The Silver Institute, a nonprofit international association that solely focuses on silver, reported that Mexico had remained the largest silver extractor in the world despite a two percent drop in 2019 and economic impact of COVID-19.

Mexico Remains at the Top in Silver Mining

Mexico has remained "The King" of silver mining around the world. The country produced around 190.3 million ounces, and they are followed by Peru that produced 135.4Moz and China with 110.7Moz according to the sector's annual report.

There was a two percent drop in the country's silver mining industry last year that somehow affected the mining companies in the country. The decrease of silver extraction was caused by social blockades that some companies experienced.

One of the companies affected by this is the Fresnillo, the world's leading silver producer, and Mexico's largest gold producer, where the company experienced 11 percent in their silver production. This drop is the result of the company's low grades in Fresnillo, Saucito, and San Julian Mines.

Moreover, despite the drop in the company's silver production, they were able to extract and produce 51.8 million ounces of silver. Still, Fresnillo topped among the mining companies that extract silver around the world.

KGHM Polska follows Fresnillo with 45.6 million ounces and Glencore with 32 million ounces. Additionally, a recently published article reports that silver mining in Mexico is expected to surge this 2020.

Ten biggest miners in Mexico are expected to produce 161 million ounces of metal, which is up by 10.5 percent of produced metals compared last year. This will help Mexico to remain on its spot as the world's largest silver extractor and producer since 2015.

Top mining companies in Mexico:

Industrias Penoles

The company's silver production had fallen to 62.3 million ounces from 69.8 million ounces last year. The dropped in its production was caused by its operational challenges. However, the mining company is expected to produce 62.3 million ounces this year.

Newmont

Newmont's silver production in 2019 was 15.9 million ounces, which is a bit lower compared to 18.2 million ounces produced in 2018. However, the company expects that its production this year will be 30 million ounces, which are nearly double compared last year. Their production will depend on its Penasquito mine.

Southern Copper

The 11-year strike has finally ended in its mining site in San Martin, and because of this, the company forecasted that they could produce 17.2 million ounces of silver this year. The San Martin, which will have its full operation, is expected to contribute 2.1 million ounces of silver. In contrast, Santa Barbara, the company's other mining site, is expected to increase its production by 0.3 million ounces.

Pan American Silver

The Pan American Silver expects its production in La Colorada to increase while a reduction of silver production at Dolores. This means that the Pan American Silver projected an output of 13.3 million ounces, which is the same as last year. However, this is still higher compared to its 11.7 million ounces of silver production in 2018.