In this in-depth article, we'll list the 20 largest silver producing countries worldwide that are at the forefront of the silver ore market, which is expected to reach $7.39 billion this year. If you want to skip the details and find which nations have the biggest silver throughput, read 8 Largest Silver Producing Countries In The World.
Mexico, China, Peru, and Chile are amongst the largest silver producing countries in the world, with a consistent demand-and-supply horizon for the metal. The global silver production in 2022 reached approximately 25,500 metric tons as the metal's demand in jewelry fabrication, silverware, and investment rose.
In 2021, worldwide silver production rose by 5.8%, as mines were recovering from the disruption caused by the COVID-19 pandemic. After an expected rebound in 2021, total silver demand was also up in 2022 and grew by 18% to reach 38,643 metric tons, according to the World Silver Survey of 2022.
The growth projections in 2023 are optimistic. For isntance, a joint venture between Freslino and MAG Silver, named Juanicipio, is forecasted to reach its full production capacity in the coming months and become Mexico's leading silver-yielding channel.
Which Country Is The Highest Producer Of Silver?
According to the USGS, Mexico is the largest silver producing country as of current, as the country produced an estimated 6,300 metric tons of silver in 2022. This yield is significantly higher than the 2nd largest silver producer – China – whose mine output of silver is recorded to be 3,600 metric tons in 2022.
Most of Mexico's silver production comes from silver mines and byproduct extraction from lead and zinc mines. The country's largest silver mine is the Penasquito mine, which yielded 32.4 million ounces of silver in 2022. Another noteworthy name is the Fresnillo mine, the world's largest primary silver mine, which has been producing silver for over five centuries after it was founded in 1554.
Which Country Has The Largest Silver Reserves In The World?
Peru has the largest silver reserves by country, totaling 98,000 metric tons as per the USGS Mineral Commodity Summaries of 2023. The country's silver mine output has been stable over the years, owing to its massive reserves and developed mining infrastructure. Not far behind Peru, Australia has the 2nd largest silver reserves in the world that reach a total of 92,000 metric tons. Moreover, some countries' silver reserves are either unaccounted or partially located, and there's a possibility for nations like Kazakhstan to have generous silver reserves by country.
Which Country is the Largest Consumer Of Silver?
The United States is the biggest consumer of silver, accounting for 6,400 metric tons of the global total in 2022. Silver's use in the United States is spread across several key industries, with the largest portion, roughly 34% (or 2,176 metric tons), used in physical investment, primarily silver bars. Likewise, 27% of the country's total silver was used in the electronics industry. According to USGS, 13% of the United States silver use went into producing coins and medals, closely followed by the 10% volume used in the photovoltaic sector. The country utilized 6% of this silver demand in the jewelry sector and around 3% in brazing and soldering.
Which Is The Largest Producer Of Silver In Asia?
As per the data available up to 2023, China stands as the largest producer of silver in Asia. Silver extracted in China originates predominantly from polymetallic and lead-zinc mines, with substantial amounts being a byproduct of gold and copper. Also, the country's primary silver production regions include the Henan, Inner Mongolia, and Yunnan provinces. In terms of numbers, China accounts for nearly 14% of global silver production.
In comparison, India, the second largest producer of silver in Asia, makes up for 2.5% of the metal's global production, way lower than China. Most of India's silver production originates from a small Bharak deposit in Rajasthan, which houses the country's main silver mine, the Sindesar Khurd mine.
Major Silver Mining Companies
Pan American Silver Corp (NYSE:PAAS) is a premier silver mining company headquartered in Vancouver, Canada, and has a current market cap of $5.263 billion. Pan American Silver Corp (NYSE:PAAS) 's largest silver mine is in La Colorada, Mexico, which underwent an expansion in 2017 and is now producing silver, zinc, and lead. In 2022 alone, Pan American Silver Corp (NYSE:PAAS) reported a consolidated production of 18.5 million ounces of silver.
Another leading silver mining company is Wheaton Precious Metals Corp (NYSE:WPM), headquartered in Vancouver. With a current market cap of $18.857 billion, Wheaton Precious Metals Corp (NYSE:WPM) is doubtlessly at the forefront of silver mining. Wheaton Precious Metals Corp (NYSE:WPM) operates 34 mining projects of several metals, including gold, silver, and palladium.
Endeavour Silver Corp (NYSE:EXK) is a mid-tier silver mining company whose market cap stands at $531.75 million as of current. Endeavour Silver Corp (NYSE:EXK) has silver mining projects in Mexico, Chile, and the USA and is focused on sustainable mining. Most silver mines owned by Endeavour Silver Corp (NYSE:EXK) are of high grade and follow underground mining methods.
If you're interested in investing in the silver mining corporate sector, you can also check out our list of the best silver mining stocks to buy now. You can also check out which countries produced the most gold in recent years in our list of the top gold producing countries in the world. Let's now move on to the list of the biggest silver producers in the world.
20 Largest Silver Producing Countries In The World
20 Largest Silver Producing Countries In The World
Our Methodology
We listed the largest silver producing countries in the world based on USGS Mineral Commodity Summaries published in 2023, 2022, and 2020. Since countries can undergo changes in their mining output owing to investment and infrastructure issues, some main silver producing nations didn't see the metal's yield in 2022. For them, we referred to older USGS summaries and ranked the top countries according to their annual silver mine output in ascending order.
Based on the latest data, here are the largest silver producing countries in the world:
20. Portugal
Silver Mine Production in 2020: 96 metric tons
Portugal produced 96 metric tons of silver in 2020, which contributed to the nation's economy. The significant silver yield resulted from the country's robust mining infrastructure and investments in advanced extraction technology. According to CEIC, Portugal's average silver production remained 32 metric tons per year between 1990 and 2020. Although the country's 2022 silver yield is unclear, the average figures are indicative of its standard production.
19. Uzbekistan
Silver Mine Production in 2020: 104 metric tons
Uzbekistan's mining industry extracted 104 metric tons of silver in 2020, significantly above the national average of 80 metric tons, according to CEIC. Uzbekistan is enriched with substantial mineral reserves, silver being one of its most notable assets.
18. Sudan
Silver Mine Production in 2020: 107 metric tons
Sudan's mine output was 107 metric tons of silver in 2020. This production stems from the country's silver reserves, largely untapped due to geopolitical issues and economic challenges. Despite these factors, Sudan has gradually scaled its silver mining operations to bank on mineral wealth.
17. Papua New Guinea (PNG)
Silver Mine Production in 2020: 132 metric tons
In 2020, Papua New Guinea's production volume of silver was 132 metric tons. The country has well-sustained silver reserves, owing to its mineral-rich geological terrain of the Morobe Province – the country's most noteworthy silver mine is the Hidden Valley open-pit mine. PNG's average annual silver production has been recorded to be 72 metric tons during the last two decades, which shows the sustainability of the country's reserves.
16. South Africa
Silver Mine Production in 2020: 136 metric tons
South Africa is also amongst the largest silver producing countries in the world, but its yield is curtailed for now. The country's silver mining operations gave a throughput of 136 metric tons in 2020, which confirms its position in the silver industry. Furthermore, the nation's average annual mine production of silver has stayed at around 87 metric tons, according to CEIC.
15. Morocco
Silver Mine Production in 2020: 260 metric tons
Morocco extracted 260 metric tons of silver from its mineral-rich soil in 2020, being one of the largest silver producing countries in the world. Such a remarkable throughput represented an increase from the preceding year – 2019 – during which, 251 metric tons were mined in Morocco. From a long-term perspective, Morocco's annual average silver yield has stood at 237 metric tons for the 34-year period from 1986 to 2020, as per CEIC data. The steady production level demonstrates the consistent availability and strategic exploitation of the country's silver reserves, which have proven to be a significant source of wealth and economic stability.
14. Canada
Silver Mine Production in 2022: 295 metric tons
The silver mining industry in Canada saw a throughput of 295 metric tons in 2020. The country's rich formations and diverse mineral types contribute to its standing as one of the world's key silver-producing countries. The silver reserves in Canada are principally concentrated in the territories of Yukon and Northwest, along with significant deposits in British Columbia and Ontario. The mining operations in these regions are distinguished by advanced extraction and processing techniques, enabling effective and efficient recovery of silver.
13. Indonesia
Silver Mine Production in 2020: 335 metric tons
Indonesia is another leading silver producing nation that mined 335 metric tons of precious metal in 2020. The production level was attained due to the country's substantial silver reserves in its rich, mineral-laden regions, such as Sumatra and Kalimantan. According to industry projections, the nation's silver exports are set to escalate to approximately 247,000 kilograms by 2026, a notable increase from the 199,000 kilograms reported in 2021. The forecast aligns with the historic annual growth rate observed since 2005, which averages around 4%.
12. Kazakhstan
Silver Mine Production in 2020: 450 metric tons
In 2020, Kazakhstan produced approximately 450 metric tons of silver. The Central Asian country possesses abundant natural resources, and its silver deposits are significant, comprising a vital part of its mining industry. The aforementioned production figure indicates Kazakhstan's mining sector's efficient extraction and processing techniques.
11. India
Silver Mine Production in 2022: 630 metric tons
India is the 2nd largest silver producing country in Asia, proven by its yield of 630 metric tons of silver in 2022. The country boasts of rich silver reserves, estimated to be around 7,200 metric tons as per the latest assessments. This figure points to India's mineral wealth, and since India is also amongst the top silver consuming nations, it shows the nation's inclination towards silver jewelry and silverware.
10. Argentina
Silver Mine Production in 2022: 840 metric tons
Argentina is among the top 10 silver producing countries, evidenced by its mine yield of 840 metric tons in 2022. Such volume represents a considerable portion of the country's known silver reserves, which total 6,500 metric tons. Argentina's well-strategized extraction methodologies and extensive silver deposits make the country a solid name in the metal's global market.
9. United States
Silver Mine Production in 2022: 1,100 metric tons
Along with being the top silver consuming country, the United States also produces a massive volume of the metal. The country registered 1,100 metric tons of silver output in 2022 from 4 major mines. The production quantity also hints at the country's substantial silver reserves, estimated at 23,000 metric tons. Such significant reserves illustrate the potential of the U.S. for continued silver extraction.