INDUSTRIES & MARKETS
Silver mining industry worldwide


Table of Contents
1
01 Overview
03
Silver reserves worldwide 2010-2022
04
Silver reserves worldwide 2022, by country
05
Global silver mine production 2005-2022
06
Leading global silver producing countries 2021
07
Leading global primary silver mines 2021
08
Distribution of global silver production by primary source metal 2015-2021
09
Global recycled silver volume 2013-2022
02 Trade and price
11
Silver export value of major countries 2021
12
Global distribution of silver imports by country 2020
13
Average Comex spot price of silver 1975-2021
14
Average London fix price of silver 1975-2021
15
Global rate of return on silver investments 2011-2022
03 Countries
17
Silver production in major countries worldwide 2022
18
Share of global silver production 2021, by country
19
Silver mine production in Mexico 2010-2021
20
Silver mine production in China 2010-2021
21
Silver mine production in Peru 2010-2021
22
Production volume of silver globally 2020, by political stability of producers
04 Companies
24
Leading silver producing companies worldwide 2022
25
Annual silver production of Fresnillo 2010-2022
26
Glencore's volumes sold of silver 2015-2022
27
Silver production of Newmont Corporation 2019-2022
28
Polymetal International's silver production 2012-2022
05 Supply and demand
30
Global silver supply 2010-2022
31
Global silver supply by source 2021
32
Global silver demand 2010-2022
33
Silver demand worldwide by end use 2021
06 Outlook
35
Global production of silver 2013 & 2023
36
Projected mine production of silver worldwide by region 2022
37
Average prices for silver worldwide from 2014 to 2024

Overview
CHAPTER 01


Description: Silver is a soft, white lustrous metal. In 2022, the total global reserves of silver
amounted to some 550,000 metric tons. Read more
Note(s): Worldwide; 2010 to 2022
Source(s): US Geological Survey
3
Reserves of silver worldwide from 2010 to 2022 (in 1,000 metric tons)
Silver reserves worldwide 2010-2022

Description: As of 2022, Peru had the world's largest silver reserves, at 98,000 metric tons. Read
more
Note(s): Worldwide; 2022
Source(s): US Geological Survey
Reserves in thousand metric tons
4
Silver reserves worldwide as of 2022, by country (in 1,000 metric tons)
Silver reserves worldwide 2022, by country

Description: The estimated global production of silver in 2022 amounted to 26,000 metric tons.
Production of this precious metal has remained relatively stable in the period of consideration.
Humans have been mining and processing silver since antiquity. Read more
Note(s): Worldwide; 2005 to 2022; * Estimated. This statistic was assembled using several editions
of the report. Read more
Source(s): US Geological Survey
5
Mine production of silver worldwide from 2005 to 2022 (in metric tons)
Global silver mine production 2005-2022

Description: In 2021 Mexico produced nearly 197 million ounces of silver and therefore, was the
world's largest silver producing country. China was the second-largest silver producer, with
production amounting to nearly 113 million ounces in that year. The total global production volume
of silver in 2020 amounted to an estimated 24,000 metric tons, or 822.6 million ounces. Read more
Note(s): Worldwide
Source(s): Metals Focus; The Silver Institute
Production in million ounces
6
Leading silver producing countries worldwide in 2021 (in million ounces)
Leading global silver producing countries 2021

Description: In 2021, the KGHM Polska Miedź mine in Poland produced roughly 42 million ounces of
silver, making it the world's largest primary silver mine. Read more
Note(s): Worldwide; * Estimated. ** Payable metal. *** Estimated, refined silver. Read more
Source(s): The Silver Institute
Production in million ounces
7
Leading primary silver mines worldwide in 2021 (in million ounces)
Leading global primary silver mines 2021

Description: In 2021, around 15.5 percent of the silver produced worldwide was a by-product of gold
production. The largest share of silver production overall was as a by-product of lead and zinc
mining, accounting for 30.7 percent of silver production that year. Read more
Note(s): Worldwide; 2015 to 2021
Source(s): Metals Focus; The Silver Institute
8
Distribution of silver production worldwide from 2015 to 2021, by primary source metal
Distribution of global silver production by primary source metal 2015-2021

Description: The volume of silver that was recycled worldwide in 2021 amounted to 173 million
ounces, a nearly seven percent increase compared to the previous year. In 2022 silver recycling is
expected to increase further, to 180.5 million ounces. Read more
Note(s): Worldwide; 2013 to 2021; * Forecast Read more
Source(s): Metals Focus; The Silver Institute
9
Volume of silver recycled worldwide from 2013 to 2021, and a forecast for 2022 (in million ounces)
Global recycled silver volume 2013-2022

Trade and price
CHAPTER 02


Description: In 2021, the Hong Kong was the world's largest silver exporting country based on
value. Hong Kong's silver exports amounted to a total value of 6.7 billion U.S. dollars that year,
which accounted for 18.2 percent of the world's silver exports overall. Read more
Note(s): Worldwide
Source(s): CIA (The World Factbook); International Trade Centre (Trade Map); WTEx
Exports in billion U.S. dollars
11
Major countries based on silver export value in 2021 (in billion U.S. dollars)
Silver export value of major countries 2021

Description: The United States accounted for the largest share of silver imports worldwide as of
2020, importing a 22.2 percent share of the 25.2 billion U.S. dollars in total global imports of
this precious metal that year. Canada was ranked second, accounting for around 13 percent of global
silver imports. Read more
Note(s): Worldwide; 2020
Source(s): The Observatory of Economic Complexity
Share of imports
12
Distribution of silver imports worldwide in 2020 by country
Global distribution of silver imports by country 2020

Description: In 2005, the annual average price for one ounce of the precious metal silver on the
Comex exchange was 7.33 U.S. dollars. By 2021, the annual average price of silver grew to 25.17
U.S. dollars per ounce. Read more
Note(s): Worldwide; 1975 to 2021
Source(s): Bloomberg; CME Group Foundation; COMEX; The Silver Institute
13
Average Comex spot price of silver from 1975 to 2021 (in U.S. dollars per ounce)
Average Comex spot price of silver 1975-2021

Description: The annual average of London fix price for one ounce of silver in 2021 was 25.14 U.S.
dollars. Read more
Note(s): Worldwide; 1975 to 2021
Source(s): Bloomberg; London Bullion Market Association; The Silver Institute
14
Average London fix price of silver from 1975 to 2021 (in U.S. dollars per ounce)
Average London fix price of silver 1975-2021

Description: In 2021, the rate of gains on silver investments amounted to approximately 2.77
percent worldwide. This represents a significant increase in investment performance compared to the
previous year when silver investment returns came to nearly -12 percent. Read more
Note(s): Worldwide; 2011 to 2022
Source(s): Bloomberg; U.S. Global Investors; Visual Capitalist
Rate of return
15
Returns on silver investments worldwide from 2011 to 2022
Global rate of return on silver investments 2011-2022

Countries
CHAPTER 03


Description: Mexico's silver mines produced some 6,300 metric tons of silver in 2022, making Mexico
the world's largest silver producer. China and Peru ranked second and third, respectively that
year. Read more
Note(s): Worldwide; 2022; all figures are preliminary estimates
Source(s): US Geological Survey
Production in metric tons
17
Major countries in worldwide silver mine production in 2022 (in metric tons)
Silver production in major countries worldwide 2022

Description: In 2021, Mexico was the largest producer of silver in the world, accounting for nearly
24 percent of global mine production. China came in second place, representing some 13.7 percent of
this precious metal's production worldwide. Peru closely followed, ranking third, with 13.1 percent
of the global silver production that year. Read more
Note(s): 2021; Share of production in ounces
Source(s): Cámara Minera de México; The Silver Institute
Share of global production
18
Distribution of silver production worldwide in 2021, by country
Share of global silver production 2021, by country

Description: In 2021, Mexico's silver mine production increased by approximately nine percent in
comparison to the previous year, reaching nearly 6.1 thousand metric tons. This was the highest
figure reported during the period in consideration. Mexico remains by far the largest silver
producer worldwide, trailed by China. Read more
Note(s): Mexico; 2010 to 2021
Source(s): INEGI; Statista
19
Silver mine production in Mexico from 2010 to 2021 (in metric tons)
Silver mine production in Mexico 2010-2021

Description: In 2021, China's silver mine production amounted to some 3.44 thousand metric tons,
slightly up from 3.38 thousand metric tons one year earlier. China was the leading mine producer of
silver in the Asiatic continent that year. Read more
Note(s): 2010 to 2021
Source(s): World Bureau of Metal Statistics
20
Mine production of silver in China from 2010 to 2021 (in 1,000 metric tons)
Silver mine production in China 2010-2021

Description: Silver production in Peru amounted to 3.31 thousand metric tons in 2021, an increase
of over 21 percent in comparison to the previous year. 2020 had seen silver mine production in Peru
reach the record low of the decade. In 2021, Peru was the third largest silver producer worldwide.
Read more
Note(s): Peru; 2010 to 2021; Figures refer to metric tons of metal content
Source(s): Ministerio de Energía y Minas (Peru)
21
Silver mine production in Peru from 2010 to 2021 (in 1,000 metric tons)
Silver mine production in Peru 2010-2021

Description: In 2020, countries classified as politically unstable accounted for the largest share
of global silver production. That year, nearly 19,000 metric tons of silver were produced by
politically unstable countries. In comparison, politically stable countries produced approximately
1.4 metric tons of silver. Read more
Note(s): Worldwide; 2020
Source(s): BMLRT (Österreich)
22
Production volume of silver worldwide in 2020, by political stability of producer countries (in
metric tons)
Production volume of silver globally 2020, by political stability of producers

Companies
CHAPTER 04


Description: In 2022, the Mexican mining company Fresnillo was the world's largest silver producing
company, producing some 51.1 million ounces of silver. The second-largest producer that year was
the Polish company KGHM Polska Miedź, which produced nearly 43 million ounces of silver. Read more
Note(s): Worldwide; 2022; * Excluding Silverstream contract. ** Payable silver production.
Codelco's production figures are estimated. *** Hindustan Zinc is a Vedanta Group company. Includes
refined silver production from integrated operations [...] Read more
Source(s): Metals Focus; The Silver Institute; Various sources (Company reports)
Production in million ounces
24
Leading silver mining companies worldwide based on production in 2022 (in million ounces)
Leading silver producing companies worldwide 2022

Description: In 2022, the Mexican mining company Fresnillo plc's annual silver production amounted
to 53.7 million ounces. Read more
Note(s): Worldwide; 2010 to 2022
Source(s): Fresnillo
25
Silver production of Fresnillo plc from 2010 to 2022 (in million ounces)
Annual silver production of Fresnillo 2010-2022

Description: Glencore is a globally operating company, and the world's leading commodities trading
company. It is also one of the leading silver producers worldwide. In 2022, some 69 million ounces
of silver metal was sold by Glencore. Glencore plc was formed in May 2013 through a merger with
Xstrata. Read more
Note(s): Worldwide; 2015 to 2022
Source(s): Glencore
26
Glencore's sales volume of silver from 2015 to 2022 (in million ounces)
Glencore's volumes sold of silver 2015-2022

Description: In 2022, Newmont's silver production totaled around 29.67 million ounces, a decrease
of nearly two million ounces in comparison to the production from the previous year. Read more
Note(s): Worldwide; 2019 to 2022
Source(s): Newmont Corporation
27
Production of silver from Newmont Corporation from 2019 to 2022 (in 1,000 ounces)
Silver production of Newmont Corporation 2019-2022

Description: The silver production of Polymetal International increased by 0.6 million ounces over
the latest year observed, measuring at 21 million ounces in 2022. The highest volume of silver
produced by the company was recorded in 2015 at 32.1 million ounces. Polymetal International is one
of the leading silver producers worldwide. Read more
Note(s): Russia; 2012 to 2022
Source(s): Polymetal International
28
Silver production of Polymetal International from 2012 to 2022 (in million ounces)
Polymetal International's silver production 2012-2022

Supply and demand
CHAPTER 05


Description: In 2021, the total global silver supply came to 997.2 million ounces. Mine production
of silver yielded 822.6 million ounces, and was the world's largest source of the silver supply.
Other sources of the total global supply of silver include recycled silver, net hedging supply, and
net official sector sales. It is forecast that the world's silver supply in 2022 will amount to
nearly 1.03 billion ounces. Read more
Note(s): Worldwide; 2010 to 2021; *Forecast. This statistic has been assembled using more than one
edition of the data release. Read more
Source(s): Metals Focus; The Silver Institute
30
Supply of silver worldwide from 2010 to 2021, with a forecast for 2022 (in million ounces)
Global silver supply 2010-2022

Description: In 2021, 173 million ounces of the total global silver supply came from recycling.
Mine production yielded 822.6 million ounces, and was the largest source of the global silver
supply that year by far. Read more
Note(s): Worldwide; 2021
Source(s): Metals Focus; The Silver Institute
31
Silver supply worldwide in 2021, by source (in million ounces)
Global silver supply by source 2021

Description: In 2021, the total global demand for silver amounted to 1.05 billion ounces. It is
forecast that silver demand will amount to 1.1 billion ounces worldwide in 2022. Read more
Note(s): Worldwide; 2010 to 2021; *Forecast. This statistic has been assembled using more than one
edition of the data release. Read more
Source(s): Metals Focus; The Silver Institute
32
Demand for silver worldwide from 2010 to 2021, with a forecast for 2022 (in million ounces)
Global silver demand 2010-2022

Description: In 2021, the global jewelry industry accounted for 181.4 million ounces of the global
demand for silver. That was 17.3 percent of the total global silver demand that year. Read more
Note(s): Worldwide; 2021
Source(s): Metals Focus; The Silver Institute
Demand in million ounces
33
Demand for silver worldwide in 2021, by end use (in million ounces)
Silver demand worldwide by end use 2021

Outlook
CHAPTER 06


Description: The mine production of silver worldwide is forecast to increase from around 918
million ounces in 2021, to over one billion ounces by 2023, mostly due to major projects that are
expected to begin operations in Mexico, Chile, and Ecuador in during the forecast period. Read more
Note(s): Worldwide; 2013 to 2021; * Forecast based on a CAGR of three percent during the forecast
period 2019-2023. This statistic has been assembled using several editions of the report. Read more
Source(s): GlobalData
35
Silver production worldwide from 2013 to 2021, with a forecast for 2023 (in million ounces)
Global production of silver 2013 & 2023

Description: Projections indicate that North America will be the region mining the largest amount
of silver in the world in 2022, at 8,028 metric tons. The projected Central and South American
production followed, at an expected 7,013 metric tons of silver produced from mines. Read more
Note(s): Worldwide; 2021; * Commonwealth of Independent States. Read more
Source(s): Metals Focus; The Silver Institute
36
Mine production forecast of silver worldwide in 2022 by region (in metric tons)
Projected mine production of silver worldwide by region 2022

Description: This statistic depicts the average annual prices for silver from 2014 through 2024*.
In 2021, the average price for silver stood at 25.2 nominal U.S. dollars per troy ounce. Read more
Note(s): Worldwide; 2014 to 2024*; * Forecasts. Read more
Source(s): World Bank
37
Average prices for silver worldwide from 2014 to 2024 (in nominal U.S. dollars per troy ounce)
Average prices for silver worldwide from 2014 to 2024

Sources
38
Bloomberg
BMLRT (Österreich)
Cámara Minera de México
CIA (The World Factbook)
CME Group Foundation
COMEX
Fresnillo
Glencore
GlobalData
INEGI
International Trade Centre (Trade Map)
London Bullion Market Association
Metals Focus
Ministerio de Energía y Minas (Peru)
Newmont Corporation
Polymetal International
Statista
The Observatory of Economic Complexity
The Silver Institute
U.S. Global Investors
US Geological Survey
Various sources (Company reports)
Visual Capitalist
World Bank
World Bureau of Metal Statistics
WTEx