Top 20 silver producing countries in the world
In this in-depth article, we will list the top 20 silver producing countries in the world that are at the forefront of the silver ore market, which is expected to reach $7.39 billion this year. Mexico, China, Peru and Chile are among the largest silver producing countries in the world, with a consistent demand and supply horizon for the metal. Global silver production in 2022 reached around 25,500 tons as the metal’s demand in jewelry manufacturing and investment increased. In 2021, global silver production increased by 5.8%, as mines recovered from the disruptions caused by the COVID-19 pandemic. After an expected recovery in 2021, total silver demand also increased in 2022, growing by 18% to 38,643 tonnes, according to the World Silver Survey 2022. Growth forecasts are optimistic. For example, a joint venture between Freslino and MAG Silver, called Juanicipio, is expected to reach its full production capacity in the coming months and become Mexico’s leading silver mine.
Which country is the largest producer of silver?
According to the USGS, Mexico is the largest silver-producing country at present, as the country produced an estimated 6,300 tonnes of silver in 2022. This yield is significantly higher than the second largest silver producer – China – whose mine production of silver is recorded at 3,600 tonnes in 2022. Most of Mexico’s silver production comes from silver mines and by-product extraction from lead and zinc mines. The country’s largest silver mine is the Penasquito mine, which yielded 32.4 million troy ounces of silver in 2022. Another notable name is the Fresnillo mine, the world’s largest primary silver mine, which has been producing silver for over five centuries after it was founded in 1554.
Which country has the largest silver reserves in the world?
Peru has the largest silver reserves of any country, totaling 98,000 tons according to the USGS Mineral Commodity Summaries 2023. The country’s silver mine production has been stable over the years due to its huge reserves and developed mining infrastructure. Not far behind Peru, Australia has the second largest silver reserves in the world reaching a total of 92,000 tons. Moreover, some countries’ silver reserves are either unexplored or partially located, and there is an opportunity for nations like Kazakhstan to have generous silver reserves per country.
Which country is the biggest consumer of silver?
The United States is the largest consumer of silver, accounting for 6 400 tonnes of the global total in 2022. Silver use in the United States is spread across several key industries, with the largest share, roughly 34% (or 2 176 tonnes), being used in physical investment, primarily silver bullion. Similarly, 27% of the country’s total silver was used in the electronics industry. According to the USGS, 13% of US silver use went into producing coins and medals, closely followed by the 10% used in the photovoltaic sector. The country utilized 6 percent of this silver demand in the jewelry sector and about 3 percent in soldering and brazing.
What is the largest producer of silver in Asia?
According to available data until 2023, China stands as the largest producer of silver in Asia. Silver mined in China comes mainly from polymetallic and lead-zinc mines, with significant amounts as a by-product of gold and copper. The country’s primary silver production regions also include Henan, Inner Mongolia and Yunnan provinces. In terms of numbers, China accounts for almost 14% of global silver production. In comparison, India, the second largest producer of silver in Asia, accounts for 2.5% of the metal’s global output, much lower than China. Most of India’s silver production comes from the small Bharak deposit in Rajasthan, which houses the country’s premier silver mine, the Sindesar Khurd mine.
Methodology
We listed the largest silver producing countries in the world based on the USGS Mineral Commodity Summaries published in 2023, 2022 and 2020. Based on the latest data, here are the largest silver producing countries in the world:
20. Portugal
Portugal produced 96 tons of silver in 2021, contributing to the country’s economy. The significant silver yield was the result of the country’s robust mining infrastructure and investment in advanced extraction technologies. According to CEIC, Portugal’s average silver production remained at 32 tonnes per year between 1990 and 2020. Although the country’s silver yield in 2022 is unclear, the average figures are indicative of its standard production.
19. Uzbekistan
Uzbekistan’s mining industry extracted 104 tons of silver in 2022, significantly above the national average of 80 tons, according to CEIC. Uzbekistan has significant mineral reserves, silver being one of its most notable assets.
18. Sudan
Sudan’s mining production was 107 tons of silver in 2022. This production comes from the country’s silver reserves, largely untapped due to geopolitical issues and economic challenges. Despite these factors, Sudan has gradually scaled up its silver mining operations to focus on mineral wealth.
17. Papua New Guinea (PNG)
In 2022, Papua New Guinea’s silver production volume was 132 tons. The country has well-maintained silver reserves, thanks to its mineral-rich geological terrain in Morobe Province – the country’s most notable silver mine is the Hidden Valley open-pit mine. PNG’s average annual silver production has been recorded at 72 tons over the past two decades, demonstrating the sustainability of the country’s reserves.
16. South Africa
South Africa is also one of the largest silver-producing countries in the world, but its yield is limited for now. The country’s silver mining activities yielded a throughput of 136 tons in 2022, confirming its position in the silver industry. Moreover, the country’s average annual mine production of silver has remained at around 87 tons, according to CEIC.
15. Morocco
Morocco extracted 260 tons of silver from its mineral-rich soil in 2020, making it one of the largest silver-producing countries in the world. Such a remarkable throughput represented an increase from the year before – 2019 – when 251 tons were mined in Morocco. From a long-term perspective, Morocco’s annual average silver yield has stood at 237 tons for the 34-year period from 1986 to 2020, according to CEIC data. The steady level of production demonstrates the consistent availability and strategic exploitation of the country’s silver reserves, which have proven to be a significant source of wealth and economic stability.
14. Canada
The silver mining industry in Canada saw production of 295 tonnes in 2022. The country’s rich formations and diverse mineral types contribute to its position as one of the world’s most important silver-producing countries. Silver reserves in Canada are mainly concentrated in the Yukon and Northwest Territories, along with significant deposits in British Columbia and Ontario. Mining activities in these regions are characterized by advanced mining and processing technologies, which allow for efficient and effective silver recovery.
13. Indonesia
Indonesia is another leading silver-producing nation that mined 335 tons of this precious metal in 2022. The level of production was achieved due to the country’s significant silver reserves in its rich, mineral-laden regions, such as Sumatra and Kalimantan. According to industry forecasts, the country’s silver exports will escalate to around 247,000 kilograms by 2026, a notable increase from the 199,000 kilograms reported in 2021. The forecast is consistent with the historical annual growth rate observed since 2005, which averages around 4 percent.
12. Kazakhstan
In 2022, Kazakhstan produced around 450 tons of silver. The Central Asian country has abundant natural resources, and its silver deposits are significant and form an important part of its mining industry. The aforementioned production figure indicates the efficient extraction and processing techniques of Kazakhstan’s mining sector.
11. India
India is the second largest silver producing country in Asia, evidenced by its yield of 630 metric tons of silver in 2022. The country boasts of rich silver reserves, estimated at around 7,200 tons according to the latest estimates. This figure points to India’s mineral wealth, and since India is also among the most silver-consuming nations, it shows the nation’s propensity for silver jewelry and silver objects.
10. Argentina
Argentina is among the top 10 silver-producing countries, as evidenced by its silver production of 840 metric tons in 2022. Such volume represents a significant portion of the country’s known silver reserves, which total 6,500 tons. Argentina’s strategic mining methods and extensive silver deposits make it a solid name in the metal’s global market.
9. THE USA
Along with being the silver-consuming country, the US also produces a huge volume of the metal. The country recorded 1,100 tons of silver production in 2022 from four major mines. The amount of production also hints at the country’s significant silver reserves, estimated at 23,000 tons. Such significant reserves illustrate the US’ potential for continued silver mining.
8. Russia
1 200 metric tons. Russia is one of the largest producers of silver in the world, as reflected by its impressive yield of 1,200 metric tons of the metal in 2022. Official data also shows that the country’s silver reserves amount to about 45,000 tons distributed in the Ural Mountains and other mineral-rich terrain.
7. Bolivia
Bolivia recorded a significant silver extraction, 1,300 tons in 2022. The yield was possible due to the generous silver reserve base in the country, estimated at around 22,000 tons. These reserves highlight the enduring potential of Bolivia’s silver mining industry, a sector that plays a central role in the country’s economy. Rich silver deposits are mainly concentrated in Potosí and other regions, often linked to tin and zinc mining.
6 – Poland
Poland secured a place among the top 10 silver-producing countries, thanks to its mining capacity of 1,300 tons in 2022. Although Poland’s production in 2022 was equal to Bolivia’s, the former received a higher ranking on our list because of its silver reserves. Poland’s silver reserves are said to be 65,000 tons (more than double Bolivia’s reserves) and show the country’s potential to mine heavier metal volumes in the future. These reserves are spread all over the country and can generously boost Poland’s national GDP.
5. Australia
Australia’s modern mining infrastructure makes it one of the largest silver-producing countries in the world. The mining giant yielded 1,400 tons of the precious metal. As explained earlier, Australia also has the second highest silver reserves per country, with 92,000 tons. These reserves serve as a strategic asset, given silver’s diverse applications ranging from investment and ornamentation to industrial and technological uses.
4. chile
Chile’s silver production reached a total of 1 600 tons in 2022. In 2022, Chile’s silver reserves were estimated at around 26,000 tons. The size of these reserves, much of which remains untapped, shows Chile’s potential for future silver returns. Capacity is also supported by the country’s strategic investment in mining technology and favorable government policies for mineral extraction.
3. peru
In addition to having the highest silver reserves per country, Peru also ranks third on the list of the largest silver producing countries. The country mined 3,100 tons of the precious metal in 2022, keeping its solid footing in the mineral industry. According to the latest geoscience data, Peru’s silver reserves amount to about 98,000 tons. Given the extensive mining infrastructure already in place, Peru is well positioned to capitalize on these reserves in the coming years.
2. China
China is the second largest silver producing country, whose mines extracted 3,600 metric tons of silver in 2022. In addition, China’s proven silver reserves are reported to be 71,000 metric tons, consisting of both discovered deposits ready for extraction and deposits not yet fully accessible. The huge reserve base ensures sustainable production for China and provides a strategic advantage in the global silver industry.
1. Mexico
Mexico leads the group of largest silver producers in the world with an impressive production of 6,300 tons in 2022. This figure is derived from the country’s silver reserves of 37,000 tons which serve as a basis for Mexico’s persistent lead in the silver market.
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