Morocco has firmly established itself as a significant player in the global silver production landscape, recently earning recognition as the only African nation in a newly released ranking of the world's top silver producers by Visual Capitalist. This noteworthy achievement highlights Morocco's growing influence in a sector that is becoming increasingly crucial due to the rising demand for both precious and industrial metals worldwide.
According to the report, Morocco's silver production reached an impressive 12 million ounces, which translates to approximately 373 metric tonnes. This substantial output positions Morocco among a select few nations that significantly contribute to the global silver supply, underscoring its emerging role as a key player in the international market. Notably, Morocco's dominance extends beyond its borders, as it accounts for about 95% of the total silver output in the Middle East and North Africa (MENA) region, while also fulfilling 86% of the region's silver consumption. Furthermore, Morocco contributes nearly half of Africa's total silver production, establishing itself as the continent's unrivaled leader in this sector.
However, on the global stage, Morocco's silver output, while impressive, still pales in comparison to the industry's giants. Mexico continues to hold the title of the world's largest silver producer, with an astounding 173 million ounces mined, representing roughly one-fifth of the global supply. Following Mexico, Peru ranks second with 131 million ounces, and China comes in third with 113 million ounces. Collectively, both North and South America dominate the global silver production landscape, contributing 219 million and 246 million ounces, respectively. Despite silver being extracted from various regions around the globe, production remains heavily concentrated in a limited number of countries, which elevates their significance for investors who are keenly observing supply risks and market opportunities.
As the silver market continues to tighten, the importance of these leading producers has only intensified. For five consecutive years, global demand for silver has outstripped supply, leading to persistent shortages and mounting pressure on existing producers to ramp up their output. Given that numerous industries, from electronics to renewable energy, are increasingly driving silver consumption, nations like Morocco, with their established reserves and mining capabilities, are anticipated to play a pivotal role in meeting the projected future demand for silver.
As reported by africa.businessinsider.com.
