Cobre Limited: Unlocking Copper and Critical Minerals for a Low-carbon
Increasing silver demand in recent years hasn’t been met by increases in mine production; global silver production totaled 25,000 metric tons in 2024, pulling back slightly during the period. As the majority of the world’s silver production comes as a byproduct from the mining of gold, copper, lead and zinc, silver production has largely been tied to fortunes in those other markets rather than its own fundamentals.
With prices of the metal rising to their highest level in more than a decade, the top silver countries could benefit.
Below is an overview of the countries that are already driving the mining output in 2024. Statistics are based on the latest report from the US Geological Survey, along with supporting data from Mining Data Online (MDO) and the UN Comtrade database.
The USGS reports silver production in metric tons while most companies report in ounces. As a point of reference, 1 metric ton of silver is equivalent to 35,274 ounces of the metal.
1. Mexico
Silver production: 6,300 metric tons
Mexico is the world’s largest silver producer with production of 6,300 metric tons of the precious metal in 2024, nearly double second-place China.
Silver has been an important commodity for the country for hundreds of years, with evidence of trade dating back to the 1500s. In 2024, the mining sector in Mexico contributed $312.46 billion pesos to the Mexican economy, and silver alone made up $68.24 billion pesos of that total.
The states of Zacatecas, Durango and Chihuahua account for 80 percent of the country’s total output of the metal. The country’s largest silver mine is Newmont’s (TSX:NGT,NYSE:NEM) Penasquito mine in Zacatecas. In 2024, the mine produced 33 million ounces (935.5 metric tons) of silver and is expected to deliver more than 28 million ounces in 2025.
Mexico is also home to Fresnillo (LSE:FRES), the world’s largest silver producer. In 2024, the company produced 56.3 million ounces (1,496 metric tons) of silver between its mines, which are all located in the country.
2. China
Silver production: 3,300 metric tons
China produced 3,300 metric tons of silver in 2024, a decline from the 3,400 metric tons it produced in 2023. According to Shanghai Metal Market (SMM), the drop off is part of a longer trend that is owed to lower silver grades as older mines begin to deplete reserves of the metal.
Most silver is produced as a byproduct metal from the mining of lead, copper, zinc and gold. Of the few silver primary operations in the country, Silvercorp Metals’ (TSX:SVM,NYSEAMERICAN:SVM) Ying mining district is the largest, hosting seven underground mines and two processing plants.
In its fiscal year ended March 31, 2025, the Ying mining district produced 6.95 million ounces (197 metric tons) of silver, up 17 percent year-over-year. The increase was supported in part by an extension to the number two mill in November…
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