Peruvian gold production dropped by 14.7% in March when compared to the same period last year according to data compiled by the Mines and Energy Ministry. March’s silver production also experienced a significant 1.94% decline.

The central Asian country of Kazakhstan has also experienced significant production declines. Data released from the Agency of Statistics of the Republic of Kazakhstan confirmed that gold production declined by 3.7% and silver by 10.6% in the first quarter of 2014.

Industry analysts believe last year’s price decline caused many producers to stop mining at some sites and cease exploration at others in an attempt to control costs and support declining share prices.