Mexico’s Silver Mine Output Rises 1.8% Against a 1.4% Global Decline - Crux Investor

AI desk brief

Mexico’s silver mine output rose 1.8% y/y in January-July 2026 to 3,059.5 tonnes, lifting its share of global supply to 21.7% from 21.0%, even as global silver mine production fell 1.4% to 14,110.7 tonnes. The report highlights uneven supply growth across major producers, with China down 10.7%, Peru down 2.9% and Chile up 7.7%.

The backdrop remains structurally tight: the Silver Institute’s World Silver Survey 2026 projects a 46.3 million-ounce global silver deficit in 2026 despite a forecast 2% decline in demand to 1.11 billion ounces. The article argues that higher ore grades, better recovery rates and progress on development projects could add future supply, but new capacity depends on financing, permitting and construction timelines.