Global Silver Mining Landscape: Which Countries Dominate Production in 2024?

The search for investment opportunities in silver often begins with understanding where the world’s mining activity concentrates. In 2023, global silver production reached 26,000 metric tons, with production distributed across multiple regions. Identifying the largest producer of silver in the world and understanding the geographic concentration of mining operations can guide strategic investment decisions. A nation’s position in silver production often reflects its geological advantages, regulatory environment, and mining infrastructure maturity.

The Tier-One Silver Producers: Mexico and China

Mexico stands as the largest producer of silver in the world, commanding significant market share with 6,400 metric tons of output in 2023—a 205 MT increase from the prior year. This dominance reflects both abundant deposits and favorable mining conditions. The country’s Zacatecas state hosts two of the planet’s most significant silver operations: Fresnillo’s primary mine and Newmont’s Peñasquito complex, which also ranks as Mexico’s largest open-pit facility. Fresnillo, listed on the LSE under FRES, boosted its silver production by 4.7% year-over-year, cementing Mexico’s leadership position.

China follows as a distant second with 3,400 metric tons produced in 2023. The distinction is critical: while Mexico mines silver as a primary commodity, Chinese production emerges predominantly as a by-product of polymetallic operations. Silvercorp Metals (TSX: SVM) operates the country’s largest primary silver operations through its Ying district and Gaocheng assets, though the broader Chinese mining sector remains largely privately controlled.

Mid-Tier Producers with Expansion Potential

Peru occupies third position with 3,100 metric tons of annual production, yet its significance extends beyond current output. The country boasts 98,000 metric tons of proven silver reserves—the world’s largest known stockpile. This combination suggests Peru could potentially challenge Mexico’s dominance in future decades. Antamina, a joint venture involving BHP, Glencore, Teck Resources, and Mitsubishi, generates substantial silver volumes as a copper mining by-product. Additionally, Fortuna Silver Mines’ Caylloma operation in Peru produced over 1.23 million ounces in 2023.

Chile, Poland, and Australia each produced 1,400, 1,300, and 1,200 metric tons respectively during 2023. Chile’s 26,000 MT reserve base supports future expansion, while its largest deposits are operated by Codelco (state-owned), Glencore, Kinross Gold, and BHP. Poland-based KGHM Polska Miedz consistently ranks among the world’s top silver companies despite the country’s smaller production footprint. Australian mining benefits from South32’s Cannington operation in Queensland, reputed as one of the world’s lowest-cost producers.

Emerging and Shifting Production Centers

Bolivia, Russia, and the United States each generated 1,200 MT, 1,200 MT, and 1,000 MT of silver in 2023 respectively. Russia’s sector has undergone substantial restructuring, with Polymetal International selling its Russian operations to domestic player Mangazeya Mining in 2024. Silver Bear Resources continues development of the Mangazeisky project, with its high-grade Vertikalny deposit among the world’s highest-grade silver sources.

Alaska and Nevada dominate US production through Hecla Mining’s operations, particularly the Greens Creek mine—the largest in the nation. Kazakhstan rounds out the top ten with 990 metric tons, a decline from 1,053 MT the previous year, though KAZ Minerals maintains its position as the country’s leading silver operator.

Strategic Implications for Market Participants

The concentration of silver production in Mexico, China, and Peru means that geopolitical factors, regulatory changes, and mine-specific disruptions in these nations disproportionately impact global supply. For instance, strike action at Mexico’s Peñasquito suspended operations for four months in 2023, creating temporary supply constraints. Conversely, the massive reserve bases in Peru (98,000 MT), Poland (63,000 MT), and Russia (92,000 MT) suggest that production capacity could expand significantly if economic conditions warrant further capital investment.

Investors evaluating silver-focused equities should assess not only current production rankings but also reserve-to-production ratios and operational cost structures. The data underscores why Mexico’s established infrastructure maintains its leadership, while Peru’s untapped potential represents a frontier for long-term market development.