Peru has biggest share in silver market in the world

Peru has the biggest share of 16 percent in the international silver market, followed by Mexico with 14 percent, the National Society for Mining, Oil and Energy (SNMPE) said on Friday.

Quoting figures from the United States Silver Institute, the SNMPE said the Peruvian silver output is expected to rise by 5.9 percent to reach 3,380 metric tons this year, compared to the 3,193 metric tons in 2005.

SNMPE also said Peruvian gold output will reach 215 metric tons this year, an increase of 3.5 percent from 207.8 tons in 2005.

Peruvian precious metal output increased in the last 10 years because of a rise in demand in the United States, Switzerland, Japan, China, Brazil and Canada.

This Andean country's mining industry is its main engine, accounting for 55 percent of its annual foreign exchange earnings, about 9 billion U.S. dollars.

Source: Xinhua