The Peñasquito mine in Zacatecas: silver production was down. The Peñasquito mine in Zacatecas: silver production was down.

Silver output down but Mexico still No. 1

MX is world's top silver producer for the seventh year in a row

A decline in Mexico’s silver production last year had no effect on its global ranking: it remained the world’s top producer for the seventh consecutive year.

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The World Silver Survey shows that Mexico’s silver output totaled 186.2 million ounces, down 3% from last year’s figure of 192 million.

Mexico took the top-producer title from Peru in 2010, which remains in second place, and has held it ever since.

Last year was the first time in 12 years that silver production dropped, a result of losses at Goldcorp’s Peñasquito mine, the country’s largest gold producer, and substantial losses at Primero Mining’s San Dimas mine due to labor and other issues.

Mexico-based Fresnillo plc was the top silver-producing company in the world with output of 45.7 million ounces. Its seven operating mines are all in Mexico.

The price of silver averaged US $17.14 per ounce in 2016, a 9.3% increase over the previous year.

Mexico News Daily

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