In an interesting change of events, the world’s fifth largest silver producer saw its production plunge 32% in May versus the same month last year. Chile, a country which produced a record high of 54 million oz of silver in 2014, is forecasted to see its mine supply decline to less than 40 million oz in 2017.

According to the most recently released data by COCHILCO – Chile’s Ministry of Mines, the country’s silver production in May fell to 97.1 metric tons (3.1 million oz) versus 141.9 metric tons (4.6 million oz) in the same month last year:

Part of the reason for the decline was a union strike and shutdown at the huge by-product silver Escondida Copper Mine. However, by-product silver production at Escondida was only do ... Read more »