Global Silver Mine Production Set to Rebound in 2024, Led by Key Resumptions and Expansions

After a challenging period marked by operational disruptions in 2023, the global silver mining industry is poised for a significant rebound in 2024, with a projected growth rate of 4.1% to reach 916.1 million ounces.

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After a challenging period marked by operational disruptions in 2023, the global silver mining industry is poised for a significant rebound in 2024, with a projected growth rate of 4.1% to reach 916.1 million ounces. This resurgence is driven by the resumption and ramp-up of operations, particularly in key producing regions.

Resurgence in Global Silver mine Production:

The anticipated increase in global silver production in 2024 will be primarily fueled by the restart of operations that were temporarily halted in the previous year. Major silver-producing countries, including Mexico, the US, China, and Russia, are expected to contribute to this growth trajectory.

Mexico’s Contribution and Recovery:

Mexico, a significant player in the global silver market, is expected to rebound from a 3.2% dip in output experienced in 2023. With forecast production of 224 million ounces in 2024, Mexico’s recovery will be driven by the ramp-up of operations at key mines such as Pennsquito and La Colorada, alongside the commencement of new projects like Terronera, EC120, Media Luna, and Tahuehueto.

Rise in Production from China and the US:

China’s Jiama mine, which resumed operations in December 2023, is set to contribute to the global silver mine production surge. Similarly, the US is expected to witness a notable increase in production by 16.4% in 2024, supported by expansions at the Rochester mine and the restart of operations at the Lucky Friday mine.

Growth in Russian Silver Production:

Russia is poised to experience an 8.6% rise in silver production in 2024, driven by the ramp-up of projects like Udokan and Primorskoye Property. Additionally, the scheduled commencement of Polymetal’s Prognoz silver mine later in the year is expected to further bolster production in the region.

Long-Term Projections and Challenges:

Despite the positive outlook for 2024, long-term projections indicate a potential decline in global silver mine production, with estimates suggesting a decrease to 876.6 million ounces by 2030. Factors contributing to this decline include anticipated lower production from Mexico, as well as decreases expected from countries like India, Argentina, Russia, and Bolivia.

The forecasted rebound in global silver mine production in 2024 signifies a promising turnaround for the industry after facing disruptions in the previous year. With key producing countries like Mexico, the US, China, and Russia leading the resurgence through resumptions, expansions, and new projects, the outlook for silver remains optimistic in the near term. However, long-term challenges loom, highlighting the need for strategic planning and innovation to sustainably navigate the evolving landscape of the global silver market.

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