There are many factors to consider when investing in silver-focused stocks, including the silver price outlook, the company’s management team and whether its assets are in one of the top silver-producing countries.
Location can be key, and knowing the top silver-producing countries can help investors made sound decisions. For example, high silver production in a particular nation might indicate mining-friendly laws or high-grade deposits.
So which country produces the most silver? In 2023, Mexico was once again the world’s leading silver-producing country. Global silver production increased marginally for the period, rising to 26,000 metric tons (MT) due to increased output out of Mexico as well as Chile, where new silver mines have come online or are ramping up output.
Mine production: 6,400 MT
Mine production: 3,400 MT
Second on this top silver-producing countries list is China, which produced 3,400 metric tons of silver in 2023. The Silver Institute attributes a large part of China’s rise within the bullion market in recent years to the country’s development of its mining industry, as the majority of Chinese silver production originates as a by-product of other metals.
Mine production: 3,100 MT
Peru ranked third in silver production in 2023 with 3,100 metric tons of new silver supply, up slightly from 3,079 MT in 2022. Peru features the world’s largest-known silver reserves, with an impressive 98,000 MT of silver. The country has a massive amount of untapped silver potential that could allow it to challenge Mexico for the top spot in the future.
Mine production: 1,400 MT
Chile produced 1,400 metric tons of silver in 2023, down about 126 MT from 2022. The country’s reserves of the white metal are estimated at 26,000 MT, as per the US Geological Survey.
Mine production: 1,300 MT
Poland’s 2023 silver production of 1,300 metric tons was on nearly par with the previous year. The country could expand its silver output further as it has 63,000 MT of silver reserves.
Mine production: 1,200 MT
Mine production: 1,200 MT
Bolivia’s silver output inched down by a mere 14 MT in 2023 to come in at 1,200 MT. There is room for its silver industry to expand as the country has reported reserves of 22,000 MT.
Mine production: 1,200 MT
Mine production 1,000 MT
Silver output in the US during 2023 came in at 1,000 metric tons, down by 10 MT over the previous year. Mining took place at four primary silver operations and as a by-product at 31 base and precious metals mines. The country’s two top silver-producing states are Alaska and Nevada, and silver reserves in the US stand at 23,000 MT.
Mine production 990 MT
Kazakhstan replaced Argentina as a top 10 silver producer in 2023 with production of 990 metric tons, even though its output fell compared to its 1,053 MT in 2022.
Securities Disclosure: I, Melissa Pistilli, hold no direct investment interest in any company mentioned in this article.
Leave a Reply