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)