Mine Production

Global silver mine production fell by 1 percent to 830.5 Moz in 2023. Output was significantly affected by the four-month suspension of operations at Newmont’s Peñasquito mine in Mexico following a labor strike. Mexico’s silver output fell by 5 percent to 202.2 Moz. In addition, lower ore grades and some mine closures negatively impacted production in Argentina, which experienced a 4.9 Moz drop in production, Australia at -3.1 Moz, and Russia at -1.4 Moz. However, these losses were somewhat mitigated by increased supply from Chile at +10.1 Moz and Bolivia at +3.8 Moz.

Last year, Mexico was the leading silver mining country, followed by China, Peru, Chile, and Bolivia.

Table of top 20 silver producing countries 2022 vs 2023

Table of top 20 silver producing companies 2022 vs 2023
Material and statistics in this section were adapted in part from the Silver Institute’s World Silver Survey 2023.