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Latin America's silver mining giants are in line for rising the output in 2021, an operational rebound following Covid-19 disruptions last year. Mexico and Peru, the world's top silver producers, expect to produce higher volumes of metals this year. As both the countries were hit hard by COVID-19, there was a sudden decrease in silver production, which resulted in a drastic reduction of the country's economy.
While the pandemic continues to rage in Mexico and Peru, its impact on the mining sector is significantly less and is much smaller than its initial peak in March-April last year. This will enable the companies to boost silver production in these countries in 2021. The forecast rise in Mexico and Peru is reflected globally. Besides, silver miners stand to gain from the recent surge in prices. The metal price in the US is currently trading at US$26/Oz, compared to an average of US$14.92/Oz in March 2020.
A certain part of the country relates to silver's role in the energy transition, particularly as the key material used in the manufacturing of solar panels and other crucial equipment for the government and the public sector. The silver-to-gold ratio has been going one way for a long time. But now, there is a surge in the silver price.