Global Silver Reserves: Understanding the World's Top 5 Strategic Holders

The dynamics of global silver supply are fundamentally shaped by which nations control the world’s largest reserves. While production figures grab headlines, understanding a country’s silver reserves—the economically extractable supply—reveals where future mining powerhouses may emerge and where investment opportunities could flourish. The intersection between massive reserves and active mining operations creates compelling investment narratives, particularly as precious metals demand continues climbing.

Peru Dominates Global Silver Reserves

At 140,000 metric tons, Peru commands the world’s most substantial silver reserves, cementing its position as the sector’s heavyweight champion. The country’s 2024 output reached 3,100 MT—a modest decline from prior years yet maintaining its place among global top producers.

The Antamina mine in Huari province exemplifies Peru’s silver dominance. Though primarily a copper operation, Antamina outproduces every other Peruvian asset in silver extraction. This joint venture between BHP, Glencore, Teck Resources, and Mitsubishi operates as a flagship asset. An approved US$2 billion capital investment program aims to extend operational life from 2028 to 2036, with construction commencing in 2025 following environmental clearance.

Recent dealmaking underscores Peru’s growing appeal. Canadian miner Endeavour Silver acquired Minera Kolpa for US$145 million, securing control of the Huachocolpa Uno mine in Huancavelica. This 2 million ounce annual silver producer marks Endeavour’s inaugural Peruvian producing asset, signaling confidence in the region’s long-term potential.

Russia’s Strategic Reserve Position

Russia’s 92,000 MT silver reserve base places it second globally, despite geopolitical headwinds impacting broader operations. The 2024 production estimate of 1,200 MT demonstrates resilience, though slightly below prior-year levels.

Russian silver extraction predominantly emerges as a byproduct from copper and polymetallic mining. The Dukat mine in Magadan Oblast and Lunnoye-Arylakh mine historically led production volumes. However, 2024-2025 attention focuses on the Prognoz mine—a newly operational open-pit facility in Russia’s Far East, previously controlled by Polymetal International. Projected annual silver contribution ranges from 5 to 7 million ounces once fully ramped.

China’s 70,000 MT Reserve Base and Production Challenges

China’s 70,000 MT reserve position ranks third globally, representing a notable shift as Russia surpassed it in recent rankings. The country produced 3,300 MT in 2024, marginally lower than 2023’s 3,400 MT output.

China’s silver industry relies heavily on byproduct recovery, with the Ying Mining District in Henan Province serving as the nation’s primary dedicated silver operation. Operated by Silvercorp Metals, Ying generated approximately 6.43 million ounces during fiscal 2025, with mine life extending through 2037. Silvercorp’s recent capital deployment—including a new tailings facility and 1,500 MT daily flotation line—expanded milling capacity to 1.3 million MT annually, positioning the district for sustained output growth.

Poland’s 61,000 MT Reserve Strength

Poland holds 61,000 MT in silver reserves, ranking fourth globally. The 2024 production of 1,300 MT reflects marginal contraction from 1,320 MT previously.

State-controlled KGHM Polska Miedź anchors Poland’s silver sector and claims recognition as the world’s largest silver producer. According to the 2025 World Silver Survey, KGHM generated 1,341 MT in 2024, with the majority refined at its Głogów copper smelter facility. This dominance positions the company as the globe’s second-largest by silver output last year.

Mexico’s 37,000 MT Reserves and Production Leadership

Despite ranking fifth in reserve volume at 37,000 MT, Mexico remains the world’s leading silver producer. Newmont’s Peñasquito mine in Zacatecas stands as Mexico’s second-largest silver operation and the fifth globally by scale.

Endeavour Silver’s Pitarrilla project in Durango represents one of the planet’s most significant undeveloped silver deposits, containing 491.6 million ounces of indicated resources. This project underscores Mexico’s continued strategic importance to global silver supply.

The Broader Reserve Landscape

Beyond the top five, substantial reserves remain distributed across multiple nations:

• Australia: 27,000 MT
• Chile: 26,000 MT
• United States: 23,000 MT
• Bolivia: 22,000 MT
• India: 8,000 MT
• Argentina: 6,500 MT

Collectively, all remaining countries hold 57,000 MT, bringing total global silver reserves to approximately 550,000 MT according to the US Geological Survey. This distribution underscores why tracking us silver reserves alongside foreign stockpiles matters critically for investors: understanding both domestic and international reserve concentrations reveals where supply constraints and opportunities intersect.

The interplay between reserve volumes and production capacity continues reshaping the precious metals landscape, creating differentiated risk-reward profiles across geographies.