Silver: Production
Why Mexico mines over a quarter of the world's silver
Why Mexico mines over a quarter of the world's silver What this tab covers Who produces it and how much: world output over recent years, the top producing countries with their shares, USGS world figures for 2024 and 2025, and the largest producing companies globally and in India.Silver mining is unconcentrated, with an HHI of 1,205. Mexico dominates with 26.6% of 2024 output, followed by Peru (13.0%), China (12.6%), Russia (5.5%), Bolivia (5.5%) and Chile (5.0%). World output in World Mining Data has been flat, at about 26.5 to 27.1 thousand tons a year from 2020 to 2024. USGS estimates 25,300 tons in 2024 and 26,000 in 2025, well below 2025 consumption of 35,700 tons, so recycling and above-ground stocks cover a persistent deficit. The Andes have been central for five centuries: Potosí's silver financed the Spanish empire (Scheyder, pdf p. 270).
Silver · WMD
2020 26.5 m 2021 26.6 m 2022 26.6 m 2023 26.6 m 2024 27.1 m World production, kg (World Mining Data 2026).Top producers 2024
Mexico 26.6% Peru 13.0% China 12.6% Russia 5.5% Bolivia 5.5% Chile 5.0% Poland 4.9% United States 3.9% Concentration: HHI 1,205, unconcentrated.USGS estimate
World, 2024 25,300 metric tons, Ag content (mine) World, 2025e 26,000 metric tons, Ag content (mine)Largest producers by company, global
- Zijin Mining: 439 t mined silver (2025)
- Fresnillo plc (Penoles group): 48.7 Moz attributable silver (incl. 1.1 Moz Silverstream); gold 600 koz (2025)
- KGHM Polska Miedz: 4.5% of world silver mine output (2013)
- Glencore: 4.3% of world silver mine output (2013)
- BHP: 4.1% of world silver mine output (2013)
Largest producers by company, India
- Hindustan Zinc (Vedanta): 687 t saleable silver (FY2025)
- MMTC-PAMP India: 600 t a year silver refining capacity (2026)