Endeavour Silver to cut output in Mexico on low prices

Thu Jan 28, 2016 4:42pm EST
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MEXICO CITY Jan 28 (Reuters) - Canadian miner Endeavour Silver Corp will reduce production of the precious metal this year by more than a quarter because of low prices, the company said in a statement on Thursday.

Silver prices have fallen more than 70 percent since hitting 2011 highs of nearly $50 an ounce. They stood at $14.24 an ounce on Thursday on the London Bullion Market Association's index.

Endeavour Silver projects that silver production this year will total between 4.9 and 5.3 million ounces, down by more than a quarter compared to 2015 output of 7.2 million ounces.

The company operates three mines in Mexico, the world's biggest silver producer. (Reporting by David Alire Garcia; editing by Phil Berlowitz and Grant McCool)