In response to the Covid-19 outbreak, Mexico’s Ministry of Health today issued an order immediately suspending non-essential activities in the country, including mining, until April 30th.
As Mexico is the world’s largest silver producer, responsible for 23% of the world’s production of silver and producing 200 million ounces of silver in 2019, the decision is expected to negatively influence the global supply of the precious metal.
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Following the continued closure of Peru’s mining industry, announced on March 15th, silver mine closures have now restricted 40% of the global silver production.
As Mexico and Peru’s companies are putting their mines on care and maintenance, this raises serious questions about the supply of silver for essential sectors such as electronics, medicine, and coin-production.
