of silver produced in 2014 to 12 million ounces in 2015.
- Canada suffered the largest percentage and nominal decreases in silver mining production in 2015, producing 3.7 million fewer ounces than it did in 2014 for a 23.3% decline. Canada produced 15.9 million ounces of silver in 2014 and 12.2 million ounces in 2015.
Percentage of Global Silver Mining Output by Country
The United States, once a major silver producer, now accounts for less than 5% of global silver mining production.
*According to the Silver Institute, global silver mining production increased 2.1% in 2015. Their findings mirror the reports of Societe Generale, the CPM Group, Statistica , the Peruvian and the Mexican governments that indicated that silver mining production increased in 2015.
See also the Top Silver Mining Companies of 2015
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