In a silver report 2025, Silver Institute said, total global silver supply is forecast to grow by 3 percent in 2025 to an 11-year high of 1.05 billion ounces.
Silver mine production is expected to reach a seven-year high in 2025, rising by 2 percent to 844 Moz. Increased output is anticipated from both existing and new operations in several markets. In China, growth will come from base metal and gold operations, while in Canada and Chile, the ongoing ramp-up of Hecla’s Keno Hill and Gold Fields’ Salares Norte will contribute to rising output, respectively.
In Morocco, the ramp-up of Aya Gold and Silver’s Zgounder expansion to nameplate capacity will significantly add to production.
By-product silver from gold mines is expected to rise in 2025. In contrast, output from base metal mines will likely remain flat year-on-year. Base metal prices remain suppressed compared to the highs of 2021, and this poses a risk to production from lead-zinc mines.
Silver recycling is projected to increase by 5 percent, with volumes breaching 200 Moz for the first time since 2012. This year, industrial scrap will be the key growth driver, particularly changeouts in ethylene oxide catalysts. Jewelry and silverware recycling will also rise, reflecting India’s price-led gains.
The silver market is forecast to remain in a deficit in 2025 for the fifth year running. Although this year’s deficit is expected to fall by 19% to 149 Moz, it is still sizeable historically.
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