Top-10 Silver Producing Countries in the World 2024
Mon May 13 2024
Silver, a precious metal with a rich history dating back thousands of years, continues to hold significant economic and industrial importance in the modern world. As of 2024, several countries stand out as major contributors to the global silver supply chain. Here, we explore the top 10 silver-producing nations and their contributions to this vital market.
Top Silver Producing Countries in the World
Silver, a highly valued metal, finds extensive use across various sectors such as jewelry, electronics, and photography. It also serves as a significant investment commodity, traded on stock exchanges worldwide. The price of silver is subject to fluctuations driven by supply-demand dynamics, influenced by global economic conditions and currency strength. The top 10 silver-producing nations significantly influence the silver market, their production levels directly impacting silver prices globally.
Largest Silver Producing Country in the World 2024
In 2024, Mexico retained its title as the world’s largest producer of silver, with an impressive production volume of 6,300 tonnes. Within Mexico, the state of Zacatecas continued to lead the pack, contributing 36% of the nation’s silver output. Notably, the Peñasquito silver mine, under the ownership of Newmont, maintained its status as Mexico’s largest silver mine, producing approximately 32.4 million ounces of silver. Despite a slight decline projected from 2022 to 2026, silver mining remains a vital contributor to Mexico’s economy, fostering employment, infrastructure development, and government revenue.
Top-10 Silver Producing Countries in the World 2024
Here is the list of top-10 silver producing countries in the world 2024:
|
Top-10 Silver Producing Countries in the World 2024 |
||
|
Rank |
Country |
Production (in tonnes) |
|
1. |
Mexico |
6300 |
|
2. |
China |
3600 |
|
3. |
Peru |
3100 |
|
4. |
Chile |
1600 |
|
5. |
Australia |
1400 |
|
6. |
Poland |
1300 |
|
7. |
Bolivia |
1290 |
|
8. |
Russia |
1200 |
|
9. |
United States |
1100 |
|
10. |
Argentina |
840 |
Silver Production: 6300 tonnes
Mexico retained its status as the world’s top silver producer in 2024, yielding 6,300 tonnes of silver. Zacatecas emerged as Mexico’s leading silver-producing state, contributing 36% of the nation’s output. The Peñasquito mine, owned by Newmont, maintained its position as Mexico’s largest silver mine, producing 32.4 million ounces of silver. Despite a projected decline in production from 2022 to 2026, silver mining remains a cornerstone of Mexico’s economy, driving employment and infrastructure growth.
Silver Production: 3600 tonnes
China secured its position as the world’s second-largest silver producer in 2024, generating 3,600 tonnes of silver. The nation witnessed a modest increase of 0.74% in silver production from 2021 to 2022, with a further projected rise of 0.45% by 2026. China’s silver mining growth is attributed to advancements in the mining sector, primarily occurring in provinces like Inner Mongolia, Yunnan, and Xinjiang. However, environmental concerns persist, including habitat destruction and water pollution.
Silver Production: 3100 tonnes
Peru ranks as the world’s third-largest silver producer, with a production of 3,100 tonnes in 2022, contributing 12% to global output. Predominantly sourced as a byproduct of copper, lead, and zinc mining, Peru boasts the largest silver reserves worldwide, estimated at 98,000 metric tons. Despite recent production declines attributed to various factors, including pricing and operational costs, Peru remains a significant player in the global silver market, with expectations for a rebound in production.
Source: https://currentaffairs.adda247.com/