Global silver mine production is forecasted to experience a significant rebound in 2024, with a projected growth rate of 4.1% to reach 916.1 million ounces. This increase is largely attributed to the resumption and ramp-up of operations that were temporarily halted in 2023.
In 2024, Mexico, the US, China, and Russia are expected to lead the rise in production, offsetting declines in Peru, Argentina, and Kazakhstan. Mexico, which accounted for 24.1% of the total global silver supply in 2023 with 211.6 million ounces, is anticipated to recover from a 3.2% dip in output experienced in 2023 due to operational disruptions at major mines. Forecasted production for Mexico in 2024 is estimated to reach 224 million ounces, driven in part by the initiation of projects such as Terronera, EC120, Media Luna, and Tahuehueto.
Additionally, the reopening of China’s Jiama mine in December 2023 is expected to contribute to the growth in global silver production in 2024. The US is also projected to see a 16.4% increase in production, attributed to higher output from the Rochester mine following a significant expansion completed in November 2023, as well as the resumption of operations at the Lucky Friday mine.
Russia’s silver production is forecasted to rise by 8.6% in 2024, driven by the ramp-up of the Udokan project and Primorskoye Property, along with steady production from other miners. The scheduled commencement of Polymetal’s Prognoz silver mine in the fourth quarter of 2024 is expected to further support production.
However, despite the expected rebound in 2024, global silver mine production is anticipated to decline to 876.6 million ounces by 2030. This decline is attributed to expected lower production from Mexico, as well as declines from India, Argentina, Russia, and Bolivia.
