#1 – Mexico: The Undisputed Silver Superpower
Production (2023): ~202.2 Moz (~24% of world supply)
Mexico has been synonymous with silver for centuries. From colonial-era bonanzas to modern industrial mining, the country has consistently been at or near the top of global production.
Why Mexico leads
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Giant polymetallic belts
Mexico’s silver often comes with lead, zinc, and gold in epithermal and carbonate-replacement deposits, especially in states like Zacatecas, Durango, Sonora, and Fresnillo. -
World-class mines
Key operations include:-
Peñasquito (Newmont) – one of the world’s largest polymetallic mines, yielding significant silver as a byproduct.
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Fresnillo, Saucito, San Julián, and Juanicipio – major silver producers operated by Fresnillo and partners.
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Industrial ecosystem
Mexico’s mining service sector, infrastructure, and long history of silver mining make it relatively efficient to operate and expand.
Recent developments
In 2023, Mexico’s output dipped slightly due to a labor dispute and temporary shutdown at Peñasquito, but it still held a clear lead over all other countries.
#2 – China: The Byproduct Giant
Production (2023): ~109.3 Moz (~13% of global output)
China is rarely thought of as a “silver country” first, but it is a powerhouse in base metals — and that’s where most of its silver comes from.
Key features
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Byproduct bonanza
Silver is recovered from large lead-zinc and copper operations in regions such as Inner Mongolia, Hunan, Yunnan, and Jiangxi. -
Integrated smelting and refining
Many Chinese smelters recover silver from concentrates, allowing the country to capture value along the entire chain.
Strategic angle
China’s silver production supports domestic demand for:
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Electronics
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Solar panels
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Industrial applications
At the same time, China is a major fabricator of silver products and an important driver of global industrial demand in solar photovoltaics and electronics.
