The following content is sponsored by Outcrop Silver & Eloro Resources
The second quarter of 2024 saw notable changes in silver production across the industry's leading companies. This period was marked by both impressive gains and some significant declines in output as market conditions and operational factors played out. Below is an overview of the performance of major silver producers during Q2 2024, highlighting key trends and changes compared to Q1.
Top Producers
Fresnillo Plc continues to lead the silver market, producing an impressive 14.66 million ounces in Q2 2024. This marks an 8.56% growth from the previous quarter, maintaining its dominant position.
KGHM Polska Miedź SA delivered a substantial boost in output, reporting 12.77 million ounces—up by a significant 14.52% compared to Q1.
MAG Silver Corp also saw notable gains, with production reaching 5 million ounces in Q2, reflecting a 25.16% increase over the previous period.
Compañía de Minas Buenaventura SAA had the second highest percentage growth, with production soaring by 27.39% to 3.91 million ounces.
SSR Mining Inc stood out with a stunning 42.61% increase, producing 2.73 million ounces, the largest increase in production during this quarter.
Companies with Notable Declines
Newmont Corporation reported a downturn, with silver output falling by 11.11% to 8 million ounces in Q2 2024.
Hindustan Zinc experienced a sharper drop, with production down by 19.00% to 5.4 million ounces.
Pan American Silver Corp also saw a decline, reporting a decrease of 8.84%, bringing its production to 4.57 million ounces.
Stable and Moderate Performers
Southern Copper Corp posted steady results, producing 5.19 million ounces in Q2—a modest but healthy growth of 8.47%.
Hecla Mining Company maintained a solid pace, with output rising by 6.35% to 4.46 million ounces.
BHP Group Ltd, though better known for its broader metal portfolio, produced 3.58 million ounces of silver, achieving a robust 24.83% increase.
Glencore PLC demonstrated stability, with silver production climbing slightly by 1.70% to 4.6 million ounces, showing incremental improvement.
Both Boliden AB and Nexa Resources SA reported modest gains: Boliden produced 2.89 million ounces (+0.91%) while Nexa reached 2.8 million ounces, reflecting steady growth.
Companies Maintaining Production
Coeur Mining Inc remained consistent, producing 2.6 million ounces in Q2 2024, maintaining the same output as Q1.
Company | Silver Production Q2 2024 (Oz) | % change vs Q1 2024 |
Fresnillo Plc | 14,655,000 | 8.56% |
KGHM Polska Miedz SA | 12,769,174 | 14.52% |
Newmont Corporation | 8,000,000 | -11.11% |
Hindustan Zinc | 5,400,000 | -19.00% |
Southern Copper Corp | 5,187,000 | 8.47% |
MAG Silver Corp | 5,000,000 | 25.16% |
Glencore PLC | 4,597,000 | 1.70% |
Pan American Silver Corp | 4,567,000 | -8.84% |
Hecla Mining Company | 4,458,484 | 6.35% |
Buenaventura | 3,911,774 | 27.39% |
BHP Group Ltd | 3,580,000 | 24.83% |
South32 ADR | 3,224,000 | 5.70% |
Boliden AB | 2,886,327 | 0.91% |
Nexa Resources SA | 2,800,000 | NA |
SSR Mining Inc | 2,731,000 | 42.61% |
Coeur Mining Inc | 2,600,000 | 0.00% |
Sponsors
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Outcrop Silver is a leading exploration and development company focused on advancing the high-grade Santa Ana silver project in Colombia. The company leverages a seasoned team with extensive regional experience to expand its mineral resources through strategic exploration. Outcrop Silver is committed to responsible mining and community engagement, prioritizing sustainable development. With a deep understanding of Colombia's mining landscape and a strong track record, the company aims to transform Santa Ana into a significant silver producer, contributing to both local economic growth and industry standards. Learn more about Outcrop Silver at https://outcropsilver.com/ | Eloro Resources Ltd. is an exploration company focused on developing a world class silver and tin project in Bolivia's Potosí Department. Our flagship project, ISKA ISKA , ranks in the top five of global undeveloped resources in scale for both tin and silver. This truly significant grass roots discovery remains open in multiple directions with further potential to both expand and enhance. This world class deposit benefits not only from its proximity to infrastructure, but more importantly, from our connection to Bolivia through our management team and community involvement. Our goal at Eloro is clear - expand resources, attract partnerships, and establish itself as a key player in the mining sector. Learn more about Eloro Resources at https://elororesources.com/ |
Source: Quarterly reports
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