Madhumitha Jaganmohan
Research expert covering climate and environmental sustainability
Global silver mining- statistics & facts
A timeless precious metal with a rich history and diverse applications, silver remains a top commodity in the global metals market. The global mine production of silver metal was estimated to total 26,000 metric tons in 2023. Mexico, China, Russia, and Chile are some of the largest silver producers, while the countries with the most significant silver reserves are Peru, Australia, and Poland. Silver is most often produced as a by-product of the extraction process of other metals, primarily lead, zinc, and copper.
The leading silver mining countries are concentrated in the Americas
The Spanish conquest of the Americas shifted the center of silver mining from Spain to the Americas, where it has remained a vital source for over 500 years. Today, four of the ten largest silver-producing countries are located in South America, and Mexico, the largest producer, is located in North America. Among silver mining companies, Mexican mining company Fresnillo, with 2.9 billion U.S. dollars in revenue, is the world’s largest based on production volume. Other leading primary silver producers include KGHM Polska Miedz S.A. - Poland, Hindustan Zinc Ltd. - India, and Pan American Silver Corp. - Canada.
Silver supply, demand, and prices
The total global supply of silver stands at around one billion ounces. About half of all silver demand worldwide is attributable to industrial applications, especially in the electrical and electronics industry. Other sizable segments go into investment, coinage, and the jewelry industry. Looking at the last four decades, the price of silver has steadily increased, reaching a record high in 2011. The average London fixed price for one ounce of silver was a high of 35.12 U.S. dollars in 2011, dropping to 21.73 U.S. dollars in 2022. As technology advances and industrial applications expand, the diverse demand for silver metal will likely persist, making it a valuable asset in the modern world.
