Silver, a timeless precious metal hidden deep underground with extensive historical roots and diverse applications, remains a vital commodity in the global market. The rise of bimetallism and the silver standard underscored its critical role in international trade and finance, cementing silver’s position in the world economy.
Today, silver continues to be indispensable across various industries, from the production of jewelry and silverware to cutting-edge fields such as nanotechnology and automotive manufacturing.
As we explore the top 10 major silver-producing countries, it is essential to understand how this versatile metal drives innovation and sustains economic growth worldwide.
Silver production statistics
Silver, a precious metal known by the abbreviation Ag, from the Latin, Argentum, is rarely found in its natural state and is mostly a component of copper ore or lead ore. Two-thirds of extracted silver comes from secondary mining, and only 28% of global output is obtained from primary mining, according to the Silver Institute, a global non-profit association that brings together players within the silver industry. A significant amount of silver is also recovered from photographic film, electronics, coins and jewelry.
Here are some insightful statistics about world silver production:
- In 2023, the world’s silver metal mining output was estimated to be 26,000 metric tons with almost 82% of this, or 21,000 MT, being produced by just 10 countries.
- In 2023, the overall production of silver decreased by 1%.
- In 2024, the production of silver mines worldwide is expected to increase at a pace of 4.1%.
- Industrial demand for the metal has been steadily increasing, growing by 11% in the 2022 and 2023 period.
- Over the same period, the demand for silver in solar photovoltaics increased by 64%.
- Over 50% of the world’s silver output comes from the top mines.
- The Silver Institute projects that the gap between supply and demand will widen by 17% in 2024 as a result of continuing increases in industrial demand, a revival in jewelry and silverware, and stagnation in the supply from mining and recycling.
- According to MRFR’s research analysis, by 2030, the silver market will grow at a CAGR of over 9.83%.
Silver’s role in international development
Apart from jewelry and silverware, silver’s unique properties (electrical and thermal conductivity, antimicrobial properties, etc.) mean that it is indispensable for various industries.
The fields of biotechnology, nanotechnology, and artificial intelligence rely on silver’s properties to drive developments in sectors such as consumer electronics, data centers, and healthcare.
Global silver production
The global silver production level reached 26,000 metric tons (MT) in 2023. Increased output came from Mexico, China, Russia, and Chile, where new silver mines either began operations or existing mines scaled up production.
Mexico is the leading player in the silver production market, with 6,400 MT, and China and Peru follow with over 3,000 MT each.
Top-10 leading silver-producing countries in 2023 (in metric tons)
Source: Statista
Let’s dive deeper into the top three silver-producing giants:
1. Mexico: 6,400 MT
Mexico exceeded its 2022 silver production level by 205 MT to reach 6,400 metric tons and continues to hold first place on the list of the largest silver-producing nations. The biggest silver company globally, Fresnillo, is also based in Mexico.
Mexico’s Peñasquito Polymetallic Mine, owned by Newmont tops the list of the world’s largest silver mines. In 2023, its output reached 18 million ounces of silver (562.5 MT) despite operations being suspended for four months due to employee strikes.
2. China: 3,400 MT
The majority of China’s silver production comes from secondary mining where silver is a byproduct of mining other metals. However, local silver production increased at a rate of 3% between 2017 and 2022 and between 2023 and 2027, it is anticipated to increase by 0.41% on a yearly basis.
The two leading producers of silver in China are Jiangxi Copper and Silvercorp Metals. Silvercorp Metals’ Ying Mine in Henan province is the largest silver mine in China by production which in 2023 registered an output of 6.15 million ounces (192 MT) of silver.
3. Peru: 3,100 MT
As the world’s third-largest silver producer, Peru boasts 98,000 MT of silver reserves, giving the country the top position globally for silver deposits.
A significant portion of Peru’s silver output is derived from the Antamina mine which is owned by Glencore, BHP, Teck Resources, and Mitsubishi Corporation, although Compañía Minera Antamina S.A. runs the mine independently.
Primarily mining copper and zinc, the Antamina mine produces silver as a byproduct. In 2023, its silver output reached 12.63 million ounces (358.05 MT).
In February 2024, Peru authorized a US$2 billion investment to expand the mine.
See also: Top 10 diamond-producing countries in the world
Final word
Together with the growth in industrial needs, silver’s unique properties make it indispensable for future innovations. With Mexico leading global production and demand projected to outpace supply, silver will continue to play a pivotal role in global economic development.
