Peru silver production up almost 9% this year

Peru’s silver production jumped in the first two months of 2015, totalling 19,437,994 ounces, data released by the country's Ministry of Energy and Mines (MEM) shows.

According to the authority, the increase — an 8.77% rise from the same period last year — was driven by good performance reported by the main mining companies operating in Peru, as well as by investment expectations, Andina News Agency reports (in Spanish):

Buenaventura mining company, which produces 16.25% of the silver mined in Peru, raised its production by 23.13%, due to the significant growth of its mining unites Uchucchacua (Pasco) and Orcopampa (Arequipa).

Volcan mining company, which generates 10.34% of the national production, recorded a 0.42 surge driven by the performance of its unit Andaychahua in Junin.

The figure were disclose just hours before a new study by The Silver Institute and Thomson Reuters GFMS, which claims global silver production will to drop this year.

Silver is a mainstay of Peru’s economy and it has been mined in the area for centuries. Last year, the nation’s silver output reached about 3.3 million tonnes, making it the second biggest producer of the precious metal after Mexico, according to industry lobby group The Silver Institute.

Three of the world’s top 20 silver miners are Peruvian and several of these companies operate in the South American country, which is the third most popular destination for mineral and energy explorers in Latin America, after Chile and Colombia.