Top Silver Mining Countries
in 2023
· One of the key reasons behind this
industrial growth is the critical role silver plays in solar photovoltaics.
Consequently, demand for the silver used for this technology has grown 64%
between 2022 and 2023.
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Silver
is one of the world’s most precious metals, and for the last 5,000 years, it’s been
used in various ways, from everyday jewelry to coins and
alloys.
So,
in this graphic, we used data from The Silver Institute’s World Silver Survey 2024
to explore the drivers behind silver demand and analyze
each country’s silver production in 2023.
What
Drives Silver Mining?
In
recent years, silver’s use as a brazing alloy or solder and within electronics has
seen industrial demand grow consistently, and between 2022 and 2023, total industrial
demand grew by 11%.
One
of the key reasons behind this industrial growth is the critical role silver plays
in solar photovoltaics. Consequently, demand for the silver used for this technology
has grown 64% between 2022 and 2023.
Despite
industrial growth, total silver production dipped slightly in 2023 (-1%). One potential
reason for this dip is the considerable drop in demand for jewelry
and silverware—13% and 25%, respectively.
Ranking
Global Silver Production by Country
In
2023, global silver mining produced over 831 million ounces (Moz) of silver. Here’s
how this breaks down by country:
|
Rank |
Nation |
Mined
Silver (Moz) |
Share (%) |
|
1 |
Mexico |
202 |
24% |
|
2 |
China |
109 |
13% |
|
3 |
Peru |
107 |
13% |
|
4 |
Chile |
52 |
6% |
|
5 |
Bolivia |
43 |
5% |
|
6 |
Poland |
43 |
5% |
|
7 |
Russia |
40 |
5% |
|
8 |
Australia |
34 |
4% |
|
9 |
United States |
32 |
4% |
|
10 |
Argentina |
26 |
3% |
|
11 |
India |
24 |
3% |
|
12 |
Kazakhstan |
17 |
2% |
|
13 |
Sweden |
13 |
2% |
|
14 |
Indonesia |
10 |
1% |
|
15 |
Morocco |
9 |
1% |
|
16 |
Rest of World |
71 |
8% |
|
|
Global Total |
831 |
100% |
Three countries dominated global silver mining in 2023: Mexico (24%),
China (13%), and Peru (13%). These nations collectively accounted for over half
of the world’s silver production.
However,
the significance of silver in modern technologies has spurred increased production
in certain countries. For instance, Chile experienced a 24% surge in silver production
between 2022 and 2023, and Papua New Guinea increased output by 42%.