Where is Silver Mined? Mapping Global Production Centers in 2024

Understanding where silver mining happens globally is crucial for supply chain professionals, investors, and industry observers. The world’s silver supply chain depends on a concentrated set of production regions, with specific countries and mining operations playing outsized roles. As of 2023, global silver mining reached approximately 26,000 metric tons, with production concentrated in just a handful of nations. Knowing where silver is mined helps explain price dynamics, supply risks, and investment opportunities across the precious metals sector.

The top silver mining countries are dominated by three geographic regions: the Americas (accounting for the largest share), Asia-Pacific, and Europe. Each region brings distinct advantages—whether favorable geology, established mining infrastructure, or large reserve bases.

The Americas: Where Most of the World’s Silver is Mined

The Americas remains the epicenter of global silver mining operations. Three countries in this region—Mexico, Peru, and Chile—collectively account for nearly half of worldwide silver mining output.

Mexico: The Global Leader in Silver Mining

Mexico maintains its position as the world’s largest source of silver mining, extracting 6,400 metric tons in 2023. This represented a year-on-year increase of 205 MT, demonstrating the region’s production momentum. The country’s mining dominance stems partly from Fresnillo, widely recognized as the world’s premier silver company. Fresnillo’s operations expanded 4.7% in 2023, with major mines concentrated in Zacatecas state—a region that hosts two of the planet’s largest silver mining facilities.

The Zacatecas district also features Newmont’s Peñasquito polymetallic mine, Mexico’s biggest open-pit operation. However, 2023 saw labor disruptions suspend Peñasquito for four months, highlighting how geopolitical and operational factors can impact silver mining supply chains.

Peru: The Runner-Up with Massive Untapped Potential

Peru extracted 3,100 metric tons of silver in 2023, establishing itself as the world’s second-largest silver mining nation. More significantly, Peru holds the planet’s largest known silver reserves at 98,000 metric tons—nearly four times its annual mining output. This reserve-to-production ratio suggests Peru could substantially increase mining activities and eventually rival Mexico’s position.

The majority of Peru’s silver mining comes from the Antamina mine, a joint venture between mining giants BHP, Glencore, Teck Resources, and Mitsubishi. Though Antamina is primarily a copper operation, its by-product silver mining yields substantial volumes. Fortuna Silver Mines operates five producing assets across the region, with the Caylloma mine in Peru producing over 1.23 million ounces of silver in 2023 alone.

Chile: Secondary Producer in the Southern Cone

Chile’s silver mining operations yielded 1,400 metric tons in 2023, a slight decline from 1,526 MT in 2022. The country hosts 26,000 metric tons of silver reserves and benefits from state-owned Codelco’s operations—one of the world’s top copper miners that also functions as a significant silver mining company. Codelco controls two of Chile’s five largest silver mining complexes: Chuquicamata and Mina Ministro Hales. Additional major silver mining sites include Glencore’s Collahuasi, Kinross Gold’s La Coipa, and BHP’s Escondida operations.

Asia-Pacific: Diversified Silver Mining Operations

Asia-Pacific represents a complex mix of silver mining activities, with China and Australia leading the region.

China: The Secondary Asian Powerhouse

China’s silver mining reached 3,400 metric tons in 2023, securing second place globally. Distinctly, most Chinese silver mining operations generate silver as a by-product of base metal extraction. Silvercorp Metals bills itself as China’s largest primary silver mining company, operating multiple mines in the country including the Ying district multi-mine complex and Gaocheng operations. The Silver Institute attributes China’s rise in the bullion market to rapid mining industry development, positioning the nation as a crucial component of global silver supply chains.

Australia: Historic Mining Region with New Growth

Australia’s silver mining output reached 1,200 metric tons in 2023, matching prior-year volumes. The country’s mining legacy dates to the 1920s when BHP itself originated as a silver mining operation. South32 currently operates Queensland’s Cannington mine—Australia’s most prolific silver mining facility and recognized as one of the world’s largest and lowest-cost silver mining operations. Beyond Cannington, significant by-product silver mining occurs at Glencore’s Mount Isa zinc operation and Aeris Resources’ Tritton copper mine. Emerging silver mining projects include Horizon Minerals’ Nimbus project in Western Australia and Silver Mines’ Bowdens and Webbs projects in New South Wales.

European & Central Asian Silver Mining

Poland: A Smaller Yet Consistent Producer

Poland extracted 1,300 metric tons of silver in 2023, maintaining stable silver mining levels from the prior year. The nation boasts 63,000 metric tons of reserves, indicating significant room for expanded mining operations. KGHM Polska Miedz stands as Poland’s premier silver mining company and consistently ranks among the world’s top producers.

Russia: Mining Operations Amid Geopolitical Headwinds

Russia’s silver mining declined to 1,200 metric tons in 2023 (down 80 MT year-over-year), despite maintaining 92,000 metric tons of silver reserves. Polymetal International long dominated Russian silver mining with seven operating facilities, but the company sold its Russian mining assets to domestic company Mangazeya Mining in early 2024 due to operational risks.

Silver Bear Resources operates Russia’s Mangazeisky silver mining project, which includes the Vertikalny deposit—reportedly among the highest-grade silver mining deposits globally. The company produced 264,144 ounces during Q1 2024, demonstrating continued mining momentum despite regional challenges.

Kazakhstan: The Emerging Regional Player

Kazakhstan replaced Argentina on the global top-10 list in 2023 with 990 metric tons of silver mining output. KAZ Minerals serves as the nation’s largest silver mining operator, controlling five producing assets including two of Kazakhstan’s five largest silver mines. Glencore controls two additional major mining sites in the country.

North American Silver Mining Operations

United States: Primary Focus on Alaska and Nevada

The United States generated 1,000 metric tons of silver mining output in 2023, distributed across four primary silver mining operations and 31 secondary precious metals mines. Alaska and Nevada represent the nation’s top silver mining states. The US maintains 23,000 metric tons of reserves, with Hecla Mining operating the most significant silver mining facilities—including Greens Creek in Alaska (the country’s largest silver mining operation) and Lucky Friday in Idaho.

Bolivia: Small But Resilient Supplier

Bolivia’s silver mining declined marginally by 14 MT to reach 1,200 metric tons in 2023. The country holds 22,000 metric tons of reserves concentrated in the Potosí region, where operations include the San Cristobal zinc-lead-silver mine and Pan American Silver’s San Vicente underground silver mining complex. This reserve base suggests significant future mining expansion potential.

Why Understanding Global Silver Mining Geography Matters

The concentration of silver mining in a limited number of regions creates important implications for supply stability. Mexico’s dominance, Peru’s reserve potential, China’s production volume, and the Americas’ collective output shape global silver pricing and availability. Labor disruptions (as seen at Peñasquito), geopolitical tensions (affecting Russia), and reserve depletion concerns drive where is silver mined and how much reaches global markets.

For investors, supply chain professionals, and industry analysts, knowing where silver mining operations concentrate geographically is essential for forecasting supply trends and identifying emerging opportunities in the precious metals sector. The current distribution of global silver mining reflects both geological advantages and decades of mining infrastructure investment, making it unlikely that the current hierarchy will shift dramatically in the near term.