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Peru’s political and mining landscape is drawing closer attention from silver investors because the country accounts for about 15% of global mine supply. With the market already forecast to face another annual deficit, any disruption in Peruvian mining regions could sharpen concern over supply concentration.

Silvercorp Metals has quantified a production hit from China’s expanded underground mine safety requirements, putting a meaningful volume of silver at risk this quarter. The move gives the silver market a concrete example of how non price factors can limit supply response even during a bullish cycle.