71% of all silver is mined for free as an essentially free waste byproduct of other mining activities. In the case of copper, the copper refiners have to remove the silver and either throw it away, or sell it at whatever the current price of silver is, no matter how low the price drops..
Even if silver prices dropped to $1 per ounce, they'd still produce tons of waste silver and the they'd still have to separate it from the copper and they'd still sell thousands of tons of silver for $1 per ounce.
The remaining 29% of silver that is mined at primary silver mines, is mined at an average cost of around $3 - $7 per ounce. Hecla produces silver for $1 - $3 per ounce.
The blended average cost is likely around $2 per ounce for all of silver.
We only USE 50% of the silver that we produce, so that means we produce all we need practically for free as a byproduct of zinc mining and copper mining and other mining.
Even if silver prices dropped to $1 per ounce, copper and zinc miners would still produce tons of waste silver and they'd still have to separate it from the copper and zinc and they'd still sell thousands of tons of silver for $1 per ounce.
All these facts come from the Silver Institute