Silver Producing Countries

Although it is much more abundant than gold, silver is still one of the least naturally occurring elements in the world. It is estimated to make up about 0.07-0.08 parts per million of the earth's crust, about 800 times less frequently than copper. In 2017, global silver mine production was 27,000 tons. That supply was mined in many locations (that geographical dispersion is one of the reasons why silver, together with gold, was historically used as money). But what countries produce the most silver?

The top producer is Mexico. According to the 2018 World Silver Survey, the country mined 196 million of ounces in 2017, accounting for about 23 percent of total global production. The country is home to Fresnillo, one of the most productive silver companies in the world.

The second place belongs to Peru. The country produced 148 million of ounces in 2017, or more than 17 percent of global mining output. Peru also features the world’s largest-known silver reserves, with implies that country could advance in the rankings in the future. According to the Silver Institute, silver production in Peru between 1600 and 1800 averaged at over 3 million troy ounces per year.   

China was the last on the podium, mining 113 million of ounces in 2017 (more than 13 percent of the world’s production). Interestingly, most of the Chinese silver production is a by-product of other mining projects.

Russia is the fourth largest producer. In 2017, the country produced 42 million of ounces (almost 5 percent of the global production). The country’s largest silver producer is Polymetal International, which operates a few top country mines, including Dukat, the world’s second largest mine primarily producing silver

Chile closes the top five. The country produced about 41 million of ounces in 2017, or about 4.8 of the global gold production. Chile’s silver production is down about 20 percent since 2014, partially due to some labor strikes. Between 1830 and 1850, there was a silver rush, which made silver mining into one of the country’s principal sources of wealth.

And what about other countries? Both Bolivia and Poland produced about 40 million of ounces, Australia – 35, United States – 34, and Argentina – 26. The top ten is presented in the table below, while the top 20 can be found here.

_{Table 1: Silver producing countries (top ten), according to the 2018 World Silver Survey}