The increasing silver demand in recent years has not been met by an increase in mining production; The global silver production was 25,000 tons in 2024 and withdrew somewhat in the period. Because the majority of the silver production of the world comes as a by -product of the mining of gold, copper, lead and zinc, silver production is largely bound by fortunes in those other markets instead of its own foundations.
With the prices of the metal that rises to their highest level in more than a decade, the best silver countries could benefit.
Below is an overview of the countries that already control the mine output in 2024. Statistics are based on the latest report of the US Geological SurveyTogether with supporting data from Mining data Online (MDO) and the Un Comtrade Database.
The USGS reports silver production in metric ton while most companies report in Ounces. As a reference point, 1 ton of silver equals 35,274 ounces of the metal.
1. Mexico
Silver production: 6,300 tons
Mexico is the world’s largest silver producer with production of 6,300 tons from the precious metal in 2024, almost double the second place China.
Silver has been an important raw material for the country for hundreds of years, with proof of trade that goes back to the 1500s. In 2024, the mining sector in Mexico contributed $ 312.46 billion pesos for the Mexican economy, and only silver was $ 68.24 billion pesos of that total.
The States Zacatecas, Durango and Chihuahua account for 80 percent of the total output in the country. The largest silver mine in the country is Newmont’s (TSX: NGT, NYSE: NEM) Penasquito Mine in Zacatecas. In 2024 the mine produced 33 million ounces (935.5 tons) silver and is expected to deliver more than 28 million ounces in 2025.
Mexico is also the home of Fresnillo (LSE: Fres), the world’s largest silver producer. In 2024, the company produced 56.3 million ounces (1,496 tons) Silver between his mines, all of whom are located in the country.
2. China
Silver production: 3,300 tons
China produced 3300 tons of silver in 2024, a decrease in the 3,400 tons that it produced in 2023. Shanghai Metal Market (SMM), the drop is part of a longer trend that owes lower silver figures such as older mines start exhausting the metal.
Most silver is produced as a by -product metal of the mining of lead, copper, zinc and gold. Of the few silver primary operations in the country, Silvercorp Metals’ (TSX: SVM, NyseAmerican: SVM) Ying Mining District is the largest, with seven underground mines and two processing factories.
In fiscal year Ending on March 31, 2025, the Ying Mining District produced 6.95 million ounces (197 tons) silver, an increase of 17 percent on an annual basis. The increase was partially supported by a extension To the number two mill in November 2024.
3. Peru
Silver production: 3,100 tons
Peru produced 3,100 tons of silver in 2024, making it the world’s third largest silver country. The production of 2024 had fallen from 3,200 tons in 2023, partly because of decreasing figures and social unrest.
In general, the mining industry plays an important role in the Peruvian economy, good for 9.5 percent of its GDP. In 2024, the total mineral exports from the country were lifted at US $ 49 billion, with the buyer being good than half of the value of trade and silver for around US $ 1.3 billion.
Silver production in Peru is primarily a by -product of copper mining. The biggest operation in the country is the Antamina -Mijn, a joint venture between BHP (BHP, NYSE: BHP, LSE: BHP), Glencore (LSE: Glen, OTC Pink: GLCNF), Teck (Teck.B, TSX: Teck.a, Teck. Mitsubishi (TSE: 8058). In 2024 the mine produced our silver 11.36 million.
4. Bolivia
Silver production: 1,300 tons of tons
The silver production of Bolivia was 1,300 tons in 2024, a slight decrease compared to the 1,350 tons of 2023, which with Poland Bond for the fourth highest silver -producing country. The resource industry makes a significant part of Bolivia export. Silver export alone generated US $ 1.2 billion for the Bolivia economy in 2024.
The largest mine in Bolivia is the San Cristóbal Silver-Lead-Zinkmijn in Potosí, which in 2024 produced 16.8 million our silver, an increase of 33 percent on an annual basis. Private company San Cristobal Mining bought the mine of Sumitom (one: 8053) At the beginning of 2023.
Another important silver operation in Bolivia is the Andes Precious Metals’ (TSXV: APM, OTCQX: ANPMF) San Bartolomé Zilvergoud effect. The production of San Bartolomé has steadily decreased from 5.47 million ounces in 2020 to 4.32 million ounces in 2024, during which time the switching from mining to processing material of its fines removal facility and third parties.
4. Poland
Silver production: 1,300 tons of tons
The silver production in Poland was 1,300 tons in 2024, just below 1,320 tons that it registered the previous year. Although the output is considerably below the top three silver countries, Poland has the world’s third highest silver reserves at 61,100 tons.
In total, the mining sector accounts for 7 percent of GDP from Poland. In 2024 the silver export rose to 1,328.27 tons of 1,256.25 tons in 2023 and represented a value of US $ 1.2 billion.
KGHM Polska Miedz (FWB: KGHA) is Polen’s Top Silver Company and one of the world’s best silver producers, who produces the metal as a by-product at the Polish copper mines, including the Polkowice-Sieroszowice-Mine. According to the World Silver Survey, in 2024, KGHM produced 1,341 tons of silver between its Polish and international activities.
6. Chile
Silver production: 1200 tons of tons
Chile produced 1200 tons of silver in 2024, against 1,260 tons in 2023.
Mijnbouw makes an important contribution to the Chilean economy. In 2024, the sector accounted for 14 percent of GDP of the nation and a driving force behind the total growth rate of 5.6 percent of the country.
With 85 percent of the Chilean silverout pit that comes as a by -product of copper mining, decisions are due in recent years to production problems and low prices in the copper sector. According to Reuters, copper export From the mining company Codelco run by the State, to a low point of 25 years in 2023 and struggled to recover.
At Chuquicamata, one of the largest activities in the company, silver production gradually dropped from his peak of 10.91 million ounces in 2019 to 8.14 million OUTCES in 2023, before he dropped to 5.7 million grams in 2024.
6. Russia
Silver production: 1200 tons of tons
Russia produced 1200 tons of silver in 2024, a slight decrease compared to the 1,240 tons that it produced the previous year.
Mangazeya Plus is the largest silver producer in the country from his portfolio of mines in the country, including the largest silver operation, the Dukat -my, which produced An estimated 7.7 million our silver in 2023.
Before 2024, the owner of this assets was the Polymetal International, now called Solidcore Resources. However, due to operational challenges in connection with sanctions against the export of Russian metals, the company is all his Russian mining assets sold To Mangazeya Plus.
8. United States
Silver production: 1,100 tons
The United States produced 1,100 tons of silver in 2024, an increase compared to the 1,020 tons that was mined the previous year. Silver is mined in 12 states, with Alaska and Idaho at the top of the list of regional producers.
Production of silver came from four silver-primary mines, with extra quantities produced as a by-product of gold and basic metals in 31 other operations.
The largest silver operation in the United States is Hecla Mining’s (NYSE: HL) Greens Creek Silver Mine in southern Alaska. In 2024 the mine produced 8.48 million ounces (240 tons) silver, as well as various other metals as by -products from its silver operations.
In terms of economic contribution, Silver contributed US $ 960 million to the US economy in 2024, with the majority of the metal intended for domestic markets, with only 140 tons that was exported.
9. Australia
Silver production: 1,000 tons
Australia produced 1,000 tons in 2024, only 30 tons less than registered in 2023.
According to the Reserve Bank of AustraliaMijnbouw has the largest share of GDP of the nation with 12.2 percent and resources make up 59.2 percent of the total export of the country. Just like the United States, however, the majority of the silver is used in their own country for production and investments.
The Australian silver production also comes as a by -product of mines of other metals such as gold, copper and other basic metals. South32s (ASX: S32, OTC Pink: SHTLF) Cannington Lead-Silver-Zinc Mine is by far the largest silver operation in Australia and produces 12.67 million our silver in 2024.
9. Kazakhstan
Silver production: 1,000 tons
Kazakhstan produced 1,000 tons of silver in 2024, an increase of 985 tons in 2023. The output in the country has risen considerably since 2020, when it only produced 435 tons of the precisely metal.
The largest silver mining operation in the country is the Kazzinc complex, a 70/30 joint venture between Glencore and the Tau-Ken Samukruk run. In 2024 the mine produced 3.34 million our silver, a significant increase compared to the 2.73 million grams produced in 2023.
In general, the contribution of the mining sector to the Kazakh economy has exploded in recent years. According to the USGS Kazakhstan 2022 Mineral Year Book Released in March 2025, mineral exports were linked to US $ 84.6 billion in 2022, an increase of 40.2 percent compared to 2021 and 68 percent of the total export in the country.
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Publication of securities: I, Dean Belder, has no direct investment interest in a company mentioned in this article.
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