Silver Price Holds Steady Amid Supply Chain Disruptions
Three countries that mine over 40% of the world's silver have seen output short of plan in August, but none of the reasons were related to the price of silver. Mexico's Endeavour Silver reported a blockade at its Terronera mine in Jalisco for twelve days, which resulted in about 0.08 million ounces of deferred production. The company attributed the blockade to community concerns over infrastructure and health services.
In Peru, the metallic mining subsector contracted 2.52% in June due to lower tonnage extracted and lower grades of minerals treated at concentrator plants. Zinc declined by nearly three times as much as silver did, with a 25.8% drop compared to a 9.0% decline in silver.
Chile's Antofagasta reported that severe rain and snow forced an orderly shutdown at its Los Pelambres mine, resulting in about 5 million cubic meters of snow. The company attributed the shutdown to pipeline platform and water management system repairs needed after inspections.