The Largest Silver Producers in the World
The Largest Silver Producers in the World

The global silver mining world is always changing. Companies search, develop, and make this metal. Industrias Penoles tops them with a $5.57 billion revenue and a $6.135 billion market cap. Polymetal International comes next with $2.67 billion in revenue and a $1.30 billion market cap. Fresnillo PLC is close with $2.50 billion revenue and an $8.40 billion market cap.1

Country Flag Production (kg)
Mexico ๐Ÿ‡ฒ๐Ÿ‡ฝ 6,400,000
China ๐Ÿ‡จ๐Ÿ‡ณ 3,400,000
Peru ๐Ÿ‡ต๐Ÿ‡ช 3,100,000
Chile ๐Ÿ‡จ๐Ÿ‡ฑ 1,400,000
Poland ๐Ÿ‡ต๐Ÿ‡ฑ 1,300,000
Russia ๐Ÿ‡ท๐Ÿ‡บ 1,200,000
Bolivia ๐Ÿ‡ง๐Ÿ‡ด 1,200,000
Australia ๐Ÿ‡ฆ๐Ÿ‡บ 1,200,000
United States ๐Ÿ‡บ๐Ÿ‡ธ 1,000,000
Kazakhstan ๐Ÿ‡ฐ๐Ÿ‡ฟ 990,000
Argentina ๐Ÿ‡ฆ๐Ÿ‡ท 910,000
India ๐Ÿ‡ฎ๐Ÿ‡ณ 690,000
Sweden ๐Ÿ‡ธ๐Ÿ‡ช 458,778
Indonesia ๐Ÿ‡ฎ๐Ÿ‡ฉ 328,333
Canada ๐Ÿ‡จ๐Ÿ‡ฆ 318,558
Morocco ๐Ÿ‡ฒ๐Ÿ‡ฆ 282,269
Uzbekistan ๐Ÿ‡บ๐Ÿ‡ฟ 232,284
Tรผrkiye ๐Ÿ‡น๐Ÿ‡ท 96,340
P. New Guinea ๐Ÿ‡ต๐Ÿ‡ฌ 92,129
Spain ๐Ÿ‡ช๐Ÿ‡ธ 90,169

These big mining companies do more than just silver. They also find metals like gold, palladium, lead, and zinc. Some own mines. Others, like “streaming” companies, buy silver from miners. No matter how they work, they’re key in giving the world the silver it needs for jewelry and electronics.1

Key Takeaways

  • Big names like Industrias Penoles and Polymetal International lead the silver game.
  • They mine not just silver but also gold, lead, and other important metals.
  • The industry is vital for providing silver for many uses globally.
  • “Streaming” firms, which buy silver to sell later, are also crucial.
  • Watchers and investors pay close attention to whatโ€™s happening in the silver market.

Introduction to Silver Mining Industry

The biggest silver producer and largest producer of silver worldwide saw big changes in 2022. The global demand and supply for silver reacted to these shifts.2

There was a slight decrease in silver mine production. It dropped by 0.6% to 822.4 million ounces. This is in contrast to the previous year, which saw a 5.8% increase.

Significance of Silver as a Precious Metal

Global Silver Production by Country (2023)

Source: USGS (2023)

Silver is highly valued as a precious metal. It is rare and has a significant economic worth. You can find it in various things like jewelry, coins, and electronics. This is because silver has the highest ability to conduct electricity.

Investors often buy silver as a safe asset during hard economic times.

Overview of Global Silver Demand and Supply

The decrease in silver production worldwide was mainly from less output at lead/zinc mines. This happened mostly in China and Peru. Silver production there dropped by 3.5% to 248.2 million ounces.2

But, more silver was produced in gold and copper mines. Their production increased by 1.0% to 129.5 million ounces and 0.8% to 212.0 million ounces, respectively.2 The production from primary silver mines stayed almost the same. It had a tiny 0.1% rise, making it to 228.2 million ounces.2

Silver demand went up in 2022. The total demand soared by 18% to 1,242 million ounces. This was the highest it had been since 2010.2

At the same time, silver recycling also went up for the third year in a row. It grew by 3% to a 10-year high of 180.6 million ounces.2 This rise shows more interest in silver as both a newly mined resource and a recyclable item.

Criteria for Ranking Top Silver Producers

We looked at the world’s biggest silver companies by their average silver output in the last three years. This info came from The Silver Institute’s World Silver Surveys from 2022 and 2023, plus the firms’ yearly reports.3 The top silver miners were then listed by how much silver they brought in each year. Our review only included companies traded publicly in the U.S. or Canada, either directly or through ADRs.

Average Annual Silver Production

The top factor in our evaluation was how much silver these companies produce each year, on average. This gives a broad look at their success and size compared to others in the business.3

Publicly Traded Companies

We focused on companies that trade publicly to provide clear information for investors. This ensures openness and ease of checking for the biggest names in silver mining. The condition for listing on U.S. or Canadian markets helps make the ranking more useful for our readers.4

The Largest Silver Producers in the World

Mexico, China, and Peru are the top three silver-producing countries. In 2022, Mexico took the lead, making 6,300 metric tons of silver. It used its reserves of 37,000 metric tons for this.2

China was not far behind. It produced 3,600 metric tons of silver. This was possible with its reserves of 71,000 metric tons, according to the US Geological Survey.2

Peru ranked third but holds the biggest silver reserves worldwide, with 98,000 metric tons. Thus, in 2022, Peru mined 3,100 metric tons due to its focus on sustainable mining.2

Industrias Penoles SAB de CV (IPOAF)

Industrias Penoles is based in Mexico and deals with metals like silver, gold, and zinc. It sells what it mines after refining it. The company’s latest financial report shows a revenue of $5.57 billion and a net income of $89.25 million.1

Polymetal International PLC (AUCOY)

Polymetal International operates out of Russia, focusing on gold, silver, and copper. It runs mining projects in four areas: Magadan, Ural, Khabarovsk, and Kazakhstan. For its latest financial year, it had a revenue of $2.67 billion and a net income of $164 million.1

Fresnillo PLC (FNLPF)

Fresnillo, also from Mexico, explores and mines metals like silver and gold. It works in states like Zacatecas, Durango, and Sonora, and the Chihuahua/Durango border. It also has operations in South and North America. The company reported a revenue of $2.50 billion and a net income of $236.46 million.1

Major Silver Mining Companies

Pan American Silver Corp. (PAAS)

Pan American Silver finds and refines silver; they also care for the land they mine. Their mines are in South America and North America. They’re working on more mines in these regions too.1

Wheaton Precious Metals Corp. (WPM)

Wheaton Precious Metals does not mine itself. It buys silver, gold, etc., from other mines. Then, it sells these precious metals worldwide.1

Buenaventura Mining Co. Inc. (BVN)

In Peru, Buenaventura Mining looks for minerals and turns them into gold, silver, and more. They also offer power services and have a few other companies. Plus, they have some shares in different mining firms.1

Diversified Mining Giants with Significant Silver Production

Top silver mining companies are not the only ones with major silver production. Diversified mining giants also play a big role in the silver industry. They are the biggest silver producer, largest producer of silver, largest silver producing companies, and top silver producers in the world. They use their size and knowledge to mine silver, along with other metals.

Coeur Mining Inc. (CDE)

Coeur Mining is deeply involved in finding, growing, and running mining properties. It holds a spot among the biggest silver producer, largest producer of silver, and top silver producers in the world. Its mines are spread across the Americas.5

Fortuna Silver Mines Inc. (FSM)

Based in Canada, Fortuna Silver Mines concentrates on exploring, taking out, and treating precious and base metals. It mainly works in Latin America. Its main assets are the Caylloma silver mine in Peru, the San Jose silver and gold mine in Mexico, and the Lindero gold project in Argentina.5

Hecla Mining Co. (HL)

Hecla Mining focuses on finding, growing, and mining silver, gold, lead, and zinc. It makes lead, zinc, and mix concentrates for others to process. It also produces gold and silver bars for sale, operating mainly in North America.5

Top Silver Producing Countries

Mexico, China, and Peru are the silver-producing countries leaders. Mexico topped the list in 2022 by producing 6,300 metric tons. They have 37,000 metric tons in reserves.6 China was close, producing 3,600 metric tons with reserves of 71,000 metric tons.6 Peru, despite being third, has the most silver reserves in the world at 98,000 metric tons.6 In 2022, Peru used sustainable mining and produced 3,100 metric tons.6


In 2021, Mexico was the world’s top silver-producing country with 5,600 metric tons. Their production increased to 6,300 metric tons in 2022, keeping their leading spot.6


In 2021, China produced 3,400 metric tons of silver, making it second globally. Their production then went up to 3,600 metric tons in 2022, holding on to the second spot.6 China dominates in Asia, contributing about 14% of the world’s silver production.6


Peru stayed at the second global position since 2018 by producing 3,000 metric tons in 2021. Their production slightly increased to 3,100 metric tons in 2022. The country has the largest silver reserves, standing at 98,000 metric tons.6

Largest Silver Mines Worldwide

The world’s silver production is hugely impacted by a few major mines. These mines stand out as the largest in the world.

Penasquito, Mexico

In the state of Zacatecas, Mexico, you’ll find Penasquito, the biggest silver mine globally. This mine is not only rich in silver but also in gold, lead, and zinc. Goldcorp owns and runs it. Open since 2010, it boasts two significant open pits and has the largest open-pit operation in Mexico.

The mine’s daily ore processing ability is 130,000 tons. Penasquito is projected to offer over 20Moz of silver by 2023. It will then keep contributing to the silver supply for the next 22 years.7

Polkowice-Sieroszowice, Poland

Located in Poland’s Legnica-Glogรณw Copper Belt, the Polkowice-Sieroszowice mine is the world’s second largest silver mine. This copper-silver mine is under the care of KGHM, a state-owned mining group. Back in 2012, it produced over 14Moz of silver. It’s believed to still hold a striking 545Moz of silver reserves.87

San Cristobal, Bolivia

In Bolivia, 500km south of La Paz, you’ll find the San Cristobal mine. This mine is full of silver, lead, and zinc. Owned by Minera San Cristobal (MSC), a part of Japan’s Sumitomo Corporation, it’s the third biggest silver mine on the planet. As of 2011, its silver reserves were around 533.38Moz.8

largest silver mines

The Largest Silver Producers in the World

Production Trends and Forecasts

Top silver mining companies not only mine silver but also gold. Silver and gold are seen as safe assets. The largest silver producers sometimes trade over-the-counter in the U.S. that is not on exchanges. This OTC trading might cost more, affecting profits.2

First Majestic Silver Corp. aims for big production increases. It wants to produce between 33.2 and 37.1 million silver equivalent ounces by 2023. This is about a 12% rise from the year before.2 They plan to produce 10 to 11.1 million silver ounces and 277,000 to 310,000 gold ounces. They estimate their costs to produce one silver equivalent ounce to be between $18.47 and $19.72.2

Investment Opportunities in Silver Mining

Biggest silver producers, like Industrias Penoles SAB de CV with a $5.57 billion revenue1, Polymetal International PLC with a $2.67 billion revenue and $1.30 billion market cap1, and Fresnillo PLC with an $8.40 billion market cap and $2.50 billion revenue1, meet the world’s rising silver demand. In 2022, the demand for silver rose by 18%.2

Big silver mining companies offer investment chances too. For instance, Pan American Silver Corp. has a $3.81 billion market cap and $1.54 billion revenue1. Wheaton Precious Metals Corp. is worth $19.53 billion with a $1.11 billion revenue1. Buenaventura Mining Co. Inc. has a $2.07 billion market cap and $831.79 million in revenue1. These are good options for anyone eyeing the silver mining industry.


In 2022, Mexico was the biggest silver producer, making 6,300 metric tons. This was more than any other country.9 Companies like Industrias Penoles and Polymetal International helped a lot. They, and others, meet the rising demand for silver well.10 The need for silver grew by 18% this year. Investors are now watching the silver market closely.

Nearly half of all silver used goes to industry each year. The US, Canada, and others use the most. This use has been rising 12% yearly, especially in products like solar panels.10 This industrial use is more than half of all global silver needs.10

Back in 2018, the world dug up over 26,600 tons of silver. China, Mexico, and Peru were the leaders in silver mining that year.9 The US, on the other hand, produced 870 tons.9 Silver mining in the US began with a big find in Nevada in 1858. This started a “silver rush”.11


What are the largest silver producing companies in the world?

Leading the way are companies like Fresnillo and specifically, Polymetal International. They’re joined by major names like Industrias Penoles, Pan American Silver, Wheaton Precious Metals, and Buenaventura Mining.

Which countries are the top silver producers globally?

Mexico stands out as the top producer of silver worldwide. It’s followed by China and Peru.

What are the world’s biggest silver mines?

Penasquito in Mexico ranks as the top silver mine globally. Alongside it, there’s Polkowice-Sieroszowice in Poland and San Cristobal in Bolivia.

How is the global demand and supply of silver changing?

Looking at 2022, the world saw a dip in silver mine production. Yet, silver demand surged by 18%, hitting levels not seen since 2010.

What factors are considered in ranking the top silver producers?

The top silver producers are ranked by their yearly silver output over the past three years. The data comes from the Silver Institute’s trusted World Silver Surveys.

Are the stocks of the largest silver producers traded on major exchanges?

Though some top silver producers do trade on major exchanges, others are limited to over-the-counter (OTC) markets in the U.S. OTC trading can bring higher costs.

What are the production forecasts for leading silver companies?

First Majestic Silver Corp. aims to produce between 33.2 million and 37.1 million silver equivalent ounces by late 2023. This would mark a 12% rise from their previous year’s output.

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