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Date Posted: 21:10:06 08/25/03 Mon
Author: siempre
Subject: silver producers

Global silver production edged slightly lower in 2002, slipping from the record levels set in 2001 to finish the year at 585.9 Moz, a decline of around 1 percent. Europe was the only region in the Western World to record an increase in production with gains posted in Russia and Kazakhstan. The Americas, Asia, and the African regions all reported output reductions.

In many instances, silver occurs in ores along with gold, copper, lead, zinc and other metals. In many mines, the primary product is one of these metals, with silver being a by-product. At some mines, silver is the sole product or main co-product.

2002 World Mine Production of Silver by Source


Note: Totals may not add to 100% due to rounding.


In 2002, the major source of silver mine production was generated as a by-product of other metals. This is, in part, a consequence of the scarcity of large silver deposits, which can be economically exploited at prevailing silver prices. However, the dominance of by-product or co-product silver in total mine supply testifies to the fact that silver often occurs naturally with a variety of other metals. Silver is typically found in the oxidized zones of ore deposits, or in the hydrothermal veins associated with sulfide ores. This natural association with lead and zinc (which often occur together), gold and copper, results in significant quantities of silver being produced at operations where it is not the primary target nor the principal earner of revenue - in fact, in many cases silver is regarded as a "bonus" of base metal or gold mining.

Silver is mined in many parts of the world. In 2002, Mexico, Peru, Australia and the United States were the top four silver producing countries. Mexico remained at the head of the ranking, and for the third consecutive year recording higher output. Nevertheless, strong growth in Peru left only 2.9 Moz between the two. Australia, the world's third largest silver producer, saw a noteworthy 5 percent increase in production in 2002. The United States held its fourth place ranking despite a sharp drop in production, meanwhile, Canada and Poland moved up the table as Chile slipped from 2001's sixth to 2002's eighth largest producer.

Top 20 Silver Producing Countries in 2002
(millions of ounces)

1. Mexico 91.7
2. Peru 88.8
3. Australia 66.8
4. United States 46.4
5. China 44.9
6. Canada 44.0
7. Poland 38.9
8. Chile 34.9
9. Russia 25.0
10. Kazakhstan 24.9
11. Bolivia 14.5
12. Sweden 9.4
13. Morocco 8.5
14. Indonesia 8.2
15. Argentina 4.3
16. South Africa 3.7
17. Turkey 3.7
18. Japan 2.6
19. Iran 2.5
20. Greece 2.4




Top 20 Silver Producing Companies in 2002
(millions of ounces)

Company Country Output
1. Industrias Peñoles Mexico 52.7
2. BHP Billiton Australia 44.5
3. KGHM Polska Miedz Poland 38.3
4. Grupo Mexico Mexico 19.6
5. Barrick Gold Canada 17.8
6. Rio Tinto UK 17.2
7. Coeur d'Alene Mines USA 14.8
8. MIM Holdings Australia 13.2
9. Cia. de Minas Buenaventura Peru 11.7
10. Noranda Inc. Canada 11.3
11. Volcan Cia. Minera SA Peru 10.9
12. Pasminco Ltd. Australia 9.5
13. Hecla Mining Company USA 8.7
14. Boliden AB Sweden 8.5
15. Codelco Chile 8.2
16. Pan American Silver Canada 7.8
17. Comsur Bolivia 7.6
18. Société Métallurgique d'Imiter Morocco 7.1
19. Luismin SA de CV Mexico 5.9
20. Soc. Minera Corona Peru 5.6




World's Leading Primary Silver Mines in 2002
(millions of ounces)

Mine/Location Operating Company Prod.
Cannington, Australia BHP Billiton
38.18
Proaño, Mexico Industrias Peñoles 31.25
Greens Creek, U.S. Kennecott Minerals/Hecla Mining 10.91
Uchucchacua, Peru Cia. de Minas Buenaventura 9.39
Tizapa, Mexico Industrias Peñoles 7.99
Imiter, Morocco Société Métallurgique d'Imiter 7.06
Rochester, U.S. Coeur d'Alene Mines 6.42
Galena, U.S. Coeur d'Alene Mines 5.30
Huaron, Peru Pan American Silver 4.53
San Sebastian, Mexico Hecla Mining 3.43
Arcata, Peru Minas de Arcata 2.86
Cayllom, Peru Hochschild Group 2.86
Quiruvilca, Peru Pan American Silver 2.51
San Martin, Mexico First Silver Reserve 2.40
Lucky Friday, U.S. Hecla Mining 2.00

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