Mexico - With an 8.0 percent increase in production of silver in 2011, México once again was named the leading producer of silver in the world, according to the annual report of the Silver Institute.

According to the study, last year México produced 4,753 tons of silver, despite the unusually low production of the two largest silver mines in the world, which are located in the State of Zacatecas.

After being out-produced by Peru in 2009, México regained the title as world’s largest producer of silver in 2010 and retained that prestigious claim in 2011. Last year’s production consolidated México’s position and, according to the Silver Institute the trend should continue throughout 2012.

In general silver enjoyed a good year in 2011. The troy ounce price averaged $35.12, which almost equaled the historical record for the metal in international markets. That price also practically doubled that of just two years ago.