Silver mining is concentrated in a relatively small group of countries, with Latin America playing an especially important role in global supply.

According to the World Silver Survey 2026, produced independently by Metals Focus for the Silver Institute, global silver mine production reached 846.6 million ounces in 2025, up 3% from 823.6 million ounces in 2024. Mexico remained the largest producer, while strong gains in Peru and Russia contributed significantly to the increase.

Because 2026 is not yet complete, a definitive ranking based on full-year 2026 production does not exist. The ranking below therefore uses 2025 mine production, the latest complete annual data published in 2026. The Silver Institute currently forecasts global mine production of about 844.1 million ounces in 2026, a slight 0.3% decline from 2025.

Mexico remained the world's largest silver-producing country, mining 172.9 million ounces in 2025. That represented about one-fifth of global mine production.

Output fell 5% from 181.1 million ounces in 2024. The World Silver Survey points to weaker production at several Mexican operations, including Newmont's Peñasquito mine. Peñasquito alone produced 28.0 million ounces in 2025, down from 33.0 million ounces a year earlier.

Peru ranked second with 130.6 million ounces, an increase of 7% from 121.6 million ounces in 2024.

Higher silver output from copper operations helped drive the increase. The World Silver Survey identifies Peruvian copper mines as important contributors to the rise in global by-product silver supply. Antamina produced 17.7 million ounces of silver in 2025, compared with 11.4 million ounces a year earlier.

China produced 112.8 million ounces of silver, up 3% from 109.7 million ounces in 2024.

China is particularly important to silver supply from lead and zinc mining. Metals Focus identifies China, Bolivia and Peru as the largest sources of silver produced from lead and zinc operations, illustrating how much silver production depends on mining activity for other metals.

Russia's production climbed sharply to 56.0 million ounces, up 23% from 45.5 million ounces in 2024.

The increase was partly driven by the ramp-up of Polymetal JSC's Prognoz operation. Metals Focus identifies rising Russian production as one of the main reasons global mined silver supply increased during the year.

Bolivia produced 49.9 million ounces, an increase of 4% from 47.8 million ounces in 2024.

San Cristobal remained particularly important. The mine produced 17.6 million ounces in 2025, according to the World Silver Survey, while increased production at the operation also contributed to higher global silver output from lead and zinc mines.

Chile's silver production increased 8% to 42.7 million ounces, compared with 39.4 million ounces in 2024.

Much of Chile's silver is connected to its enormous copper mining industry. Metals Focus reported higher silver production from copper operations including Escondida and operations belonging to Codelco during 2025.

Poland followed closely with 42.6 million ounces, essentially unchanged from the 42.5 million ounces produced in 2024.

KGHM Polska Miedź dominates Polish silver production. The World Silver Survey recorded 41.1 million ounces from KGHM's consolidated operations in 2025, making them the largest silver-producing mining operation or group of operations in its mine ranking.

The United States produced 35.7 million ounces, up 5% from 34.0 million ounces in 2024.

Hecla Mining's Greens Creek operation in Alaska was among the country's largest contributors, producing approximately 8.7 million ounces during the year. Despite gains in the United States and Canada, total North American production declined because Mexico's decrease was larger.

Australia ranked ninth with 32.9 million ounces, down 2% from 33.6 million ounces in 2024.

Cannington, one of the country's major silver-producing operations, produced about 9.2 million ounces in 2025, down from 11.6 million ounces in 2024. At the same time, new production from Polymetals Resources' Endeavor operation contributed additional by-product silver from lead and zinc mining.

Argentina completes the top 10 with 22.1 million ounces, down 5% from 23.4 million ounces in 2024.

SSR Mining's Puna operation accounted for a substantial portion of the country's production, with approximately 9.8 million ounces in 2025 compared with 10.5 million ounces in 2024.

Together, the 10 largest producing countries mined about 698.2 million ounces, or roughly 82% of global silver mine production in 2025. Mexico, Peru and China alone accounted for approximately 416.3 million ounces, close to half of the worldwide total.

But country rankings tell only part of the supply story. Unlike commodities produced mainly at dedicated mines, much of the world's silver is recovered as a secondary product of mining for other metals.

Metals Focus estimated that only 26% of global silver mine production came from primary silver mines in 2025. Non-primary silver production reached 625.5 million ounces. Lead and zinc mines were the largest source, followed by copper operations, while gold mines also supplied substantial quantities.

That distinction matters because higher silver prices do not automatically translate into an equally rapid increase in mine supply. Production from a copper, lead, zinc or gold mine is influenced heavily by the economics and operating plans of its primary metal.

The latest World Silver Survey forecasts 844.1 million ounces of global mine production in 2026, compared with 846.6 million ounces in 2025.

Metals Focus expects a recovery in Mexican production to be offset by weaker output elsewhere, particularly from lead and zinc operations in Peru. The forecast represents expected production rather than reported results and could change as actual mine performance becomes known.

The U.S. Geological Survey provides a separate set of country production estimates in its Mineral Commodity Summaries 2026. Its figures do not perfectly match the World Silver Survey because the organizations use their own data collection, estimation and revision processes. The USGS describes its annual publication as the earliest comprehensive source of worldwide 2025 mineral production data, while the Silver Institute's ranking is based on research conducted by Metals Focus.

For a ranking published during 2026, the completed 2025 figures therefore provide the most consistent basis for comparing countries. On that basis, Mexico remains the clear global leader, while Peru and China complete a top three that accounts for nearly half of all newly mined silver worldwide.