Global Silver Supply: Understanding the World's Top Producing Nations in 2024

The Current State of Global Silver Markets

The white metal remains a critical commodity for industrial, renewable energy, and investment purposes. In 2023, the world witnessed a nuanced shift in silver supply dynamics, with global output climbing to 26,000 metric tons—driven by several key regions ramping up their extraction capabilities. For investors seeking exposure to precious metal mining, understanding which nations lead in silver extraction becomes paramount. Geographic location of production assets carries substantial weight; countries with robust mining infrastructure and favorable regulatory environments typically maintain consistent output growth. The leading producer of silver in the world continues to set the pace for global supply, influencing market sentiment and opportunity identification across the sector.

Mexico Dominates the Global Landscape

Maintaining its commanding position with 6,400 MT of silver output in 2023—up 205 MT year-over-year—Mexico reinforces its status as the world’s foremost silver-producing nation. The country’s stronghold stems from its geological advantages and mining-friendly framework. Mexico’s Zacatecas state alone hosts two titans of the industry: a major operation from Fresnillo, which saw its annual silver generation climb 4.7% despite challenging market conditions, and Newmont’s Peñasquito complex, one of the continent’s most significant open-pit facilities. The latter experienced operational headwinds in 2023 when workforce actions resulted in a four-month production halt, highlighting how geopolitical and labor factors intersect with supply dynamics.

Asia’s Rising Contribution to Global Supply

China’s Secondary Silver Economy

China’s emergence as the second-largest source of silver supply—generating 3,400 MT in 2023—reflects a different production model than Mexico’s primary silver focus. The bulk of Chinese output materializes as a byproduct of broader mining operations extracting other base metals. This approach, while economically efficient, ties Chinese silver availability to copper and zinc cycles. Silvercorp Metals operates as the nation’s foremost dedicated silver extractors, managing a portfolio centered on the Ying district and related polymetallic assets.

Kazakhstan and the Emerging Producer Category

Kazakhstan rounded out the global top 10 with 990 MT, displacing Argentina from this tier despite its annual output declining from 1,053 MT the previous year. KAZ Minerals and affiliated operators control the nation’s primary production streams, positioning Central Asia as an emerging player in the global precious metals supply chain.

The South American Stronghold: Peru and Chile

Peru’s credentials as the third-largest producer—delivering 3,100 MT in 2023—become far more compelling when examining reserve capacity. With 98,000 MT of documented silver reserves, Peru holds the world’s largest known stockpile, suggesting potential to eventually displace Mexico if production infrastructure expands sufficiently. The Antamina mine, a multi-national joint venture involving BHP, Glencore, Teck Resources, and Mitsubishi, remains the primary extraction hub despite being fundamentally a copper operation with silver as a secondary output. Fortuna Silver Mines supplements this through its five-mine portfolio, with the Peruvian Caylloma facility alone yielding over 1.23 million ounces in 2023.

Chile, producing 1,400 MT in 2023 (a 126 MT decline from 2022), functions similarly to China’s model—most silver emerges as copper and gold mining byproducts. State-owned Codelco, one of Earth’s largest copper extractors, paradoxically ranks among top-tier silver suppliers through its Chuquicamata and Mina Ministro Hales operations.

European and Oceanic Contributors

Europe’s Concentration in Poland

Poland maintained 1,300 MT of annual output in 2023, leveraging its 63,000 MT silver reserve base. KGHM Polska Miedz functions as the nation’s production anchor, consistently featuring among global top-10 silver generators.

Australia and Bolivia: The Matched Pair

Australia generated 1,200 MT in 2023—mirroring output levels from both Russia and Bolivia. South32’s Cannington mine in Queensland claims distinction as Australia’s highest-yielding facility and purportedly operates among the world’s most cost-efficient large-scale operations. Legacy Australian miners like BHP trace their corporate origins to silver extraction during the 1920s-era mining boom.

Bolivia similarly produced 1,200 MT (down marginally by 14 MT) despite maintaining 22,000 MT in documented reserves, primarily concentrated in Potosí region operations including Pan American Silver’s underground San Vicente project.

North American Secondary Production

The United States contributed 1,000 MT in 2023—a 10 MT year-over-year decrease—through four dedicated silver mines and thirty-one polymetallic operations where silver represents secondary extraction. Alaska and Nevada anchor American production, with Hecla Mining commanding the largest operational footprint. The company’s Greens Creek mine in Alaska holds distinction as the nation’s largest single silver facility.

Reserve Capacity and Future Trajectory

Russia, despite recent geopolitical complications, retained 1,200 MT production in 2023 (down 80 MT) and maintains 92,000 MT in documented reserves—second only to Peru globally. Polymetal International historically dominated Russian silver generation but initiated divestiture of its Russian assets in early 2024. Silver Bear Resources continues smaller-scale operations at its high-grade Mangazeisky project, producing 264,144 ounces during Q1 2024.

Strategic Considerations for Market Participants

Total global reserves exceed 570,000 MT when aggregating documented stockpiles across the leading mining nations. This reserve base, combined with current extraction rates averaging 26,000 MT annually, suggests over two decades of supply security under existing production frameworks. However, reserve concentration—with Peru, Russia, and Poland collectively controlling roughly 275,000 MT—creates supply-chain vulnerability if any major region experiences disruption. Investors evaluating silver-focused mining equities benefit from geographic diversification across multiple top-producing nations, as mining-friendly regulatory environments vary significantly and reserve depletion timelines differ markedly by region.