Global Silver Output Landscape: Which Countries Lead Production by Country in 2024

Understanding Silver Production by Country for Smart Investment Decisions

When evaluating silver-focused investment opportunities, several critical factors demand attention: silver market outlook, the operational expertise of management, and crucially, whether mining assets are located in globally significant silver-producing regions. Geography matters tremendously in the precious metals sector. Investors who understand which nations dominate silver production by country can better identify markets with favorable mining regulations, abundant high-grade reserves, and established infrastructure. This knowledge directly impacts investment decision-making quality. The 2023 data reveals a compelling story: Mexico retained its position as the world’s dominant force, while emerging challengers in South America and Eastern Europe continue reshaping the global silver output map.

The World’s Dominant Silver Producer: Mexico Leads with Commanding Output

Mexico’s supremacy in the silver production by country rankings shows no sign of weakening. The nation generated 6,400 metric tons of silver in 2023, marking a steady increase of 205 MT year-over-year. This dominance stems from multiple converging factors: robust mining infrastructure, established regulatory frameworks, and exceptionally rich ore deposits. Fresnillo (LSE: FRES, OTC Pink:FNLPF) operates as the global silver production powerhouse, expanding output by 4.7% in 2023. The Zacatecas state serves as the epicenter of Mexican silver mining, hosting two of the world’s most prolific operations: Fresnillo’s signature Zacatecas mine and Newmont’s (TSE: NGT) Peñasquito complex, which doubles as Mexico’s largest open-pit mining operation. Notably, labor actions resulted in a four-month operational halt at Peñasquito during 2023, yet the country’s overall production trajectory remained positive.

Asia’s Silver Powerhouse: China’s 3,400 MT Output Challenges Traditional Players

China’s silver generation totaled 3,400 metric tons in 2023, securing its position as the second-largest contributor to global silver production by country metrics. The nation’s ascendancy reflects deliberate industrial policy and extensive mining sector development. Interestingly, the vast majority of Chinese silver originates as a derivative commodity—byproduct extraction during base metal mining operations. While much of China’s mining sector remains dominated by private entities, Silvercorp Metals (TSX: SVM) distinguishes itself as the country’s foremost primary silver specialist. The company maintains a diversified portfolio encompassing multiple silver-lead-zinc operations, anchored by the expansive Ying district complex and the Gaocheng mining zone.

South America’s Silver Reserves and Growth Potential

Peru: Third-Ranked Producer with Untapped Potential

Peru’s silver production by country ranking sits at number three, with 3,100 metric tons generated in 2023—a marginal uptick from 3,079 MT recorded in 2022. What makes Peru particularly compelling for investors is its geological endowment: the nation harbors the world’s most substantial known silver reserves at 98,000 MT, suggesting extraordinary long-term production expansion possibilities. Peru could potentially challenge Mexico’s dominance as reserve depletion and new mine development reshape global supply chains.

The Antamina mine represents Peru’s flagship operation—a multinational joint venture coordinated by BHP (ASX: BHP), Glencore (LSE: GLEN, OTC Pink:GLCNF), Teck Resources (TSX: TECK.A), and Mitsubishi (OTC Pink: MSBHF). Though Antamina functions primarily as a copper extraction facility, its silver byproduct generation remains substantial. Fortuna Silver Mines (TSX: FVI) accelerates silver production growth through five operational properties, including Peru’s Caylloma mine, which generated 1.23 million ounces of silver during 2023.

Chile and Bolivia: Secondary But Significant Producers

Chile’s silver production by country contribution reached 1,400 metric tons in 2023, declining approximately 126 MT from the prior year. The nation’s 26,000 MT silver reserve base provides cushion for future output expansion. Most Chilean silver emerges as a copper and gold mining byproduct. State-operated Codelco, among the world’s premier copper producers, simultaneously ranks among top-tier global silver generators through operations at Chuquicamata and Mina Ministro Hales. Additional major Chilean operations include Glencore’s Collahuasi mine, Kinross Gold’s (TSX: K) La Coipa mine, and BHP’s Escondida mine.

Bolivia maintained output near stable levels, producing 1,200 metric tons in 2023—a marginal 14 MT decrease year-over-year. The nation holds 22,000 MT of declared reserves, with potential for expanded operations. The Potosí region concentrates Bolivia’s silver mining activity, encompassing the San Cristobal zinc-lead-silver mine and Pan American Silver’s (TSX: PAAS) San Vicente underground operation.

Europe and Beyond: Distributed Production Networks

Poland’s Expanding Silver Profile

Poland’s silver production by country standings reflect steady performance: 1,300 metric tons in 2023, consistent with prior-year levels. The country possesses 63,000 MT of reserves—sufficient to support production growth. KGHM Polska Miedz (WSE: KGH) consistently appears among the world’s premier silver generators according to industry monitors.

Australia: Historic Mining Credentials and Modern Operations

Australia generated 1,200 metric tons of silver during 2023, matching production levels in Russia and Bolivia. Australian silver mining boasts deep historical roots, with mining conglomerate BHP initially establishing its operations there as a silver specialist during the 1920s. Contemporary Australia’s largest producer, South32 (ASX: S32, OTC Pink:SHTLF), operates Queensland’s Cannington mine—the country’s single largest silver generator and among the world’s lowest-cost producers. Supplementary production flows from Glencore’s Mount Isa zinc operation and Aeris Resources’ Tritton copper mine. Development-stage companies including Horizon Minerals (ASX: HRZ), which controls the Nimbus silver-zinc project in Western Australia, and Silver Mines (ASX: SVL, OTC Pink:SLVMF), which owns the Bowdens and Webbs projects in New South Wales, represent the nation’s emerging production pipeline.

Russia: Transitional Market Dynamics

Russia’s silver production by country output declined 80 metric tons year-over-year to reach 1,200 metric tons in 2023. The nation’s 92,000 MT reserve base remains substantial. Polymetal International (LSE: POLY, OTC Pink:POYYF) previously dominated Russian silver generation via seven gold-silver properties; however, the Kazakh entity received shareholder authorization in early 2024 to divest its Russian operations to domestic entity Mangazeya Mining, reflecting operational risk considerations. Silver Bear Resources (TSX: SBR) operates the smaller-scale Mangazeisky project, which commenced silver production in 2019. The Vertikalny deposit within this complex ranks among the world’s highest-grade silver zones, with the company generating 264,144 ounces during Q1 2024.

North America and Central Asia Round Out Global Rankings

United States: 1,000 MT and Concentrated Regional Production

The United States generated 1,000 metric tons of silver in 2023, declining marginally by 10 MT from 2022. U.S. silver production by country contribution derives from four dedicated silver operations and 31 facilities where silver emerges as a byproduct. Alaska and Nevada represent the nation’s primary silver production centers, with combined reserve holdings of 23,000 MT. Hecla Mining (NYSE: HL) operates as America’s dominant private silver producer, controlling operational properties in Alaska and Idaho. The company derived the majority of 2023 output from Greens Creek in Alaska—the nation’s largest silver mine—and the Lucky Friday operation in Idaho.

Kazakhstan: Latest Addition to Top Tier Rankings

Kazakhstan displaced Argentina from the top-10 rankings in 2023, generating 990 metric tons despite a decline from its 1,053 MT prior-year output. KAZ Minerals operates as Kazakhstan’s preeminent silver producer, maintaining five producing assets including two operations ranking among the nation’s five largest silver mines. Glencore controls two additional major Kazakhstani silver mines, reinforcing its position as a global production polyglot.

The Strategic Takeaway

Understanding silver production by country distribution patterns enables investors to identify stable supply chains, assess geopolitical risk factors, and evaluate long-term commodity availability. Mexico’s sustained dominance, China’s rising output, and Peru’s untapped potential collectively define the contemporary silver landscape—one where geographic diversification and reserve abundance increasingly determine competitive advantage.