Rising silver demand lately hasn’t been met by will increase in mine manufacturing; international silver manufacturing totaled 25,000 metric tons in 2024, pulling again barely throughout the interval. As the vast majority of the world’s silver manufacturing comes as a byproduct from the mining of gold, copper, lead and zinc, silver manufacturing has largely been tied to fortunes in these different markets quite than its personal fundamentals.
With costs of the metallic rising to their highest stage in additional than a decade, the highest silver nations may gain advantage.
Beneath is an outline of the nations which are already driving the mining output in 2024. Statistics are primarily based on the most recent report from the US Geological Survey, together with supporting information from Mining Information On-line (MDO) and the UN Comtrade database.
The USGS experiences silver manufacturing in metric tons whereas most firms report in ounces. As a degree of reference, 1 metric ton of silver is equal to 35,274 ounces of the metallic.
1. Mexico
Silver manufacturing: 6,300 metric tons
Mexico is the world’s largest silver producer with manufacturing of 6,300 metric tons of the dear metallic in 2024, almost double second-place China.
Silver has been an necessary commodity for the nation for a whole lot of years, with proof of commerce courting again to the 1500s. In 2024, the mining sector in Mexico contributed $312.46 billion pesos to the Mexican financial system, and silver alone made up $68.24 billion pesos of that whole.
The states of Zacatecas, Durango and Chihuahua account for 80 % of the nation’s whole output of the metallic. The nation’s largest silver mine is Newmont’s (TSX:NGT,NYSE:NEM) Penasquito mine in Zacatecas. In 2024, the mine produced 33 million ounces (935.5 metric tons) of silver and is anticipated to ship greater than 28 million ounces in 2025.
Mexico can be house to Fresnillo (LSE:FRES), the world’s largest silver producer. In 2024, the corporate produced 56.3 million ounces (1,496 metric tons) of silver between its mines, that are all situated within the nation.
2. China
Silver manufacturing: 3,300 metric tons
China produced 3,300 metric tons of silver in 2024, a decline from the three,400 metric tons it produced in 2023. In keeping with Shanghai Steel Market (SMM), the drop off is a part of an extended pattern that’s owed to decrease silver grades as older mines start to deplete reserves of the metallic.
Most silver is produced as a byproduct metallic from the mining of lead, copper, zinc and gold. Of the few silver main operations within the nation, Silvercorp Metals’ (TSX:SVM,NYSEAMERICAN:SVM) Ying mining district is the biggest, internet hosting seven underground mines and two processing vegetation.
In its fiscal 12 months ended March 31, 2025, the Ying mining district produced 6.95 million ounces (197 metric tons) of silver, up 17 % year-over-year. The rise was supported partially by an extension to the quantity two mill in November 2024.
3. Peru
Silver manufacturing: 3,100 metric tons
Peru produced 3,100 metric tons of silver in 2024, making it the world’s third largest silver nation. Its 2024 manufacturing was down from 3,200 metric tons in 2023, partially because of declining grades and social unrest.
Total, the mining business performs a big function within the Peruvian financial system, accounting for 9.5 % of its GDP. In 2024, whole mineral exports from the nation have been tallied at US$49 billion, with copper making up greater than half of the worth of commerce and silver accounting for about US$1.3 billion.
Silver manufacturing in Peru is primarily a byproduct of copper mining. The biggest operation within the nation is the Antamina mine, a three way partnership between BHP (ASX:BHP,NYSE:BHP,LSE:BHP), Glencore (LSE:GLEN,OTC Pink:GLCNF), Teck (TSX:TECK.B,TSX:TECK.A,NYSE:TECK) and Mitsubishi (TSE:8058). In 2024, the mine produced 11.36 million ounces of silver.
4. Bolivia
Silver manufacturing: 1,300 metric tons
Bolivia’s silver manufacturing totaled 1,300 metric tons in 2024, a slight decline from 2023’s 1,350 metric tons, tying it with Poland for the fourth highest silver producing nation. The useful resource business makes up a considerable portion of Bolivia’s exports. Silver exports alone generated US$1.2 billion for Bolivia’s financial system in 2024.
Bolivia’s largest mine is the San Cristóbal silver-lead-zinc mine in Potosí, which produced 16.8 million ounces of silver in 2024, up 33 % year-over-year. Personal firm San Cristobal Mining acquired the mine from Sumitomo (TSE:8053) in early 2023.
One other vital silver operation in Bolivia is Andean Treasured Metals’ (TSXV:APM,OTCQX:ANPMF) San Bartolomé silver-gold operation. San Bartolomé’s manufacturing has steadily decreased from 5.47 million ounces in 2020 to 4.32 million ounces in 2024, throughout which period it transitioned from mining to processing materials from its fines disposal facility and third events.
4. Poland
Silver manufacturing: 1,300 metric tons
Silver manufacturing in Poland was 1,300 metric tons in 2024, just under the 1,320 metric tons it registered the earlier 12 months. Whereas its output is available in considerably beneath the highest three silver nations, Poland holds the world’s third highest silver reserves at 61,100 metric tons.
In whole, the mining sector accounts for 7 % of Poland’s GDP. In 2024, silver exports rose to 1,328.27 metric tons from 1,256.25 metric tons in 2023 and represented a price of US$1.2 billion.
KGHM Polska Miedz (FWB:KGHA) is Poland’s high silver firm and one of many world’s high silver producers, producing the metallic as a by-product at its Polish copper mines, together with the Polkowice-Sieroszowice mine. In keeping with the World Silver Survey, KGHM produced 1,341 metric tons of silver in 2024 between its Polish and worldwide operations.
6. Chile
Silver manufacturing: 1,200 metric tons
Chile produced 1,200 metric tons of silver in 2024, down from the 1,260 metric tons in 2023.
Mining is a big contributor to the Chilean financial system. In 2024, the sector accounted for 14 % of the nation’s GDP and was a driving drive behind the nation’s general 5.6 % development charge.
With 85 % of Chilean silver output coming as a byproduct of copper mining, declines lately have been owed to manufacturing points and low costs within the copper sector. In keeping with Reuters, copper output from state-run mining firm Codelco fell to a 25 12 months low in 2023 and struggled to get better.
At Chuquicamata, one of many firm’s largest operations, silver manufacturing steadily declined from its peak of 10.91 million ounces in 2019 to eight.14 million ounces in 2023, earlier than plunging to five.7 million ounces in 2024.
6. Russia
Silver manufacturing: 1,200 metric tons
Russia produced 1,200 metric tons of silver in 2024, a slight lower from the 1,240 metric tons it produced the earlier 12 months.
Mangazeya Plus is the nation’s largest silver producer from its portfolio of mines within the nation, together with its largest silver operation, the Dukat mine, which produced an estimated 7.7 million ounces of silver in 2023.
Previous to 2024, the proprietor of those belongings was Kazakhstan-based Polymetal Worldwide, now named Solidcore Assets. Nevertheless, because of operational challenges related to sanctions towards Russian metals exports, the corporate offered all of its Russian mining belongings to Mangazeya Plus.
8. United States
Silver manufacturing: 1,100 metric tons
The US produced 1,100 metric tons of silver in 2024, a rise from the 1,020 metric tons mined the earlier 12 months. Silver is mined in 12 states, with Alaska and Idaho topping the record of regional producers.
Manufacturing of silver got here from 4 silver-primary mines, with further quantities produced as a byproduct of gold and base metals at 31 different operations.
The biggest silver operation in america is Hecla Mining’s (NYSE:HL) Greens Creek silver mine in Southern Alaska. In 2024, the mine produced 8.48 million ounces (240 metric tons) of silver, in addition to a number of different metals as by-products of its silver operations.
By way of financial contribution, silver contributed US$960 million to the US financial system in 2024, with the vast majority of the metallic destined for home markets, with simply 140 metric tons being exported.
9. Australia
Silver manufacturing: 1,000 metric tons
Australia produced 1,000 metric tons in 2024, simply 30 metric tons fewer than registered in 2023.
In keeping with the Reserve Financial institution of Australia, mining holds the biggest share of the nation’s GDP with 12.2 %, and sources make up 59.2 % of the nation’s whole exports. Nevertheless, like america, the vast majority of silver is used domestically for manufacturing and funding.
Australian silver manufacturing additionally comes as a byproduct of mining different metals like gold, copper and different base metals. South32’s (ASX:S32,OTC Pink:SHTLF) Cannington lead-silver-zinc mine is by far the biggest silver operation in Australia, producing 12.67 million ounces of silver in 2024.
9. Kazakhstan
Silver manufacturing: 1,000 metric tons
Kazakhstan produced 1,000 metric tons of silver in 2024, up from 985 metric tons in 2023. Output within the nation has risen considerably since 2020, when it produced simply 435 metric tons of the dear metallic.
The biggest silver mining operation within the nation is the Kazzinc Advanced, a 70/30 three way partnership between Glencore and the state-run Tau-Ken Samruk. In 2024, the mine produced 3.34 million ounces of silver, a large improve from the two.73 million ounces produced in 2023.
Total, the mining sector’s contribution to the Kazakh financial system has exploded lately. In keeping with the USGS Kazakhstan 2022 Mineral Yearbook launched in March 2025, mineral exports have been pegged at US$84.6 billion in 2022, a 40.2 % improve in comparison with 2021 and 68 % of the nation’s whole exports.
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Securities Disclosure: I, Dean Belder, maintain no direct funding curiosity in any firm talked about on this article.
