The following content is sponsored by Outcrop Silver & Eloro Resources
This graphic highlights the latest silver production figures for Q4 2024. Below, we break down the production numbers and year-over-year (YoY) changes compared to Q4 2023.
Top Silver Producers in Q4 2024
Fresnillo Plc remained the largest silver producer, reporting 13.7 million ounces, though this marked a 3.26% decline from Q4 2023. It was mainly due to the closure of the San Julián DOB mine and lower ore grades at Fresnillo and Juanicipio. Reduced ore processed at Fresnillo also contributed. However, these factors were partially offset by higher grades and increased volumes at San Julián Veins and Saucito, as well as a full year of operation at Juanicipio.
KGHM Polska Miedz SA increased production to 12.7 million ounces (+9.29% YoY), driven by higher availability of charge materials at the Precious Metals Plant of the Głogów Copper Smelter and Refinery, which enhanced processing capacity.
Newmont Corporation saw the most significant growth, more than doubling its output to 9 million ounces (+125%), fueled by higher production at the Peñasquito mine in Mexico, particularly from the Chile Colorado pit. The resolution of an October 2023 strike allowed full operations, significantly boosting volumes. Additionally, Newmont’s acquisition of Newcrest Mining in November 2023 added assets like the Cadia mine in Australia, further expanding silver production.
Pan American Silver Corp recorded a 25% increase, reaching 6 million ounces. This growth was driven by operational improvements at La Colorada, where new ventilation infrastructure boosted output by 59%, along with contributions from assets acquired from Yamana Gold.
Southern Copper Corp followed with 5.68 million ounces (+18.28%), primarily due to increased output across most of its mining operations, except for the Toquepala mine.
Companies with Declining Production
Hindustan Zinc experienced the steepest decline, with production dropping 18.78% to 5.64 million ounces. This was due to a mining sequence change at the SK mine, reducing silver input and impacting lead production, as silver is extracted from lead ore. Despite this, the company reported record mined and refined metal production for the nine months ending December 31, 2024.
Glencore PLC saw a slight declinee of 3.27%.
MAG Silver Corp experienced a drop of 5.40% due to lower ore grades at the Juanicipio mine, which it co-owns with Fresnillo.
Boliden AB faced an 8.72% decrease, bringing production down to 2.97 million ounces.
Other
Hecla Mining Co achieved one of the highest production increases, surging 31.98% to 3.87 million ounces. The return to full production at the Lucky Friday mine after a 2023 fire, along with strong performance at Greens Creek and increased output from Keno Hill, contributed to this rise. These factors, combined with higher silver prices, led Hecla to achieve its second-highest annual silver production ever in 2024.
Nexa Resources SA and SSR Mining Inc reported growth of 11.11% and 7.65%, respectively.
South32 ADR, BHP Group, and Coeur Mining recorded moderate gains between 3-6%, indicating stable performance.
Company | Silver Production Q4 2024 (Ounces) | YoY |
Fresnillo Plc | 13,700,000 | -3.26% |
KGHM Polska Miedz SA | 12,698,626 | 9.29% |
Newmont Corporation | 9,000,000 | 125.00% |
Pan American Silver Corp | 6,000,000 | 25.00% |
Southern Copper Corp | 5,680,000 | 18.28% |
Hindustan Zinc | 5,643,833 | -18.78% |
Glencore PLC | 5,321,000 | -3.27% |
MAG Silver Corp | 4,257,000 | -5.40% |
Buenaventura SAA | 3,962,024 | -0.20% |
Hecla Mining Co | 3,874,344 | 31.98% |
South32 ADR | 3,850,000 | 6.24% |
BHP Group Ltd | 3,410,000 | 3.49% |
Coeur Mining Inc | 3,200,000 | 3.23% |
Nexa Resources SA | 3,000,000 | 11.11% |
Boliden AB | 2,971,937 | -8.72% |
SSR Mining Inc | 2,970,000 | 7.65% |
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.