The following content is sponsored by Outcrop Silver & Eloro Resources
In this graphic and article, we analyze silver production by the world's largest producers in Q3 2024, comparing the results to the same period in 2023. Discover how production levels have shifted and the factors driving these changes.
The top three largest silver producers experienced a decline in production:
Fresnillo Plc remained the largest silver producer, delivering 14.4 million ounces, although this marked a slight decrease of 1.74% compared to Q3 2024. Operational issues at the Sabinas mine caused a quarterly decline, but steady output from Saucito and San Julián offset losses. Full-year guidance remains at 55–62M ounces.
KGHM Polska Miedz SA followed with 10.69 million ounces, experiencing a more significant decline of 10.8%. Silver production fell due to a 51% drop in ore silver content, reduced mining in Sudbury (-20%), and planned maintenance at its Głogów smelter, impacting overall output.
Newmont Corporation produced 7 million ounces, down 12.50% from the previous quarter.
On the other hand, some companies saw impressive growth:
Hindustan Zinc and Pan American Silver Corp recorded significant increases of 20.19% and 19.77%, reaching 6.49 million and 5.47 million ounces, respectively. Enhanced operations at Pan Americans La Colorada mine contributed to higher silver output and reduced cash costs.
Boliden AB stood out with a 32.21% surge in production, reaching 3.56 million ounces. The company reported strong performance across its mining units, notably at the Garpenberg mine, which achieved record ore throughput.
Other notable contributors included:
Southern Copper Corp (5.34 million ounces, up 2.85%),
Glencore PLC (4.85 million ounces, up 5.46%), and
Zijin Mining (4.26 million ounces, up 11.66%).
However, Hecla Mining Co faced a steep decline of 19.26%, with production falling to 3.6 million ounces. Production dropped due to a five-day unplanned mill outage at Greens Creek and operational setbacks, including lower grades and throughput, at the Lucky Friday mine. Smaller producers like SSR Mining Inc and Nexa Resources SA maintained stable outputs, reporting 2.89 million and 2.9 million ounces, respectively.
Company | Silver Production Q3 2024 (Oz) | YoY change |
Fresnillo Plc | 14,400,000 | -1.74% |
KGHM Polska Miedz SA | 10,688,000 | -10.80% |
Newmont Corporation | 7,000,000 | -12.50% |
Hindustan Zinc | 6,490,408 | 20.19% |
Pan American Silver Corp | 5,470,000 | 19.77% |
Southern Copper Corp | 5,335,000 | 2.85% |
MAG Silver Corp | 4,900,000 | -2.00% |
Glencore PLC | 4,848,000 | 5.46% |
Zijin Mining | 4,263,246 | 11.66% |
Compania de Minas Buenaventura SAA | 4,228,250 | 8.09% |
Hecla Mining Co | 3,600,000 | -19.26% |
Boliden AB | 3,560,200 | 32.21% |
BHP Group Ltd | 3,356,000 | -6.26% |
Coeur Mining Inc | 3,000,000 | 15.38% |
Nexa Resources SA | 2,900,000 | 3.57% |
SSR Mining Inc | 2,885,000 | 5.64% |
Gatos Silver Inc | 2,420,000 | 5.22% |
South32 ADR | 2,066,000 | -35.92% |
Sponsors
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Outcrop Silver is a leading exploration and development company focused on advancing the high-grade Santa Ana silver project in Colombia. The company leverages a seasoned team with extensive regional experience to expand its mineral resources through strategic exploration. Outcrop Silver is committed to responsible mining and community engagement, prioritizing sustainable development. With a deep understanding of Colombia's mining landscape and a strong track record, the company aims to transform Santa Ana into a significant silver producer, contributing to both local economic growth and industry standards. Learn more about Outcrop Silver at https://outcropsilver.com/ | 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: Quarterly reports
The information presented here may contain inaccuracies and is subject to rounding. We do not guarantee that all information is complete or correct. We accept no responsibility for any errors, omissions, or outcomes resulting from the use of this information. This is not investment advice.