If you are into precious metals two words that have to come to your mind when thinking about them is Peru silver. In a country rich with history, culture, and ancient artifacts Peru’s silver production stands heads above all the rest. Dating all the way back to the Inca era Peru has been one of the world’s largest silver producers, but recently problems have arisen slowing down its production.
For more than a century Peru had been the world’s largest silver producer, only just narrowly losing out to Mexico in the last year, 2010, but still holding the honor of the second spot. In 2010 Peru produced 116 million ounces of silver, exporting most of it, but production has come to a halt over the last year with the presidential elections taking aim at what to do with the country’s top resource. There is a divide with letting private companies mine in their country taking most of the profit. Now that the elections have been won, with Ollanta Humala taking office, we should see what direction the country wants to take with it resource.
Being the world’s top silver producer, Peru, especially the new presidency, would like to governmentalize the country’s top resource and use the extra money to help spread the wealth and correct some of the country’s problem with poverty. But a problem has arisen as protests have spiked over the last year with many of the indigenous culture, living in the remote areas of the country, asking for new regulations on mining to help keep the land of Peru, which is some of the most beautiful and lush in the world, healthy and without contamination. Like with most societies the government and the people just have to come to an agreement and once they do Peru can continue to produce silver to the world.
Peru has an abundance of silver in their mines, and for many years has been the top country, producing more than 16% of the world’s silver, and will continue to hold a top spot in the world’s production for many years to come. As for now, we just have to wait to see what path the new president takes in terms of where how he wants to handle his country’s most valuable resource. The one thing that is for sure is that not only is Peru keeping an eye on the situation, but the world is as well.
If there is one thing we can be sure of it’s that the silver that comes from Peru has always supplied the world and will continue to do so.