Advertisement Global silver mine production is estimated to have declined by 2.4% to 849.7 million oz in 2020, the fourth consecutive annual decrease, partly owing to lockdowns and restrictions at top silver-producing countries, particularly Peru, Mexico, and China. In addition, depleting ore reserves have been a major concern for the industry in the recent years. However, global silver production is expected to increase by 8.1% in 2021 to 918.3 million oz and then exceed 1 billion oz by 2024 – a 3.2% compound annual growth rate (CAGR), says GlobalData. Mexico, Peru, and China will be the key contributors towards silver mine production growth, with combined production in these countries expected to increase from a forecast 393.9 million oz in 2021 to 443.9 million oz in 2024.