The Ag supply is already tight. SMF069

US silver output plunges between January and May-U.S.G.S.

The temporary closure of Hecla's Lucky Friday Mine, complicated by ground support rehabilitation work at the company's Greens Creek Mine, negatively impacted U.S. silver production earlier this year.

Author Dorothy Kosich
Posted: Wednesday , 22 Aug 2012

RENO (MINEWEB) -

UPDATED: The U.S. Geological Survey reported Tuesday that U.S. silver production dropped 14% in May.

U.S. mines produced 84,900 kilograms of silver (2,729,600 troy ounces) in May 2012, a 14% drop from the 99,300 kg (3,192,570 ounces) of silver output reported during May 2011. The average daily production rate in May of this year was 2,740 kg (88,903 oz.).

The average Handy and Harman silver price for May was $29.79 per ounce, a 22% drop from the previous year. The average London spot price for May was $28.67 per ounce.

Coeur d'Alene Mines produced 151 metric tons in the first quarter of 2012, up 19% from the same period a year.Hecla Mining's first quarter silver production of 41 tonnes plunged 46% from the first quarter of last year. U.S. Silver Corp. produced 17 tonnes of silver during the same period, an 11% increase compared with the 15 tonnes of silver mined in the first quarter of 2011.

Domestic silver production for the period from January to May of this year totaled 411,000 kg (13,214,000 oz.).

U.S. Geological Survey figures show the United States imported 2.4 million kg (77,161,800 oz.) of silver with a value of $2.58 billion from January to May of this year. The U.S. imported silver bullion, silver dore, silver ores and concentrates, and silver ash and residues from Argentina, Belgium, Canada, Chile, Columbia, the Dominican Republic, Ecuador, Italy, Jamaica, Mexico, Morocco, Nicaragua, Panama and Peru.