Investing in silver-focused stocks means understanding key factors such as silver price outlook, management quality and whether a company operates in top silver-producing countries.
Location is especially important: countries with large silver output often benefit from mining-friendly laws or rich deposits.
Mexico remained the world’s top silver producer, ahead of China and Peru. Despite strong demand, mine supply slipped to 25,000 metric tons, largely because most silver is produced as a byproduct of mining gold, copper, lead and zinc. With silver prices hitting their highest levels in over a decade, major producing nations may gain from the uptrend.
Below is a snapshot of the top silver-producing countries, based on US Geological Survey data. (1 metric ton = 35,274 ounces)
1. Mexico — 6,300 MT
Mexico leads global production, nearly doubling China’s output. Silver contributes significantly to its mining economy, with Zacatecas, Durango and Chihuahua responsible for ~80% of supply. Key operations include Newmont’s Peñasquito mine and Fresnillo, the world’s largest silver company.
2. China — 3,300 MT
Output dipped slightly as grades fell at aging mines. Most production comes as a byproduct. Silvercorp Metals’ Ying district is the largest primary silver asset, producing 6.95 million ounces in fiscal 2025.
3. Peru — 3,100 MT
Third globally, though slightly down from 2023. Mining contributes 9.5% of GDP. Most silver comes from copper mines, led by the Antamina operation, which produced 11.36 million ounces.
4. Bolivia — 1,300 MT
Bolivia generated US$1.2 billion from silver exports. San Cristóbal is its largest mine, producing 16.8 million ounces in 2024.
4. Poland — 1,300 MT
Tied with Bolivia. Poland hosts major reserves and is home to KGHM, one of the world’s top silver producers.
6. Chile — 1,200 MT
Production has slipped amid weaker copper output. Silver is mostly a copper byproduct; Codelco’s operations remain key.
6. Russia — 1,200 MT
Also declined slightly. Mangazeya Plus is now the leading producer after acquiring assets previously owned by Polymetal.
8. United States — 1,100 MT
Output rose year-on-year, with mines in Alaska and Idaho leading. Hecla’s Greens Creek is the top producer.
9. Australia — 1,000 MT
Production is mostly byproduct-driven. South32’s Cannington mine remains the major contributor.
9. Kazakhstan — 1,000 MT
Output continues to climb, supported by the Kazzinc Complex joint venture.
