Largest Producer of Silver in the World: Top 10 Countries

Which country is the largest producer of silver in the world?

Mexico mines more silver than any other country: an estimated 172.9 million troy ounces (Moz) in 2025, about 20% of the world total of 846.6 Moz, according to the Silver Institute’s World Silver Survey 2026. Peru is second at 130.6 Moz and China third at 112.8 Moz. The US Geological Survey (USGS) reaches the same top three with its own method: Mexico 6,300 tonnes, Peru 3,600 tonnes and China 3,400 tonnes for 2025 (USGS Mineral Commodity Summaries 2026).

The order of the first three is settled, but the gap is not. Mexico’s output has fallen three years in a row, while Peru’s has risen for three, and below third place the two main sources disagree. This page gives the full top 10, explains why the numbers differ, shows where silver really comes from (mostly as a side product of other metals) and lists the biggest mines and companies. It ends with a silver output calculator you can run on your own numbers.

A quick definition of units used below: 1 Moz is one million troy ounces, about 31.1 tonnes of silver. One troy ounce is 31.1035 grams. A by-product metal is one recovered alongside a main metal such as copper or zinc; a primary silver mine is one where silver is the main product by value.

Top 10 silver-producing countries ranked output

The ranking metric is mine production of silver in 2025, in million troy ounces, taken from the Silver Institute’s table of the 20 largest producing countries (compiled by the research firm Metals Focus). The ten countries below mined about 698 Moz, or roughly 82% of the 846.6 Moz world total.

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Silver mine production by country, 2025

Million troy ounces, ten largest producing countries

Two points stand out. First, Russia is fourth, ahead of Bolivia, after a 23% jump (Silver Institute, 2026); older lists that put Russia and Australia at the same level are out of date. Second, the top three alone supply about half of the world’s mined silver (416.3 of 846.6 Moz), so a problem in one of them moves the whole market.

Why USGS and the Silver Institute give different totals

Search results often show two sets of figures for the same year. The reason is method. The USGS compiles national statistics and company reports and publishes tonnes; the Silver Institute commissions Metals Focus to build mine-by-mine estimates and publishes ounces. For 2025 the USGS estimate of world mine production is 26,000 tonnes (about 836 Moz), while the Silver Institute gives 846.6 Moz (26,331 tonnes).

The gap is larger for single countries. USGS has Mexico at 6,300 tonnes, which converts to about 202 Moz, against 172.9 Moz in the Silver Institute table. Peru is about 116 Moz in USGS terms against 130.6 Moz. The USGS also ranks Bolivia, Chile, Poland and Russia in that order after China, with the United States at 1,100 tonnes (USGS, 2026). When you quote a number, name the source and the year. This page uses the Silver Institute for the country ranking because it gives mine-level detail for every year since 2016, and USGS for reserves, where it is the standard reference.

Where silver comes from: by-product and primary mines

Most silver is not mined as the main target. Of the 846.6 Moz mined in 2025, lead-zinc mines supplied 249.1 Moz, copper mines 237.3 Moz and gold mines 134.7 Moz. Only 221.1 Moz, about 26%, came from primary silver mines (Silver Institute, 2026). The USGS says the same: silver is recovered mainly as a by-product from lead-zinc, copper and gold mines, in that order, and polymetallic deposits hold more than two-thirds of world silver resources.

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Silver mine production by source metal, 2025

Million troy ounces mined, world total 846.6

That explains the ranking. China is third not because of dedicated silver mines but because it is the largest producer of zinc (4.1 million tonnes in 2025) and lead (1.9 million tonnes), according to the USGS zinc and lead summaries. Peru ranks second because large copper-zinc mines such as Antamina carry silver credits. If you follow silver supply, you are in effect following copper, zinc and gold mine plans. Our guide to copper deposits, top countries and where to explore and the page on zinc mining cover the host metals, and the note on lead-zinc ore explains the ore type behind Australia’s and China’s silver.

The split also matters for risk. By-product supply does not respond quickly to the silver price, because a copper mine runs on the copper price. Primary silver supply fell for the third year in a row in 2025, down 1%, after some mines closed through depletion (Silver Institute, 2026). Silver’s industrial uses are broad: in the United States, electrical and electronics took an estimated 25% of use in 2025 and photovoltaics 15% (USGS, 2026).

Largest silver mines and companies

Country totals hide the mine-level picture. The Silver Institute’s list of the 30 largest silver mines shows how different the leaders are. The selection below is taken from that list, 2025 output in Moz:

• KGHM Polska Miedź consolidated, Poland: 41.1 Moz, a copper-silver group counted as one entry.
• Peñasquito, Mexico (Newmont): 28.0 Moz, down 15% on lower silver grades; the largest single mine in Mexico.
• Antamina, Peru: 17.7 Moz, owned by BHP, Glencore and Teck.
• San Cristobal, Bolivia: 17.6 Moz.
• Juanicipio, Mexico: 17.6 Moz, owned 56% by Fresnillo and 44% by Pan American Silver.
• Saucito, Mexico (Fresnillo): 14.3 Moz.
• Dukat and Prognoz-Nezhda, Russia (Polymetal): 13.7 and 13.2 Moz.
• Cannington, Australia (South32): 9.2 Moz, down 21%.
• Greens Creek, United States (Hecla): 8.7 Moz.

Among companies, Fresnillo plc is the largest silver producer in the Silver Institute’s list and describes itself as the largest primary one. Its 2025 annual report gives total silver production of 48.7 Moz, down 13.5% from 56.3 Moz in 2024 and towards the lower end of its guidance (Fresnillo plc annual report 2025). The Silver Institute counts 47.6 Moz because it excludes the Silverstream contract. Fresnillo’s 2026 guidance is 42.0 to 46.5 Moz, and first-half 2026 output was 22.0 Moz, 11.4% lower than a year earlier, partly because the Silverstream contribution ended (Fresnillo interim results, August 2026).

Fresnillo also tops the Silver Institute’s list of the 20 largest silver mining companies, at 47.6 Moz. Among the groups behind it, several are not silver miners first: KGHM with 43.3 Moz, Newmont 28.0 Moz, Southern Copper 24.2 Moz, Pan American Silver 22.8 Moz and Glencore 20.4 Moz. Other silver-focused miners are smaller: Coeur Mining 17.9 Moz, Hecla Mining 17.0 Moz and First Majestic 15.4 Moz. First Majestic produced 3.5 Moz in the first quarter of 2026 (First Majestic, Q1 2026 results), and Pan American reported 6.47 Moz attributable silver in the second quarter of 2026 (Pan American Silver, Q2 2026 report). Our separate ranking of silver producing companies goes deeper on the miners, and the page on silver mining stocks lists active mines. This page gives facts, not investment advice.

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Mexico, Peru and China: what moves each country’s output

Mexico’s output peaked at 213.2 Moz in 2022 and has fallen to 172.9 Moz. The Silver Institute blames operational disruptions, changes in government policy and reserve depletion, and notes that lower silver grades at Peñasquito and the end of the disseminated orebody at San Julián cut output. It expects Mexican growth to return in 2026, offset by lower output elsewhere, so that world supply slips 0.3% to 844.1 Moz.

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Silver mine production, 2016 to 2025

Million troy ounces per year

Peru dropped to 107.1 Moz in 2022 and has recovered to 130.6 Moz. The main reason is Antamina, where silver output rose 56% on higher ore grades, together with growth at MMG’s Las Bambas. The Silver Institute expects lower lead-zinc output in Peru in 2026, so the recovery may not continue. China has been the steadiest, between 109 and 113 Moz every year since 2018, with a rise in 2025 helped by higher output at the Jiama copper-gold mine (5.8 Moz).

At the 2025 pace the gap between first and second is 42 Moz, down from 106 Moz in 2022. For Peru to pass Mexico it would need a few more years of this trend, or a further fall in Mexico. Treat it as something to check once the next annual figures are published, not as a forecast.

Which countries hold the most silver in the ground

Production and reserves tell different stories. Reserves are the part of a resource that can be mined economically at current prices (USGS definition). The USGS puts world silver reserves at 610,000 tonnes. Peru holds 110,000 tonnes, Russia 92,000, Australia 91,000, China 67,000, Poland 59,000 and Mexico 37,000 (USGS, 2026). Mexico has the largest output but only about 6% of reserves, while Russia and Australia hold roughly 15% each against much lower output. Reserve figures move with price, new drilling and reclassification, so the USGS revised those for Australia, Chile, China, Peru and Poland in the 2026 edition.

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Output share versus reserve share, selected countries

Per cent of world total (USGS: 26,000 t mined in 2025; 610,000 t reserves)

New supply starts with exploration. Silver is found in epithermal veins, volcanic-hosted massive sulphide deposits and as a by-product of porphyry copper systems; our guide to porphyry copper deposits shows how to read that host rock. Satellite data can screen large areas for the alteration minerals and fault patterns linked to such deposits, which helps decide where to put the first ground work. Farmonaut’s satellite-based mineral detection service does this from a licence polygon. Results are exploration targets that sit ahead of any resource estimate.

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What silver price means for output and income

Kitco’s spot quote was US$53.83 per troy ounce at 6:54 a.m. EDT on 26 October 2026 (Kitco); the figure changes through the day, so check it again before relying on it. The benchmark used in London bullion trading is the LBMA Silver Price, set in a daily auction at noon London time. For context, the USGS gives an average 2025 bullion price of US$38 per troy ounce, and the estimated value of US mine output was US$1.4 billion on 1,100 tonnes (USGS, 2026).

Price shapes the picture in two ways. Primary silver miners’ all-in sustaining cost (AISC, the full yearly cost of keeping a mine running per ounce sold) fell to US$12.21 per ounce in 2025, so margins widened sharply as the price rose (Silver Institute, 2026). But by-product producers do not add much silver when the price climbs, because their decisions follow copper, zinc or gold.

The calculator below turns a mine’s ore feed, grade and recovery into ounces and revenue, and compares the result with Mexico’s 2025 output. Head grade is the average silver content of the ore going into the mill, in grams per tonne (g/t); recovery is the share of that silver the plant actually extracts.

How mine supply compares with demand

Mining is only one part of the silver balance. In 2025 the world mined 846.6 Moz and recycled another 197.6 Moz, the most recycling in 13 years, while demand fell 2% to 1,130.6 Moz. Industrial demand was 657.4 Moz, down 3% as photovoltaic use contracted. The Silver Institute counted a market deficit of 40.3 Moz, the fifth deficit in a row, and said the average price rose 42% to just over US$40 per ounce, with a peak of US$84 in December 2025 (World Silver Survey 2026).

This is why the ranking of producers matters beyond trivia. Three countries supply about half of mined silver, and a large share comes from mines whose output depends on other metals. A buyer, a refiner or a manufacturer that needs a steady supply watches grades and permits at a handful of mines, not just the price.

How this ranking was built

We ranked countries by 2025 mine production in million troy ounces, using the Silver Institute table because it gives a consistent ten-year series for every producing country. Reserves come from the USGS, the standard public reference. Company and mine figures come from the Silver Institute list and, where a company reports its own output, from the company’s annual or quarterly report. Every country figure here is an estimate, since many producers report late and silver recovered inside copper or zinc concentrate is hard to measure. Rankings can change when the Silver Institute revises earlier years, so check the latest edition each April.

How to check the next ranking yourself

1. Open the Silver Institute’s World Silver Survey, usually published in April, and read the “Top 20 Silver Producing Countries” table in the Mine Supply chapter.
2. Open the USGS Mineral Commodity Summaries (published each January or February) and read the world mine production table for silver.
3. Compare the top three in both. Where they differ, use the Silver Institute for ounces and the USGS for tonnes and reserves, and name both.
4. For company figures, use the producer’s own annual or quarterly report and note whether it counts attributable ounces or includes streaming contracts such as Silverstream.
5. For the price, use a dated live quote such as Kitco’s, never an old figure.

Licence holders who want a site checked before drilling can read our note on mining cadastre portals by country, and send a project question through the mining query form or contact us.

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Frequently asked questions

What is the largest producer of silver in the world?

Mexico, at an estimated 172.9 Moz in 2025 (Silver Institute) or 6,300 tonnes (USGS). Both sources rank Peru second and China third.

Which country mines the most silver per year?

Mexico, with about 20% of world mine supply. Its output has fallen from 213.2 Moz in 2022 to 172.9 Moz in 2025.

Who is the largest silver producing company?

Fresnillo plc, with 48.7 Moz in 2025 including the Silverstream contract (47.6 Moz on the Silver Institute’s basis), which puts it first in the Silver Institute list ahead of KGHM (43.3 Moz) and Newmont (28.0 Moz). The company calls itself the world’s largest primary silver producer.

What is the biggest silver mine in the world?

The Silver Institute’s list starts with KGHM’s consolidated copper-silver operations in Poland (41.1 Moz in 2025). The largest single mine is Peñasquito in Mexico at 28.0 Moz.

How much silver does the world mine each year?

The Silver Institute reports 846.6 Moz (26,331 tonnes) for 2025 and expects 844.1 Moz in 2026. The USGS estimates 26,000 tonnes for 2025.

Why do the USGS and the Silver Institute show different numbers?

They use different data and methods, and report in different units. The USGS publishes tonnes from national and company statistics; the Silver Institute publishes ounces from mine-level estimates by Metals Focus. The top three countries are the same in both.

How much of the world’s silver is a by-product?

About 74%. Primary silver mines produced 221.1 of the 846.6 Moz mined in 2025; the rest came from lead-zinc, copper and gold mines (Silver Institute, 2026).

Which country has the most silver reserves?

Peru, with 110,000 tonnes of a world total of 610,000 tonnes, followed by Russia (92,000) and Australia (91,000), per the USGS (2026).

How much silver does the United States produce?

About 1,100 tonnes in 2025 from 4 silver mines and 31 base- and precious-metal operations. Alaska is the leading state, followed by Nevada (USGS, 2026). The Silver Institute estimates 35.7 Moz.

What is a primary silver mine?

A mine where silver is the main product by value, as opposed to a copper, zinc or gold mine that recovers silver on the side. Fresnillo plc’s Mexican mines are the usual example.

Is world silver production rising or falling?

It is roughly flat. Mine supply rose 3% in 2025 to 846.6 Moz, mainly on more by-product silver from Peruvian copper mines and Russia’s Prognoz mine ramp-up. The Silver Institute expects a 0.3% dip to 844.1 Moz in 2026, because growth in Mexico should be offset by lower output elsewhere, especially from lead-zinc mines in Peru.

Which silver-producing countries grew fastest?

Among the top 20, Morocco rose 50% to 11.9 Moz, Russia 23% to 56.0 Moz and Uzbekistan 15% to 10.5 Moz, while Indonesia fell 25% after the Grasberg mudslide (Silver Institute, 2026). Among the large producers, Peru (+7%) and Chile (+8%) grew while Mexico (-5%) shrank.

How much is the silver mined in a year worth?

At the Kitco quote of US$53.83 per ounce on 26 October 2026, the Silver Institute’s 846.6 Moz of 2025 supply would be worth roughly US$45.6 billion. That is a simple multiplication, not a market value, since prices differed through 2025.

¿Cuál es el mayor productor de plata del mundo?

México produjo unos 172,9 millones de onzas troy en 2025, según el Silver Institute, seguido de Perú (130,6 millones) y China (112,8 millones). El USGS llega al mismo orden con 6.300, 3.600 y 3.400 toneladas.