Feb 16, 2024
6 mins read

Which country produces the most Silver?

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Key Takeaways:

  • Silver, as a highly malleable and conductive metal, is widely used in various sectors and has long been revered as the ultimate store of value and a haven for investment 
  • The price of Silver, quoted as XAG/USD, currently stands at $22.883 as of February 13, 2024


The silver industry, often overshadowed by its more famous cousin, Gold, plays a crucial role in the global economy. It also serves as a store of value and a safe-haven investment, making it an essential component of many diversified portfolios. With increasing industrial demands and limited supply, the silver market has grown tremendously, attracting institutional and retail investors. As a result, the silver industry continues to expand and evolve, presenting opportunities and challenges for stakeholders across the globe.


Mexico - 6300 Metric Tonnes 

Mexico is renowned as the leading producer of Silver in the world, with a rich history and a vast resource base. This beautiful country has been a significant player in the silver mining industry for centuries, and its dominance continues today. Mexico's contribution to global silver production is striking, accounting for a substantial portion of the world's total output. In fact, according to Statista, Mexico's silver mines produced some 6,300 metric tons of Silver in 2022, making Mexico the world's largest silver producer. The country's impressive geological formations and favorable climate have allowed for the emergence of extensive silver deposits, making it a prime location for silver mining. Moreover, Mexico's commitment to maintaining a strong mining industry, its skilled workforce, and advanced mining techniques have solidified its position as an unrivalled leader in global silver production. As investors and consumers continue to recognize the value and versatility of Silver, Mexico's significant role in this industry is set to endure well into the future.


China - 3600 Metric Tonnes

China has emerged as a global powerhouse in the silver market, securing its place as the second leading producer of Silver worldwide with an estimated production capacity of 3600 metric tonnes. This significant rise in production can be attributed to several factors. Firstly, China possesses vast reserves of silver deposits, particularly in provinces like Inner Mongolia, Sichuan, and Yunnan. This abundance of resources offers a solid foundation for the country's silver output. Additionally, China has made tremendous advancements in silver mining technology and techniques, enabling efficient extraction and processing of the metal.

Furthermore, the Chinese government has actively supported the growth of its silver industry through favorable policies, encouraging investment, and fostering innovation. This commitment has helped China rapidly expand its silver production capabilities, cementing its position as a key player in the global market. As China continues to invest in and develop its silver sector, it seems poised to maintain its prominent role in the industry for years.


Peru - 3100 Metric Tonnes

Peru, the captivating land of ancient civilizations and breath-taking landscapes, has an even more remarkable claim to fame – it is the world's third leading producer of Silver. This South American country's abundant silver reserves have made it an indispensable player in the global silver market. Thanks to its rich mineral wealth and impressive mining industry, Peru has steadily climbed to become a significant producer of this precious metal. With an estimated 3100 metric tons of Silver produced annually, according to a report by Statista, it stands proudly behind Mexico and China, cementing its position as a crucial player in the global silver trade. Peru's impressive achievement is a testament to its geological fortune and is rooted in its commitment to sustainable mining practices and economic development. As Peru dazzles the world with its silver treasures, it sets new standards for responsible mining and creates a more sustainable future for extracting this globally cherished metal.


Chile - 1600 Metric Tonnes

Chile, a country known for its rich natural resources and burgeoning mining industry, has positioned itself as a global leader in producing Silver. With its diverse geological makeup and favourable mining conditions, Chile has emerged as the world's fourth-leading producer of Silver. The country's silver production currently standing at 1600 metric tonnes, according to Statista, is supported by an extensive network of mines, many of which are located in the country's northern regions, such as Atacama and Coquimbo. These mines benefit from Chile's abundance of silver-bearing minerals, including primary minerals like galena and secondary minerals like chlorargyrite. Additionally, advanced technologies and well-established mining practices support Chile's mining industry, ensuring efficient and sustainable extraction of this precious metal. As a result, Chile has become a key player in the global silver market, contributing significantly to its economy and cementing its status as a highly respected silver producer on the world stage.


Australia - 1400 Metric Tonnes

As the world's fifth leading producer of Silver, Australia's contribution to the silver industry cannot be overlooked. Through its rich and diverse mining operations, the country has managed to tap into its bountiful reserves to extract significant silver deposits. The Australian silver industry benefits from advanced mining technologies and a skilled workforce, making it an attractive destination for global investors. With stringent environmental regulations and emphasis on sustainability, the silver mining industry in Australia ensures responsible extraction practices that maximize production and protect the environment. Australia's status as a leading silver producer showcases its potential to contribute significantly to the global silver supply chain, providing a stable and reliable source of this precious metal to meet the ever-growing demands of industries worldwide.


Current Price of Silver

Silver, quoted as XAG/USD, currently stands at $22.883 as of February 13, 2024. This price reflects the value of one troy ounce of Silver in US dollars. However, silver prices remain under heavy pressure from the dollar, which draws support from firm market expectations that the Fed will leave rates unchanged during the March meeting and start cutting rates during the third quarter of 2024. Despite these rising geopolitical tensions, remaining supportive of the precious grey metal might help lift silver prices further.



Mexico has been a dominant player in the global silver market for centuries. The country's mining industry and its substantial silver reserves have enabled Mexico to consistently produce a significant proportion of the world's silver supply. Moreover, Mexico's commitment to sustainable mining practices has ensured the long-term viability of its silver production, making it a reliable source for domestic and international consumption. While other countries such as Peru, China, and Russia contribute substantially to global silver production, Mexico's consistent output and extensive mining infrastructure have solidified its position as the foremost producer of this precious metal.


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