GOLD NEWS

Which Countries Produce the World's Silver?

Tue Jan 21 2025

Where does the world get its silver?

In 2023, silver mines produced 830.5 million ounces of silver. That total is projected to decline by about 1 percent to 823.5 million ounces in 2024.

Silver mine output has been declining for nearly a decade. Mine production peaked at 900.1 million ounces in 2016. Meanwhile, demand has outstripped supply for three straight years and the Silver Institute projects another market deficit in 2024. This is primarily due to rapidly rising industrial demand, specifically in the solar energy sector. 

Only 20 to 30 percent of the world's silver comes from primary silver mines. Approximately 70–80 percent of silver mined globally is produced as a byproduct of mining other metals, such as copper, lead, and zinc.

Here are the top 20 silver-producing countries based on 2023 data from the Silver Institute: 

1. Mexico  - 202.2 million ounces
2. China - 109.3 million ounces
3. Peru - 107.1 million ounces
4. Chile - 52 million ounces
5. Bolivia - 42.6 million ounces
6. Poland - 42.5 million ounces
7. Russia  - 39.8 million ounces
8. Australia - 34.4 million ounces
9. United States - 32 million ounces
10. Argentina - 26 million ounces
11. India - 23.8 million ounces
12. Kazakhstan - 16.6 million ounces
13. Sweden - 12.6 million ounces
14. Indonesia - 10.3 million ounces
15. Morocco - 8.8 million ounces
16. Uzbekistan - 7.7 million ounces
17. Canada - 7.1 million ounces
18. Papua New Guinea - 4.3 million ounces
19. Spain - 3.7 million ounces
20. Brazil - 3.3 million ounces

Source: https://www.moneymetals.com