Top Silver Producing Countries in the World

Top silver production today is dominated by a surprisingly small club of countries — and they’re not all the ones you might expect.

Using the most recent global country-level data from The Silver Institute’s World Silver Survey (via USGS and Mining.com, for the 2023 mining year), global mine output was about 830.5 million ounces (Moz) of silver. Mexico alone accounts for almost a quarter of that.

Below is a ranked look at the top 15 silver-producing countries in the world, how much they produce, and what makes each one important.

Note on data: Production figures and ranking are for 2023 mine production, based on The Silver Institute’s World Silver Survey (as summarized by Mining.com and Silver Institute publications).

Snapshot: Top 15 Silver-Producing Countries (2023)

Global mine production 2023: ~830.5 Moz

Table: Top 15 Silver Producers, 2023 (Mine Production)

*Shares are approximate, calculated against 830.5 Moz of global mine output in 2023.

How Silver Production Is Counted (and Why It’s Tricky)

Before diving into each country, it’s worth understanding two quirks that make silver a bit different from gold or copper in supply statistics:

1. Most silver is a byproduct
   Only about 20–30% of global silver comes from “primary” silver mines where silver is the main product. Roughly 70–80% is mined as a byproduct of lead, zinc, copper, or gold operations.

   • That means silver output is often tied to the economics of other metals.

   • If copper prices collapse, some silver production may fall even if silver prices are strong.

2. Data is dominated by a few sources

   • The Silver Institute / World Silver Survey – compiles global mine, scrap, and demand data.

   • USGS Mineral Commodity Summaries – provides tonnage-based country data, typically in metric tons, which aligns closely with Silver Institute figures.

Together, they give us the ranking you see above.

#1 – Mexico: The Undisputed Silver Superpower

Production (2023): ~202.2 Moz (~24% of world supply)

Mexico has been synonymous with silver for centuries. From colonial-era bonanzas to modern industrial mining, the country has consistently been at or near the top of global production.

Why Mexico leads

• Giant polymetallic belts
  Mexico’s silver often comes with lead, zinc, and gold in epithermal and carbonate-replacement deposits, especially in states like Zacatecas, Durango, Sonora, and Fresnillo.

• World-class mines
  Key operations include:

  • Peñasquito (Newmont) – one of the world’s largest polymetallic mines, yielding significant silver as a byproduct.

  • Fresnillo, Saucito, San Julián, and Juanicipio – major silver producers operated by Fresnillo and partners.

• Industrial ecosystem
  Mexico’s mining service sector, infrastructure, and long history of silver mining make it relatively efficient to operate and expand.

Recent developments

In 2023, Mexico’s output dipped slightly due to a labor dispute and temporary shutdown at Peñasquito, but it still held a clear lead over all other countries.

#2 – China: The Byproduct Giant

Production (2023): ~109.3 Moz (~13% of global output)

China is rarely thought of as a “silver country” first, but it is a powerhouse in base metals — and that’s where most of its silver comes from.

Key features

• Byproduct bonanza
  Silver is recovered from large lead-zinc and copper operations in regions such as Inner Mongolia, Hunan, Yunnan, and Jiangxi.

• Integrated smelting and refining
  Many Chinese smelters recover silver from concentrates, allowing the country to capture value along the entire chain.

Strategic angle

China’s silver production supports domestic demand for:

• Electronics

• Solar panels

• Industrial applications

At the same time, China is a major fabricator of silver products and an important driver of global industrial demand in solar photovoltaics and electronics.

#3 – Peru: High-Altitude Silver and Massive Reserves

Production (2023): ~107.1 Moz (~13% of global output)

Peru is a traditional silver heavyweight, with mining history stretching back to the Spanish colonial era and beyond.

Why Peru matters

• Huge reserves
  USGS estimates Peru has the largest silver reserves in the world, on the order of ~140,000 metric tons.

• Multi-metal mines
  Major operations like Antamina, Inmaculada, and Toromocho produce silver alongside copper, zinc, and gold.

• Andean mining belt
  Most mining is at high altitude in the Andes, where logistics are challenging but ore grades can be excellent.

Peru’s production has been fairly stable, but political disruptions and community conflicts occasionally impact operations.

#4 – Chile: Copper Kingdom, Silver Side-Hustle

Production (2023): ~52 Moz (~6% of global output)

Chile is world-famous as the top copper producer, but that same copper industry is quietly responsible for making the country a top silver producer.

What drives Chile’s silver

• Byproduct of copper giants
  Large copper mines (e.g., Escondida, Collahuasi, and other porphyry systems in the Atacama region) often produce commercially significant silver.

• Rising byproduct output
  Recent years have seen Chile’s silver output increase, helped by expansions and higher throughput at copper mines.

Chile’s silver future is strongly correlated with copper expansion plans and decarbonization demand, since copper is critical for electrification and renewables.

#5 – Bolivia: Historic Heartland of Silver

Production (2023): ~42.6 Moz (~5.1% of world output)

Bolivia’s name is etched into silver history thanks to Cerro Rico at Potosí, once one of the richest silver deposits on Earth.

Today’s picture

• Legacy and new projects
  Potosí is still active, but Bolivia’s production is now spread across several polymetallic deposits.

• Strong growth in 2023
  Silver Institute notes a notable increase in Bolivian output in 2023, helped by higher production at existing mines.

Bolivia also hosts significant undeveloped silver-tin projects that could reshape its ranking in coming years if fully built out.

#6 – Poland: Europe’s Copper-Silver Powerhouse

Production (2023): ~42.5 Moz (~5.1% of global output)

Poland is a bit of a hidden champion in silver. Most of its production comes from KGHM’s copper operations in the Lubin–Głogów area.

Key points

• Byproduct from copper mines
  Poland’s silver is recovered from copper ore, making it largely insulated from silver price swings and more dependent on copper economics.

• High silver yield per tonne of ore
  Some Polish copper deposits are unusually rich in silver, giving the country an outsize role in global silver supply.

Poland underscores how Europe remains relevant in hard-rock mining, even though most new mega-projects today are elsewhere.

#7 – Russia: A Diversified Metals Producer

Production (2023): ~39.8 Moz (~4.8% of global output)

Russia is a major producer of many metals — gold, palladium, nickel, and copper among them — and silver is very much part of that portfolio.

• Byproduct model
  Companies like Polymetal and Norilsk Nickel produce silver alongside gold and base metals.

• Geopolitical overlay
  Sanctions and trade restrictions have complicated Russia’s metals exports, but internal production remains substantial.

Russia’s silver output could be redirected more towards non-Western buyers over time, but the country is unlikely to vanish from the top-producer rankings soon.

#8 – Australia: Silver From a Mining Superstate

Production (2023): ~34.4 Moz (~4.1% of world output)

Australia has enormous silver reserves, often hosted in polymetallic or lead-zinc systems, and a deep mining industry.

Key features

• Major mines
  Historically important operations like Cannington and other lead-zinc-silver deposits contribute significantly to output.

• Strong project pipeline
  Ongoing exploration for base metals and gold supports future silver production.

Australia’s silver is tightly intertwined with its broader role as a supplier of raw materials to Asia, especially China.

#9 – United States: Steady but Secondary

Production (2023): ~32 Moz (~3.9% of world output)

The U.S. is not a global silver giant like Mexico or Peru, but it’s a consistent mid-tier producer with important regional mines.

Where the silver comes from

• Key states: Alaska, Nevada, and a handful of others lead U.S. silver production.

• Byproduct silver
  A lot of the silver is recovered from polymetallic deposits and gold mines.

USGS notes that U.S. silver mine output has edged up recently, helped by expansions and new projects such as developments at the Rochester mine in Nevada.

#10 – Argentina: Growing but Volatile

Production (2023): ~26 Moz (~3.1% of global output)

Argentina’s silver industry has expanded over the past two decades, tied to both gold-silver and base-metal operations.

• Key mines
  Projects in Patagonia and the Andes, including gold-silver epithermal deposits, are central to its output.

• Recent headwinds
  Silver Institute reporting suggests Argentina experienced a noticeable decline in silver output in 2023 due to lower ore grades and some mine closures.

A pipeline of new projects, however, could stabilize or increase production if economic and political conditions allow.

#11 – India: From Buyer to Producer

Production (2023): ~23.8 Moz (~2.9% of global output)

India is best known as a huge silver consumer — especially for jewelry, silverware, and investment — but it has quietly grown into a meaningful producer too.

What’s happening in India

• Hindustan Zinc
  The company has become one of the world’s largest integrated silver producers, with silver output soaring over the last decade.

• Byproduct from zinc-lead mines
  Silver is recovered alongside zinc and lead in Rajasthan and other mining regions.

• Demand at home
  India’s industrial and investment demand absorbs a large chunk of its own production — and then some — leaving it a net importer overall.

#12 – Kazakhstan: Central Asian Polymetallic Hub

Production (2023): ~16.6 Moz (~2.0% of world output)

Kazakhstan’s silver production hinges on large polymetallic deposits that also yield zinc, lead, and copper.

• Soviet-era resource base
  Many deposits were initially developed in the Soviet period and are now being modernized.

• Strategic geography
  Kazakhstan’s position between Russia and China gives it access to multiple export routes for concentrates and refined metals.

While not as high-profile as Mexico or Peru, Kazakhstan is a classic example of a byproduct-rich mining economy.

#13 – Sweden: Europe’s Nordic Silver Node

Production (2023): ~12.6 Moz (~1.5% of global output)

Sweden’s mining sector is often associated with iron ore and base metals, but it also generates notable silver output.

• Byproduct of base metals
  Mines producing zinc, lead, and copper in Sweden yield silver as part of their concentrate streams.

• High operating standards
  As an EU member with strong environmental regulations, Sweden illustrates how silver mining is adapting to stricter ESG expectations.

Silver from Sweden reinforces Europe’s ability to supply some of its own industrial needs, albeit at modest global scale.

#14 – Indonesia: Silver From Copper and Gold Giants

Production (2023): ~10.3 Moz (~1.2% of world output)

Indonesia’s silver production is closely tied to spectacular world-class mines like Grasberg, one of the largest copper-gold deposits on the planet.

Key points

• Copper-gold-silver combo
  Grasberg and other deposits in Papua and elsewhere generate silver as a co-product of extremely valuable copper and gold operations.

• Price-leveraged
  Because silver is a byproduct, its output is very sensitive to broader strategies and production plans for copper and gold.

Indonesia’s overall mining policy and regulatory conditions thus have knock-on effects on global silver availability.

#15 – Morocco: North African Silver Player

Production (2023): ~8.8 Moz (~1.1% of global output)

Morocco may not be the first country one associates with silver, but it has become a meaningful producer, leveraging:

• Polymetallic deposits in the Atlas and Anti-Atlas regions.

• An expanding mining and exploration sector, driven in part by demand for a range of metals, not just silver.

Morocco’s production underscores how smaller but fast-growing mining jurisdictions can still crack the top 15 globally.

Regional Patterns: Who Really Leads?

1. Latin America vs the rest

If you aggregate the big Latin American players — Mexico, Peru, Chile, Bolivia, Argentina — they collectively account for well over 50% of global mine production.

Latin America’s advantages:

• Exceptional geological endowment (epithermal, porphyry, and carbonate-replacement deposits).

• Long mining tradition and specialized workforce.

• Established infrastructure in many mining districts.

2. The rise of Asia

• China, India, Kazakhstan, and Indonesia show how Asian economies:

  • Use silver heavily in manufacturing and solar.

  • Also supply a growing share of mined metal.

Silver supply in Asia is tightly linked to the development of large, integrated resource companies and state-influenced mining strategies.

3. Europe and North America: Stable but secondary

• Poland and Sweden keep Europe relevant.

• The U.S. and Canada (Canada is 17th in the full list) both contribute but are relatively modest producers compared to Latin America and China.

These regions remain crucial for recycling, industrial fabrication, and investment demand even when their mine output is mid-tier.

Beyond Mine Output: Other Factors That Matter

When we talk about “who leads global silver production,” it’s worth adding three more dimensions that don’t show up in tonnage tables:

1. Reserves and future potential

   • Peru, Australia, Russia, and China all boast enormous silver reserves, giving them long-term leverage even if current mine output ranks differ.

2. Recycling and above-ground stocks

   • Countries with strong jewelry, industrial, and investment markets (e.g., India, the U.S., China) play an outsized role in recycling flows, which are a key part of total silver supply.

3. Industrial demand, especially solar

   • Silver is a critical material in solar photovoltaic cells, automotive electronics, and 5G-era electronics.

   • This means top silver-consuming countries (China, the U.S., EU, India) increasingly shape the economics of mining projects worldwide.

The Bottom Line: Who Really “Leads” Global Silver?

If we define “leading” strictly by mine production, then:

• Mexico is the clear #1, supplying nearly a quarter of the world’s mined silver.

• China and Peru form the second tier, each contributing close to 13%.

• Chile, Bolivia, and Poland anchor a strong middle tier of producers with 5–6% shares.

If we broaden “leadership” to include reserves, industrial demand, and strategic influence, then:

• Mexico, Peru, and Chile are central for raw mine supply.

• China and India are crucial for both production and massive downstream demand.

• Poland, Russia, Australia, and the U.S. help provide redundancy and diversification in global supply chains.

Silver may be the “second” precious metal after gold in the popular imagination, but on the ground it’s a critical industrial commodity — and this small group of 15 countries is responsible for the lion’s share of getting it out of the ground.