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| Silver |
Mexico is currently the world’s largest producer of silver despite the fact that Peru holds the largest silver reserves in the world. Mexico just holds 6% of the world’s known reserves and produces more silver than any other nation, accounting for about 24% of global mined silver output.
On the other hand, Peru’s known silver reserves are about 140,000 metric tonnes, which is about 22% of global silver reserves. It's also worth noting that China and Peru anchor global supply, with China ranking as the second-largest global producer. The Asian country produced around 3,300 metric tonnes of silver in 2024.
| Country | ESP (tonnes) | Global Rank |
|---|---|---|
| 🇲🇽 Mexico | 6,300 | 1st |
| 🇨🇳 China | 3,300 | 2nd |
| 🇵🇪 Peru | 3,100 | 3rd |
| 🇧🇴 Bolivia | 1,300 | 4th |
| 🇵🇱 Poland | 1,300 | 5th |
| 🇨🇱 Chile | 1,200 | 6th |
| 🇷🇺 Russia | 1,200 | 7th |
| 🇺🇸 United States | 1,100 | 8th |
| 🇦🇺 Australia | 1,000 | 9th |
| 🇰🇿 Kazakhstan | 1,000 | 10th |
Quick Note: ESP (tonnes) stands for Estimated Silver Production (tonnes) and ESP (tonnes) stands for Estimated Silver Reserves (tonnes). ESR (tonnes) is used in the listing of the top countries by silver reserves table.
Notably, Argentina and India maintain 800 metric tonnes in production in 2024. Sweden maintains 400 tonnes, and Canada maintains 300 tonnes of production. Other countries produce 2,100 cumulatively, making 25,000 tonnes around the world in total. It's also worth noting that Mexico, Peru, and China accounted for more than half of global silver production.
Largest Silver Reserves in the World
Mexico is rated as the top producer of silver, but it doesn’t have the largest reserves. Peru does. Mexico's output exceeds its reserve share due to rich deposits and infrastructure. Meanwhile, Peru holds the largest silver reserves in the world. According to the U.S. Geological Survey, Peru’s known silver reserves are about 140,000 metric tonnes, which is about 22% of global silver reserves. Here’s the list of the top countries by silver reserves:
| Country | ESR (tonnes) | % of World Total |
|---|---|---|
| 🇵🇪 Peru | 140,000 | 21.9% |
| 🇦🇺 Australia | 94,000 | 14.7% |
| 🇷🇺 Russia | 92,000 | 14.4% |
| 🇨🇳 China | 70,000 | 10.9% |
| 🇵🇱 Poland | 61,000 | 9.5% |
| 🇲🇽 Mexico | 37,000 | 5.8% |
| 🇨🇱 Chile | 26,000 | 4.1% |
| 🇺🇸 United States | 23,000 | 3.6% |
Silver prices jumped more than 5%, climbing above $80 per ounce again. This rise is mainly due to China restricting silver exports, which tightens global supply; growing demand from green technologies like solar panels that rely heavily on silver; and investors turning to silver as a safe-haven asset during uncertain economic conditions.
In a nutshell, Mexico leads global silver production, but Peru and Australia hold the vast majority of the reserves. Meanwhile, countries like Peru and Australia hold large untapped silver resources, and countries like China, Poland, and Bolivia produce silver as a secondary output, because a significant amount of the world’s silver is extracted alongside copper, lead, and zinc.
