Global Silver Production Landscape: Key Mining Regions in 2023

When analyzing investment opportunities in precious metals mining, understanding the geography of silver-producing regions becomes crucial. Beyond tracking price movements, savvy investors examine production capacity, mining regulations, and deposit quality in major silver production areas. The world’s silver supply chain reveals interesting patterns: in 2023, global output reached 26,000 metric tons, with Mexico reinforcing its position and several new mining operations coming online in Chile and elsewhere. Below is a comprehensive look at the world’s most significant silver-producing regions and the companies driving output in these areas.

Mexico: Anchoring Global Silver Production

Mexico continues to dominate the silver market, delivering 6,400 metric tons in 2023—a marginal increase of 205 MT compared to 2022. The country’s leadership stems largely from Fresnillo, listed on the LSE as FRES and on the Pink Sheets as FNLPF, which holds the distinction of being the world’s largest primary silver company. Fresnillo’s own silver output climbed 4.7 percent year-over-year in 2023.

Zacatecas state houses two of the planet’s most prolific silver operations: Fresnillo’s namesake mine and Newmont’s Peñasquito polymetallic facility, which doubles as Mexico’s most expansive open-pit mining operation. Labor disputes during 2023 temporarily halted Peñasquito’s activities for four months, underscoring the operational risks that can impact silver production even in established regions.

China: Rising As a Silver Power

China supplied 3,400 metric tons of silver in 2023, positioning itself as the second-largest silver-producing region globally. The Silver Institute attributes much of China’s expansion to strategic development of its mining infrastructure, with the majority of Chinese silver emerging as a byproduct of other metal extraction. Silvercorp Metals, trading on the TSX under the ticker SVM, operates as the country’s leading primary silver producer, managing a portfolio of silver-lead-zinc mines including the multi-operation Ying district complex and Gaocheng facilities.

South America’s Silver Wealth: Peru, Chile, and Bolivia

Peru ranked third in 2023 with 3,100 metric tons of fresh silver supply, edging up from 3,079 MT the previous year. The country commands the world’s most impressive silver reserves, estimated at 98,000 metric tons—a reserve base that could eventually position Peru to challenge Mexico’s market supremacy. Antamina, a joint venture spanning BHP, Glencore, Teck Resources, and Mitsubishi, represents Peru’s principal silver source, though the operation primarily targets copper with silver captured as secondary output. Fortuna Silver Mines, advancing through its multi-mine portfolio, contributed over 1.23 million ounces from its Caylloma operation in Peru during 2023.

Chile contributed 1,400 metric tons in 2023, sliding approximately 126 MT year-over-year, despite maintaining substantial reserves of 26,000 metric tons. The region’s silver output derives predominantly from copper and gold mining byproducts. State-owned Codelco, among the world’s foremost copper enterprises, equally ranks among the globe’s top silver-producing companies, operating Chuquicamata and Mina Ministro Hales. Three additional major silver mining facilities—Glencore’s Collahuasi, Kinross Gold’s La Coipa, and BHP’s Escondida—complete Chile’s mining landscape.

Bolivia’s silver output edged down by 14 metric tons in 2023 to 1,200 MT, yet the country harbors 22,000 MT in reserves, indicating room for future expansion. The Potosí region concentrates Bolivia’s silver mining activity, particularly through San Cristobal Mining’s zinc-lead-silver operation and Pan American Silver’s underground San Vicente facility.

Central and Eastern Europe: Poland’s Steady Output

Poland maintained 1,300 metric tons of silver production in 2023, operating near prior-year levels while sitting atop 63,000 metric tons of identified reserves. KGHM Polska Miedz, headquartered in Poland and listed on the Warsaw Stock Exchange as KGH, consistently ranks among the world’s elite silver-producing enterprises according to the Silver Institute.

Northern Hemisphere Producers: Australia, Russia, and Beyond

Australia generated 1,200 metric tons of silver in 2023, matching production in Russia and Bolivia. The country’s mining heritage runs deep—BHP commenced operations there as a silver venture during the 1920s. Contemporary production flows primarily through South32’s Cannington facility in Queensland, celebrated as one of the world’s largest and most cost-efficient silver mines. Additional contributors include Glencore’s Mount Isa zinc operation and Aeris Resources’ Tritton copper mine. Development-stage projects such as Horizon Minerals’ Nimbus silver-zinc venture in Western Australia and Silver Mines’ Bowdens and Webbs projects in New South Wales signal future production potential.

Russia’s silver output decreased by 80 metric tons in 2023 to reach 1,200 MT, despite commanding 92,000 metric tons in reserves. Polymetal International previously dominated Russian silver extraction across seven gold-silver mines but received shareholder approval in early 2024 to divest its Russian operations to Mangazeya Mining. Silver Bear Resources continues smaller-scale operations at its Mangazeisky project, producing 264,144 ounces during Q1 2024 from what the company characterizes as one of the world’s highest-grade silver deposits.

United States and Kazakhstan: Completing the Top Tier

The United States mined 1,000 metric tons in 2023, down 10 MT annually, dispersed across four primary silver operations and thirty-one base-precious metal facilities. Alaska and Nevada lead domestic production, with the nation maintaining 23,000 metric tons in reserves. Hecla Mining, publicly traded on the NYSE as HL, operates the country’s largest silver mine, Greens Creek in Alaska, alongside the Lucky Friday operation in Idaho.

Kazakhstan rounded out the top ten with 990 metric tons, replacing Argentina in the rankings, though output slipped from 1,053 MT in 2022. KAZ Minerals, the country’s foremost silver producer, controls five operating assets, two of which rank among Kazakhstan’s five largest silver mines.

The Strategic Picture for Silver-Producing Regions

The distribution of global silver production across multiple continents underscores the importance of understanding regional dynamics for anyone monitoring precious metals. Mexico’s continued leadership, combined with Asia’s rising capabilities and South America’s vast reserves, creates a diversified landscape for the silver production industry. As mining technologies evolve and environmental standards tighten, the competitiveness of these key silver-producing regions will likely shift in coming years.