Mexico leads global silver output as mine supply nears 820 million ounces
Mexico remains the world’s largest silver producer based on the latest available full-year data, with global mine supply totalling roughly 820 million ounces, according to the World Silver Survey 2024 published by the Silver Institute.
Mexico remains the world’s largest silver producer based on the latest available full-year data, with global mine supply totalling roughly 820 million ounces, according to the World Silver Survey 2024 published by the Silver Institute.
Mexico produced approximately 185 million ounces of silver in 2024, maintaining its lead over China and Peru. The country has ranked as the world’s largest silver producer for more than a decade.
Mexico’s Servicio Geológico Mexicano (SGM) attributes the country’s strong output to its extensive polymetallic deposits, particularly in states such as Zacatecas, Durango and Chihuahua. Many of Mexico’s silver mines also produce lead, zinc and gold as by-products, helping sustain output even amid price volatility.
China ranked second, producing just over 110 million ounces, according to USGS and Metals Focus estimates. Much of China’s silver output is generated as a by-product of base metal mining.
RECOMMENDED FOR YOU
US and China dominate the world’s top AI model rankings
Peru followed closely with production slightly above 108 million ounces. The Andean nation has long been a major silver producer.
Latin American countries continue to play an outsized role in global silver production. Bolivia and Chile produced approximately 48 million and 43 million ounces, respectively, in 2024, according to industry data.
Argentina also featured among the top ten producers with nearly 25 million ounces, while the United States produced roughly 36 million ounces, based on USGS figures.
Poland, Russia and Australia each produced between 38 million and 43 million ounces, according to the World Silver Survey 2024. Canada, while not shown among the very top producers, remains an important contributor to global output, with Natural Resources Canada reporting steady silver production from mines in Ontario, British Columbia and Quebec.
India and Kazakhstan also ranked among the leading producers, while Sweden and Indonesia contributed smaller but significant volumes.
Total global silver mine production in 2024 reached approximately 820 million ounces, according to Metals Focus estimates cited in the Silver Institute’s annual survey. That figure represents a modest recovery compared with recent years affected by pandemic disruptions and operational slowdowns.
The USGS similarly estimates global silver mine production at around 820–830 million ounces for 2024, reflecting stabilisation in major producing regions.
The Silver Institute has reported sustained industrial demand for silver, particularly from the photovoltaic (solar panel) sector, electronics manufacturing and the automotive industry. Analysts at Metals Focus note that the energy transition continues to underpin structural demand growth.
RECOMMENDED FOR YOU
This isn't a coal mine, it's a new way to think about energy
At the same time, investment demand has fluctuated in response to global interest rate expectations and currency movements. Silver prices have remained sensitive to U.S. monetary policy signals, as the metal is often viewed as both an industrial input and a store of value.
