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: 

Mexico  – 202.2 million ounces

China – 109.3 million ounces

Peru – 107.1 million ounces

Chile – 52 million ounces

Bolivia – 42.6 million ounces

Poland – 42.5 million ounces

Russia  – 39.8 million ounces

Australia – 34.4 million ounces

United States – 32 million ounces

Argentina – 26 million ounces

India – 23.8 million ounces

Kazakhstan – 16.6 million ounces

Sweden – 12.6 million ounces

Indonesia – 10.3 million ounces

Morocco – 8.8 million ounces

Uzbekistan – 7.7 million ounces

Canada – 7.1 million ounces

Papua New Guinea – 4.3 million ounces

Spain – 3.7 million ounces

Brazil – 3.3 million ounces

Source: MINING.COM – Read More