Largest Silver Mines in the World: Top 17 by Output

The largest silver mines in the world, ranked by output

Peñasquito in Mexico is the largest silver mine in the world by output, at 28 million ounces (Moz) in 2025 (Metals Focus, World Silver Survey 2026). Antamina in Peru is second at 17.7 Moz, and San Cristobal in Bolivia and Juanicipio in Mexico tie for third at 17.6 Moz. In all, 17 mines produced 8 Moz or more, ranked in the table below on one basis: the Silver Institute’s 2025 mine table.

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Silver output of the eight largest mines

Million ounces, 2025, 100% basis

One ounce here is a troy ounce (31.1035 grams). One Moz is about 31 tonnes of silver. The world mined about 846.6 Moz in 2025, so the 17 mines together account for roughly a third of it.

Output is silver contained in concentrate or doré (the raw gold-silver alloy poured at the mine), on a 100% basis. Ties share a rank. Operator reports use different bases, so they can differ from this table: Fresnillo’s annual report shows 13.8 Moz at Saucito and 10.3 Moz at Fresnillo, and South32 reports 8.9 Moz of payable silver at Cannington for the year to June 2026.

How we ranked them

Metric. Silver output in 2025, in million troy ounces, on a 100% ownership basis, whatever metal is the main product. Source. Appendix 11 of the World Silver Survey 2026, which lists the top 30 silver-producing mines. Scope. Every mine in that table with a 2025 figure of at least 8 Moz, excluding consolidated group totals. Using one table for every mine keeps the ranks comparable.

Group totals. The survey lists KGHM Consolidated at 41.1 Moz, which is the combined output of the Polish copper group, not one mine, so it is not ranked. Mines just under the line include Escondida (7.8 Moz), Toromocho (7.5), Ministro Hales (6.8), Palmarejo (6.5), Red Dog (6.5), Rochester (6.1) and La Colorada (6.0).

Companies that own these mines are ranked on their own pages: see Top 10 Silver Producing Companies in the World and, for national totals, Largest Producer of Silver in the World: Top 10 Countries.

Mine by mine: what each one is

Peñasquito, Mexico

Peñasquito is an open-pit mine in Zacatecas state that Newmont runs for gold, silver, lead and zinc. Newmont reports 28 Moz in 2025, down from 33 Moz, as the average silver grade of ore milled fell from 42.6 to 34.1 grams per tonne (g/t). A grade is the amount of metal in each tonne of ore. The survey ties the 15% fall to that lower grade, which outweighed higher throughput.

Antamina, Peru

Antamina is a copper and zinc mine, so silver is a by-product, a metal recovered alongside the main one. Output rose 56% in 2025 to 17.7 Moz because the ore was richer in silver, according to the survey. Glencore reports its 33.75% share at 6.0 Moz.

San Cristobal, Bolivia

San Cristobal in Bolivia is a silver, zinc and lead mine that its operator describes as one of the world’s largest. Output rose 5% to 17.6 Moz in 2025, and the survey notes the mine ramping up production.

Juanicipio, Mexico

Juanicipio is run by Fresnillo, which owns 56%. The other 44% passed to Pan American Silver when it completed its purchase of MAG Silver in September 2025. Fresnillo lists it as a primary silver mine, with an average silver ore grade of 423 g/t in 2025, which is very high.

Saucito and Fresnillo, Mexico

Saucito (14.3 Moz) and the Fresnillo mine (11.8 Moz) sit in the same Zacatecas silver belt and both belong to Fresnillo plc. Saucito milled 2.28 million tonnes in 2025, and Fresnillo expects an average silver grade of 200 to 220 g/t there in 2026.

Dukat and Prognoz-Nezhda, Russia

Both are Polymetal JSC mines in Russia, and both figures are estimates in the survey. Dukat produced 13.7 Moz, 3% less than in 2024. Prognoz-Nezhda jumped from 2.0 to 13.2 Moz as it came into production, which is why Russia’s national total rose 23% to 56.0 Moz.

Uchucchacua-Yumpag, Peru

Buenaventura’s Uchucchacua-Yumpag complex produced 11.1 Moz in 2025, up 6%.

Puna, Argentina

SSR Mining’s Puna operation produced 9.8 Moz, down 7%. The survey says Argentina’s mines are mature and processing lower grades, and Puna reported lower grades in 2025.

Cannington, Australia

Cannington, in Queensland, is one of the world’s largest silver-lead-zinc mines and the only mine in the table in Australia. The survey shows 9.2 Moz of payable silver in 2025, down 21% on lower grades. South32 guides to about 8.7 Moz for the year to June 2027, with lower-grade stockpiled ore blended in to keep the mill full.

Greens Creek, United States

Hecla says Greens Creek in south-east Alaska is the largest silver mine in the United States. It produced 8.7 Moz in 2025 and expects 7.5 to 8.1 Moz in 2026. The mine lies inside the Admiralty Island National Monument and is reached by boat.

Ying, China

Ying is the only Chinese mine in the table: a Silvercorp silver-lead-zinc operation, 77.5% owned by the company, that produced 8.5 Moz in 2025, up 10%. China as a whole mined 112.8 Moz, mostly from smaller lead-zinc and copper operations.

Cerro Los Gatos, San Julián, Buenavista and Garpenberg

Cerro Los Gatos (8.4 Moz, First Majestic and Dowa) and San Julián (8.3 Moz, Fresnillo) are both in Mexico. San Julián fell 30% from 11.8 Moz after its disseminated ore body stopped producing. Buenavista (8.2 Moz, Southern Copper) is a Mexican copper mine whose silver rose 31%. Garpenberg (8.2 Moz, Boliden) is the only Swedish mine in the table and held level.

Which countries mine the most silver

Mexico has led the world for years, and in 2025 it still produced about a fifth of mined silver. Peru is second. China is third, although its production comes from many smaller lead-zinc and copper operations instead of a few giant silver mines. The US Geological Survey’s 2026 summary puts world mine production at 26,000 tonnes in 2025 and reserves at 610,000 tonnes.

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Top eight silver-producing countries, 2025

Million ounces of mined silver

Only about a quarter of mined silver comes from mines whose main product is silver. According to the same survey, 2025 mine supply split into 249.1 Moz from lead-zinc mines, 237.3 Moz from copper mines, 221.1 Moz from primary silver mines and 134.7 Moz from gold mines. That mix is why the largest “silver” mines on the list are as likely to be copper, gold or zinc operations. For the copper side of that story see our guide to the largest copper mines, and for the minerals that carry silver see silver minerals.

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Silver mines in BC

British Columbia has no operating primary silver mine and none in the world table. Its working mines are copper and gold operations, such as Teck’s Highland Valley Copper and Newmont’s Brucejack, which report copper and gold rather than silver. The survey adds that Canada’s silver is mostly gold by-product and that Trafigura’s Myra Falls, on Vancouver Island, is on care and maintenance. The province’s silver story is therefore historic, with a large restart in progress.

• Sullivan mine, Kimberley. Teck’s Sullivan mine produced lead, zinc and silver from 1909 to 2001, about 26 million tonnes of concentrates in all. It was a major Canadian source of all three metals for nearly a century.
• Eskay Creek, Golden Triangle. In its first full year of operation the old underground mine shipped about 9.9 Moz of silver, according to Homestake’s 1995 annual report. Skeena Resources is rebuilding it as an open pit and states that it will average 9.5 Moz of silver a year in years 1 to 5. The company targets initial production in the second quarter of 2027 (Skeena, 31 March 2026), so there is no output yet.
• Silvertip, northern BC. Coeur Mining acquired the silver-zinc-lead property in 2017 and describes it in its annual filing as an exploration project, with a restart of mining and processing still needed.
• Trail smelter. Teck’s Trail Operations refined 11.4 Moz of silver in 2025 from lead and zinc concentrates. That is refinery output, not mine output, so it is not in the ranking.

Canada as a whole produced 9.8 Moz of silver in 2025, most of it as a by-product of gold mining. Claim rules vary by province and state, so check with the registrar, and never enter ground without permission. If you want to stake ground in the province, see Mineral Titles Online: How BC Claims Work, Step by Step and the Golden Triangle guide at Golden Triangle BC Exploration.

Silver mines in Spain and Chile

Spain mined 3.7 Moz in 2025, nearly all as a by-product. The largest named source is the MATSA operation in Andalusia (Aguas Teñidas, Magdalena and Sotiel), owned by Sandfire Resources. Sandfire reports 3.2 Moz of contained silver from MATSA in the year to June 2026, alongside copper, zinc and lead. No Spanish mine reaches the 8 Moz line.

Chile mined 42.7 Moz in 2025, up 8%, which puts it sixth in the world. The survey credits the start of commercial production at Gold Fields’ Salares Norte in the third quarter and record throughput at BHP’s Escondida. Silver in Chile is mostly a by-product of copper and gold, and none of its mines reaches the 8 Moz line; the Silver Institute puts Escondida at 7.8 Moz in 2025, Ministro Hales at 6.8 Moz and Chuquicamata at 5.9 Moz. USGS puts Chile’s silver reserves at 33,000 tonnes.

Famous silver mines in history

The best-known silver mine of all is Cerro Rico at Potosí in Bolivia. Silver was found there in 1545, and the mountain became a leading source of the silver that Spain shipped home. Mercury amalgamation, introduced in the early 1570s, lifted output sharply. Mining continues there today for tin, silver and other metals.

Others on most lists are the Sullivan mine in British Columbia (above), the Fresnillo district in Zacatecas, which Fresnillo plc still mines, and the Greens Creek and Cannington operations. Bolivia, where Potosí lies, produced 49.9 Moz in 2025.

Is output rising or falling?

Mexico’s output has fallen three years in a row, to 172.9 Moz in 2025, as ore grades drop and old mines are worked deeper. Peru, Chile, Russia and China rose. Among the big mines the pattern is mixed: Peñasquito, Juanicipio, Cannington and San Julián fell, Antamina jumped, and Prognoz-Nezhda came into production. The chart compares 2024 and 2025 for seven of the 17, using the Silver Institute’s table.

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Big mines, 2024 versus 2025

Million ounces of silver

Estimate what a mine’s silver is worth

To turn tonnes of ore into ounces and dollars, multiply tonnes by grade, divide by 31.1035 to convert grams to troy ounces, and then apply the share of silver the plant actually recovers. The calculator below does that. Enter your own ore tonnes, grade, recovery and silver price. The silver price is an input, not a forecast: silver futures closed near US$58 an ounce on 20 October 2026 (Kitco), but use today’s price.

How satellite imagery helps before you stake or buy

Silver deposits form in several ways, from veins to skarns and volcanic-hosted systems, and many are marked at surface by rock alteration such as clay minerals and iron staining, or by faults. A satellite screen of a licence or claim can map those signs before drilling and help rank which parts deserve a field visit. It narrows a search; it does not replace sampling or a resource estimate. If you hold ground and want it screened, use the satellite mineral detection service or the mining enquiry form, or ask a question through contact us.

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Frequently asked questions

What is the largest silver mine in the world?

Peñasquito in Zacatecas, Mexico, with 28 Moz in 2025 (Metals Focus, World Silver Survey 2026). Antamina in Peru follows at 17.7 Moz, then San Cristobal in Bolivia and Juanicipio in Mexico at 17.6 Moz each.

What is the biggest primary silver mine?

A primary silver mine is one where silver is the main product. Juanicipio, which Fresnillo classes as primary silver, produced 17.6 Moz in 2025, level with the Bolivian zinc-lead-silver mine San Cristobal. Dukat in Russia (13.7 Moz) and Saucito in Mexico (14.3 Moz) follow.

Where are the biggest silver mines located?

Of the 17 mines, seven are in Mexico, two each in Peru and Russia, and one each in Bolivia, Argentina, Australia, the United States, China and Sweden. Mexico’s Zacatecas state alone holds four: Peñasquito, Juanicipio, Saucito and Fresnillo.

Where is silver mined the most?

Mexico, with 172.9 Moz in 2025, then Peru with 130.6 Moz and China with 112.8 Moz (Metals Focus, World Silver Survey 2026).

How many silver mines are there in the world?

No agency counts them all, because most silver comes from mines that list another metal first. The USGS notes that the United States alone had 4 silver mines in 2025 plus 31 base- and precious-metal operations that produced silver as a by-product or co-product.

What are the silver mines in BC?

None of BC’s operating mines is a primary silver mine. The historic Sullivan mine at Kimberley (1909 to 2001), the Eskay Creek mine in the Golden Triangle, now being rebuilt by Skeena Resources for production from 2027, and the Silvertip property in the north are the names to know, and the Trail smelter refines silver. See the BC section above.

What are the famous silver mines?

Potosí’s Cerro Rico in Bolivia, Sullivan in Canada, Fresnillo in Mexico, and today’s leaders Peñasquito and Antamina.

Which silver mines are in Spain and Chile?

Spain’s main silver comes from the MATSA group (Aguas Teñidas, Magdalena, Sotiel), 3.2 Moz in the year to June 2026. Chile’s silver comes from copper and gold mines such as Escondida (7.8 Moz) and Salares Norte, and none reaches 8 Moz.

Which mine has the highest silver grade?

Among the large mines that report it, Juanicipio has an average ore grade of 423 g/t silver (Fresnillo, 2025), well above Peñasquito’s 34 g/t, although Peñasquito mills far more ore.

Are silver mines running out?

USGS lists world reserves at 610,000 tonnes against 26,000 tonnes mined in 2025, about 23 years at that rate, but reserves change as prices and drilling change. Falling grades at mature mines such as Peñasquito are the near-term pressure.