From an African perspective Altus Strategies’ development of its 100%-owned Agdz project in Morocco is a silver star story for the continent.
The 59.7 km2 Agdz project comprises four contiguous licence blocks in the Souss-Massa-Drâa region of the Anti-Atlas Mountains of central Morocco.
It is located in a highly-prospective region for copper and silver – 14 km southwest of the Bou Skour copper and silver mine, which is operated by the Moroccan state mining group Managem.
Global silver production is expected to increase by 8.1% in 2021 to 918.3 Moz and then exceed one billion ounces by 2024 – a 3.2% compound annual growth rate (CAGR), says GlobalData, a leading data and analytics company.
Looking at last year’s silver’s production – it is estimated to have declined by 2.4% to 849.7 Moz in 2020, the fourth consecutive annual decrease, partly owing to lockdowns and restrictions at top silver-producing countries, particularly Peru, Mexico and China.
In addition, depleting ore reserves have been a major concern for the industry in the recent years.
Mexico, Peru and China will be the key contributors towards silver mine production growth, with combined production in these countries expected to increase from a forecast 393.9 Moz in 2021 to 443.9 Mkoz in 2024.