Global silver production set to rise in 2025, but mine closures pose long-term challenges

Global silver production is expected to increase by 2.0 % in 2025, reaching 944 million ounces (Moz). This growth moves expansion in the United States, Peru and India, which contributes to 19.5 % of global production. However, during the expected period (2025-2030), global production is expected to decrease at an annual -compound rate of -0.9 %, with production to 901mox by 2030, mainly due to the closure of mines in the main areas.

One of the largest contributors to this decline will be Mexico, the largest silver producer in the world. Production is expected to decrease in 2025, with a marginal decrease of 0.2 % to 231.8 music, due to the decrease in production from the San Julian mine where it is close to the end of life in 2027, and the planned gradual closure plans for them from other mines such as Mercedes and Masteres such as Tronra and Mestains, such as Tronra, such as Tronra, which reaches 5mox. Mexico’s long -term look is still difficult, with an annual growth rate ranging from -2.9 % to 200.6 mi in 2030, driven by organizational changes, mining closure, and government restrictions on foreign investment.

Likewise, silver production in China is scheduled to recover by 1.3 % in 2025, reaching 119.1 Megos, driven by the resumption of operations in the Gemma mine and expansion in other mines. However, long -term growth will be limited, with 0.8 % expectation in the CAGR center, reaching 124.1Mox by 2030. It will be restricted by the lack of new additions in capacity and closed mines planned such as Shandong Pingyi and Fujian Yuanxin.

Peru is expected to face another major product for silver, a 2.4 % recovery in 2025, reaching 110.8 miles, driven by new projects such as the expansion of Toromocho and Reliquias. However, production will decrease during the expected period, with an annual growth rate ranging from -0.8 % to 106.5 MW by 2030, due primarily to the closure of many major mines, including Cerro De Pasco and Andaychagua. The social disorders and the decline in the degree of raw in the main mines were ongoing challenges.

In Chile, silver production is expected to grow by 2.8 % in 2025, to reach 57 Megos, primarily due to the increase of the Salares Norte project. Over the course of the next decade, Chile will witness steady growth, as an annual growth rate of 1.0 % is expected to reach 60.5 miles by 2030. However, the closure of the Mineira Florida mine in 2030 will make up for some gains.

Silver production in Bolivia is also scheduled to increase by 0.8 % in 2025 to 48.3 megose, but this will be affected by the closure of the PORCO mine. Looking forward, Bolivia production is expected to decrease to an annual growth rate of 2.4 % to 42.8 megapers by 2030 due to the closure of many mines, including San Bartolum and Kabalo Blanco, although the Silver Sand project in 2030 may partially compensate for this decrease.