Top 20 Silver Miners Contribute 43% to Global Production Amid Industry Challenges

According to the World Silver Survey 2024 by the Silver Institute, global silver production decreased by 1% from 2022 to 2023. This decline was primarily due to industry events disrupting production, which affected the output of several major silver-producing countries. In 2023, global silver mining companies collectively produced 831 million ounces of silver, with the top 20 producers accounting for 43% of the total output, amounting to 371 million ounces.

Between the second and third quarters of 2023, production at Newmont’s Peñasquito mine in Mexico was halted due to a strike, significantly reducing Mexico’s silver output. Besides, Argentina’s silver grade in 2023 was lower than expected, and both Australia and China also saw declines in production. However, significant increases in silver production in smaller producers like Chile and Bolivia largely offset the declines in other countries.

Looking ahead to 2024, despite ongoing challenges, mines in Mexico and the United States are expected to recover production. However, the Silver Institute still anticipates that total production by silver mining companies will decline slightly to approximately 824 million ounces, with a decrease of less than 1%, primarily due to temporary shutdowns at many productive mines in Peru.

As industrial demand for silver surged while supply largely remained stable, the silver market experienced a significant shortfall for the third consecutive year in 2023. Among different sectors of demand, only industrial manufacturing saw an increase in silver consumption. In 2023, industrial demand for silver rose by 11% year-over-year, marking the third consecutive annual record, with industrial use now comprising 55% of total silver demand. The surge in silver demand was driven mainly by applications in the green economy, particularly in the photovoltaic sector, continuing the trend from 2021-2022.

Among the world’s top 20 silver producers, 11 are based in North America, including Mexico’s Fresnillo, which had the highest production last year.

Rank	Company Name	Headquarters	Region	Production (Moz)
1	Fresnillo	Mexico	North America	54
2	KGHM Polska Miedź	Poland	Europe	46
3	Hindustan Zinc Ltd	India	Asia	24
4	Pan American Silver	Canada	North America	20
5	Glencore	Canada	North America	20
6	CODELCO	Chile	South America	19
7	Industrias Peñoles	Mexico	North America	19
8	Southern Copper	USA	North America	18
9	Newmont	USA	North America	18
10	Solideco Resources	Kazakhstan	Asia	18
11	Volcan Cia Minera	Peru	South America	15
12	Hecla Mining	USA	North America	14
13	South32	Australia	Oceania	13
14	BHP	Canada	North America	12
15	Boliden	Sweden	Europe	10
16	Nexa Resources	Luxembourg	Europe	10
17	Coeur Mining	USA	North America	10
18	First Majestic Silver	Canada	North America	10
19	SSR Mining	USA	North America	10
20	Hochschild Mining	Peru	South America	10
Total				371

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