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Supply & Demand
Silver Production

Global silver mine production growth slowed to 2 percent in 2015 and reached a record 886.7 Moz. The mine production growth was attributable to stronger output in Peru, Argentina, Russia and India, while Canada, Australia and China had lower mine production, with the latter decreasing output by 3 percent. Primary silver mine production grew 5 percent, and accounted for 30 percent of global silver mine supply. The overall slowdown in mine production last year is expected to continue.

Primary silver co-product cash costs plus CAPEX fell by 11 percent to US$11.74/oz. This drop was driven by weaker local currencies, aggressively lower CAPEX, and lower fuel prices. The producer silver hedge book grew by 7.8 Moz in 2015, as fresh hedging more than offset maturing contracts.


WSS2016country


WSS2016co


WSS2016primary


Material and statistics in this section were adapted in part from the Silver Institute’s World Silver Survey 2016¬†publication.

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