Global silver production is expected to increase by 2.0% in 2025, reaching 944 million ounces (moz). This growth is driven by expansions in the US, Peru, and India, contributing to 19.5% of global production. However, over the forecast period (2025-2030), global production is projected to decline at a CAGR of -0.9%, with output decreasing to 901moz by 2030, mainly due to mine closures in key regions.
One of the largest contributors to this decline will be Mexico, the world’s largest silver producer. Production is expected to fall in 2025, with a marginal 0.2% decline to 231.8moz, due to lower output from the San Julián mine as it is approaching the end of life in 2027 and planned gradual closure of other mines such as Mercedes, Bolanitos, San Rafael, Dolores and San Dimas mines in 2025. This will be partially offset by new projects such as Terronera and Media Luna, adding up to 5Moz. Mexico’s long-term outlook remains challenging, with a projected CAGR of -2.9% to 200.6moz by 2030, driven by regulatory changes, mine closures, and the government’s restrictive policies on foreign investment.
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Similarly, China’s silver production is set to recover by 1.3% in 2025, reaching 119.1moz, driven by the resumption of operations at the Jiama mine and expansions at other mines. However, long-term growth will be limited, with a 0.8% CAGR expected, reaching 124.1moz by 2030. This will be constrained by the lack of new capacity additions and planned mine closures such as Shandong Pingyi and Fujian Yuanxin.
Peru, another major silver producer, is expected to experience a 2.4% recovery in 2025, reaching 110.8moz, driven by new projects such as Toromocho Expansion and Reliquias. However, production will decline over the forecast period, with a CAGR of -0.8% to 106.5Moz by 2030, primarily due to the closure of several major mines, including Cerro De Pasco and Andaychagua. Social unrest and ore grade declines at key mines have also been ongoing challenges.
In Chile, silver production is expected to grow by 2.8% in 2025, reaching 57Moz, primarily due to the ramp-up of the Salares Norte project. Over the next decade, Chile will experience steady growth, with a 1.0% CAGR expected to bring output to 60.5moz by 2030. However, the closure of the Minera Florida mine in 2030 will offset some of the gains.
Bolivia’s silver production is also set to increase slightly by 0.8% in 2025 to 48.3moz, but this will be impacted by the closure of the Porco mine. Looking ahead, Bolivia’s production is expected to decline at a CAGR of -2.4% to 42.8moz by 2030 due to the closure of several mines, including San Bartolome and Caballo Blanco, though the Silver Sand project in 2030 may partially offset this decline.
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By GlobalDataLooking ahead, the global silver production is expected to decline at a CAGR of -0.9% over the forecast period to 901.0moz by 2030, mainly due to mine closures in Mexico, India, Russia, Bolivia, Kazakhstan, and Peru.
