Where Silver Gets Mined: Mapping the 2024 Global Production Landscape

When asking where is silver mined globally, the answer tells a fascinating story about resource geography and mining economics. In 2023, the world’s silver mining operations collectively produced 26,000 metric tons, with production concentrated across just a handful of key regions. Understanding these mining hotspots is crucial for anyone tracking precious metals supply chains or evaluating mining investments.

Mexico Dominates: The Undisputed Silver Mining Hub

At the forefront of where is silver mined sits Mexico, which churned out 6,400 MT in 2023—a modest 205 MT increase from the prior year. This Latin American nation hosts some of the planet’s most productive silver mining operations, particularly in Zacatecas state, home to two global heavyweight mines.

Fresnillo stands as the world’s largest primary silver company, with 2023 output climbing 4.7% year-over-year. Alongside it operates Newmont’s Peñasquito polymetallic mine, Mexico’s largest open-pit operation. That said, 2023 brought operational headwinds when worker strikes halted Peñasquito for four months, underscoring the production volatility in major silver mining jurisdictions.

The Secondary Wave: Asia, South America, and Eastern Europe Compete

Beyond Mexico’s dominance, the geography of where silver is mined sprawls across diverse regions, each with distinct production characteristics.

China emerged as the second-largest producer with 3,400 MT, though most originates as a by-product from copper, zinc, and gold extraction. State-owned and private operators alike contribute to output, with Silvercorp Metals representing the country’s largest dedicated primary silver producer.

Peru ranks third with 3,100 MT production and boasts the world’s most impressive silver reserves—98,000 MT—suggesting potential to rival Mexico’s position in future years. The Antamina joint venture between BHP, Glencore, Teck Resources, and Mitsubishi forms the production backbone, though it primarily operates as a copper mine with silver as a valuable by-product.

The Tier-Two Producers: Efficiency Meets Scale

Moving down the production hierarchy, a cluster of mid-tier silver mining nations demonstrates how regional geology translates into output:

Chile produced 1,400 MT in 2023, down 126 MT from 2022, with state-owned Codelco and international players like Glencore operating major copper-gold operations that yield substantial silver recoveries. Meanwhile, Poland maintained steady output at 1,300 MT, with KGHM Polska Miedz anchoring the country’s position in global rankings.

Australia, Bolivia, and Russia each generated 1,200 MT, representing a critical third tier. In Australia, South32’s Cannington mine claims status as one of the world’s lowest-cost silver producers. Russia’s production faced uncertainty when Polymetal International began divesting its Russian assets in 2024, reshaping the regional competitive landscape.

Emerging Players and Future Trajectories

At the bottom of the top-10 silver mining list, the United States contributed 1,000 MT through operations concentrated in Alaska and Nevada, while Kazakhstan added 990 MT, narrowly displacing Argentina from the rankings despite a year-on-year production decline.

The broader picture reveals how where is silver mined continues evolving. Chile’s 2023 dip signals potential supply tightness, yet Peru’s vast reserves and new mine startups signal production expansion ahead. Mexico faces operational risks from labor actions, while Poland’s 63,000 MT reserve base suggests room for scaling.

What This Means for the Market

Global silver mining patterns demonstrate that production is highly concentrated—the top three nations (Mexico, China, Peru) account for roughly half of world supply. This concentration creates both opportunity and risk: geopolitical tensions, labor disputes, or regulatory shifts in key jurisdictions can ripple through global silver markets within quarters.

For investors evaluating mining-focused positions, knowing where is silver mined, which companies operate in those regions, and what reserve bases remain untapped provides essential context for long-term thesis development. As new projects come online in Peru and elsewhere, the competitive dynamics among top-tier silver mining operators will continue reshaping the industry landscape.