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This graphic, based on data from the Silver Institute's World Silver Survey 2024, illustrates the global distribution of silver production in 2023.
Mexico leads the world in silver production, maintaining its long-standing position as the top producer with key contributions from mines like Peñasquito, Juanicipio, and Fresnillo. These mines collectively yielded millions of ounces. In 2023, the country produced 202.2 million ounces (Moz) of silver, 24.35% of world total.
China ranks second, with 109.3 Moz of silver produced in 2023. China’s strong silver output is driven by its robust mining sector, which focuses on multiple metals, including silver, as a byproduct of its large-scale industrial mining operations. Key mining regions include Guangdong, Yunnan, Inner Mongolia, Jiangxi, and Hunan, where mines like Fankou, Laochang, and Huanggangliang are vital.
Peru closely follows China with 107.1 Moz, making it the third-largest producer with key contributions from major mines like Antamina, Inmaculada, and Toromocho. These operations, located mainly in the Andes, not only produce silver but often yield other metals like copper, gold, and zinc. Peru accounted for around 12% of global silver production, showcasing its vital role in the market.
Other Major Producers
Chile: Producing 52 Moz, Chile is another South American country that plays a significant role in global silver production. Chile’s silver output is often tied to its copper mining activities, as silver is frequently extracted as a byproduct of copper mining.
Bolivia: Bolivia, with 42.6 Moz, ranks just below Chile. The country has historically been known for its silver resources, especially from the famous Cerro Rico mine in Potosí.
Poland: A major European player, Poland produced 42.5 Moz of silver in 2023, contributing significantly to the continent’s silver supply. Much of Poland's silver comes as a byproduct of copper mining.
Russia: With 39.8 Moz produced, Russia is a key player in the silver market, even though its production is somewhat lower than other leading countries. Russian silver production is also closely linked to its large-scale industrial mining sector.
Australia: Known for its mining sector, Australia produced 34.4 Moz of silver in 2023. Like other countries, much of this silver comes from mining operations where silver is not the primary focus, but rather a secondary product.
United States: The U.S. produced 32 Moz of silver, placing it among the top ten silver producers globally. The U.S. silver production primarily comes from states like Nevada, which has a long history of mining precious metals.
Sponsor
Eloro Resources Ltd. is an exploration company focused on developing a world class silver and tin project in Bolivia's Potosí Department. Our flagship project, ISKA ISKA , ranks in the top five of global undeveloped resources in scale for both tin and silver. This truly significant grass roots discovery remains open in multiple directions with further potential to both expand and enhance. This world class deposit benefits not only from its proximity to infrastructure, but more importantly, from our connection to Bolivia through our management team and community involvement. Our goal at Eloro is clear - expand resources, attract partnerships, and establish itself as a key player in the mining sector. Learn more about Eloro Resources at https://elororesources.com/
Source: World Silver Survey 2024
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