As several historic silver-producing nations struggle with underperformance and the global market remains structurally undersupplied, Morocco has emerged as one of the rare new engines of supply growth, propelled by the rapid expansion of the Zgounder mine.
According to the World Silver Survey 2026, published by The Silver Institute in partnership with Metals Focus, Africa recorded the strongest percentage increase in silver production in 2025, a performance directly attributed to Morocco.
The report states that the continent’s leading growth came largely from the expansion of the Zgounder operation.
Global mine production rose by 3% in 2025 to 846.6 million ounces, or roughly 26,331 tonnes, after years of volatility.
While Latin America—particularly Chile and Peru—remained a key contributor, Morocco was singled out as a rising producer in a market historically dominated by Mexico, China, Peru, Poland, and Chile.
The Moroccan increase is tied to the development of the Zgounder mine, operated by Canadian company Aya Gold & Silver in the Anti-Atlas region.
Analysts expect this momentum to continue into 2026, with further Moroccan output gains anticipated despite a slight decline in global production.
The silver market posted its fifth consecutive annual deficit in 2025, estimated at 40.3 million ounces, with a further shortfall of 46.3 million ounces projected for 2026.
Shrinking inventories and tight physical supply have fueled a sharp price rally. Silver climbed from below $29 an ounce at the start of 2025 to $84 in December, briefly surpassing $121 in January 2026 before retreating.
Silver continues to benefit from strong structural demand tied to solar panels, AI data centers, semiconductors, batteries, electrical grids, and electric vehicles.
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