Top-10 Silver Producing Countries in the World 2024

Silver, a precious metal with a rich history dating back thousands of years, continues to hold significant economic and industrial importance in the modern world. As of 2024, several countries stand out as major contributors to the global silver supply chain. Here, we explore the top 10 silver-producing nations and their contributions to this vital market.

Top Silver Producing Countries in the World

Silver, a highly valued metal, finds extensive use across various sectors such as jewelry, electronics, and photography. It also serves as a significant investment commodity, traded on stock exchanges worldwide. The price of silver is subject to fluctuations driven by supply-demand dynamics, influenced by global economic conditions and currency strength. The top 10 silver-producing nations significantly influence the silver market, their production levels directly impacting silver prices globally.

Largest Silver Producing Country in the World 2024

In 2024, Mexico retained its title as the world’s largest producer of silver, with an impressive production volume of 6,300 tonnes. Within Mexico, the state of Zacatecas continued to lead the pack, contributing 36% of the nation’s silver output. Notably, the Peñasquito silver mine, under the ownership of Newmont, maintained its status as Mexico’s largest silver mine, producing approximately 32.4 million ounces of silver. Despite a slight decline projected from 2022 to 2026, silver mining remains a vital contributor to Mexico’s economy, fostering employment, infrastructure development, and government revenue.

Top-10 Silver Producing Countries in the World 2024

Mexico with the silver production of 6300 tonnes, stands as the largest silver producer in the world, followed by China, Peru, Chile, and Australia.

Here is the list of top-10 silver producing countries in the world 2024:

Largest Silver Producing Country in the World – Mexico

Silver Production: 6300 tonnes

Mexico retained its status as the world’s top silver producer in 2024, yielding 6,300 tonnes of silver. Zacatecas emerged as Mexico’s leading silver-producing state, contributing 36% of the nation’s output. The Peñasquito mine, owned by Newmont, maintained its position as Mexico’s largest silver mine, producing 32.4 million ounces of silver. Despite a projected decline in production from 2022 to 2026, silver mining remains a cornerstone of Mexico’s economy, driving employment and infrastructure growth.

Second Largest Country in terms of Silver Production – China

Silver Production: 3600 tonnes

China secured its position as the world’s second-largest silver producer in 2024, generating 3,600 tonnes of silver. The nation witnessed a modest increase of 0.74% in silver production from 2021 to 2022, with a further projected rise of 0.45% by 2026. China’s silver mining growth is attributed to advancements in the mining sector, primarily occurring in provinces like Inner Mongolia, Yunnan, and Xinjiang. However, environmental concerns persist, including habitat destruction and water pollution.

World’s Third Largest Silver Producing – Peru

Silver Production: 3100 tonnes

Peru ranks as the world’s third-largest silver producer, with a production of 3,100 tonnes in 2022, contributing 12% to global output. Predominantly sourced as a byproduct of copper, lead, and zinc mining, Peru boasts the largest silver reserves worldwide, estimated at 98,000 metric tons. Despite recent production declines attributed to various factors, including pricing and operational costs, Peru remains a significant player in the global silver market, with expectations for a rebound in production.