Silver mining represents a critical sector within global precious metals production, with production dynamics fundamentally shaped by its role as both a primary product and a valuable byproduct of base metal mining. Here are the key statistics and trends defining the industry in 2024-2025.
Global Production and Output
In 2024, global silver mine production reached 819.7 million ounces (25,000 metric tonnes), representing a modest 0.9% increase from 2023. Looking ahead to 2025, production is projected to reach 944 million ounces (28,800 metric tonnes), reflecting a 2.0% year-over-year increase driven by expansions in the United States, Peru, and India.mining-technology+2
However, the medium-term outlook remains challenged. Over the forecast period from 2025 to 2030, global silver production is projected to decline at a compound annual growth rate of -0.9%, falling to approximately 901 million ounces (27,400 metric tonnes) by 2030. This anticipated contraction reflects ongoing mine closures in Mexico, India, Russia, Bolivia, Kazakhstan, and Peru—the world's leading silver-producing nations.mining-technology
Top Silver-Producing Countries
The top ten silver-producing nations in 2024 were:mining+2
| Country | Production (Million Ounces) | Production (Metric Tons) | Global Share |
|---|---|---|---|
| Mexico | 202.2 | 6,300 | 24% |
| China | 109.3 | 3,300 | 13% |
| Peru | 107.1 | 3,100 | 13% |
| Bolivia | 42.6 | 1,300 | 5% |
| Poland | 42.5 | 1,300 | 5% |
| Russia | 39.8 | 1,200 | 5% |
| Australia | 34.4 | 1,050 | 4% |
| United States | 32.0 | 1,100 | 4% |
| Argentina | 26.0 | 800 | 3% |
| India | 23.8 | 730 | 3% |
Mexico dominates global silver production with approximately 24% of worldwide output, contributing 6,300 metric tonnes annually. The country's largest silver mine is Newmont
However, Mexico faces significant production headwinds. Multiple major mines are approaching end-of-life closures, including San Julián (closing 2027), Mercedes, Bolanitos, San Rafael, Dolores, and San Dimas (all slated for closure in 2025). While new projects like Terronera and Media Luna are expected to add approximately 5 million ounces, Mexico's long-term production is projected to decline at a compound annual rate of -2.9% through 2030, falling to 200.6 million ounces.mining-technology
China ranks second with 3,300 metric tonnes annually, though production declined from 3,400 metric tonnes in 2023. Much of China's silver is produced as a byproduct of lead, zinc, and copper mining, with output constrained by depleting ore grades at aging mines. China's production is projected to recover modestly by 1.3% in 2025 to 119.1 million ounces, driven by resumption at the Jiama mine, but long-term growth will be limited by planned mine closures and lack of new capacity.investingnews+1
Peru is the world's third-largest silver producer with 3,100 metric tonnes in 2024, with production concentrated in the Andes region. Peru's 2024 production was down from 3,200 metric tonnes in 2023, reflecting declining ore grades and social unrest. Production is expected to recover by 2.4% in 2025 to 110.8 million ounces, driven by new projects like Toromocho Expansion and Reliquias, but will subsequently decline through 2030 due to closures of major mines including Cerro De Pasco and Andaychagua.investingnews+1
Global Silver Reserves
Total global silver reserves stand at approximately 628,000 metric tonnes, with the top ten reserve-holding nations accounting for the vast majority:jmbullion
| Country | Reserves (Metric Tons) | Global Share (%) |
|---|---|---|
| Peru | 110,000 | 17.5% |
| Australia | 94,000 | 15.0% |
| Russia | 92,000 | 14.7% |
| China | 72,000 | 11.5% |
| Poland | 63,000 | 10.1% |
| Mexico | 37,000 | 5.9% |
| Chile | 26,000 | 4.2% |
| Argentina | 23,000 | 3.7% |
| United States | 23,000 | 3.7% |
| Bolivia | 22,000 | 3.5% |
Notably, Peru holds the world's largest silver reserves at 110,000 metric tonnes, despite producing less silver annually than Mexico. Peru is home to four of the world's top 30 producing mines: Antamina, Yauli, Toromocho, and Immaculada. The top five reserve-holding nations collectively control approximately 69% of the world's silver stocks.jmbullion
Industrial Demand and Applications
Silver industrial consumption has undergone a fundamental structural shift, with industrial applications now consuming approximately 50% of total silver supply—a dramatic increase from historical levels. This demand surge reflects specific high-growth sectors:markets.chroniclejournal
Solar Photovoltaics represent the fastest-growing segment of industrial silver demand. Photovoltaic applications now account for approximately 17% of total global silver demand in 2024, up from just 5.6% in 2015. Every solar panel requires between 15 and 20 grams of silver, and with the International Energy Agency reporting that new solar installations doubled in just two years, consumption continues escalating. Industry projections suggest photovoltaic silver demand could reach 20% of total consumption by 2026.discoveryalert+1
Electric Vehicles constitute the second major demand driver. Global EV production reached approximately 14 million units in 2024, with projections suggesting 30+ million units annually by 2030. EVs utilize substantially more silver than traditional combustion engine vehicles, particularly in battery management systems, power electronics, and charging infrastructure.markets.chroniclejournal+1
Digital Infrastructure and Semiconductors account for substantial and growing silver consumption. 5G network deployment, data centre construction, and AI processing systems all require silver for high-frequency circuit boards, server cooling systems, and advanced semiconductors. Demand for silver in 5G technology, including IoT and semiconductors, is projected to increase by a staggering 200% over the next decade, reaching 23 million ounces by 2030.discoveryalert+1
Electrical and Electronics applications (excluding solar) consumed 254 million ounces in 2024, up from 213 million ounces in 2015. Global demand for industrial silver in 2025 is forecast to exceed one billion ounces—a record level.goldenstatemint+1
Supply Deficit and Market Tightness
The silver market is experiencing a structural supply deficit. Projected shortfalls are expected to exceed 200 million ounces in 2025, representing roughly 15% of total annual global production. This supply-demand mismatch reflects a critical constraint: 70% of silver is produced as a byproduct of lead, zinc, copper, and gold mining, making supply relatively inelastic and unable to respond rapidly to demand surges.cruxinvestor+1
Unlike cyclical industrial metals where elevated prices typically destroy demand, silver's industrial applications—particularly in solar and EV batteries—demonstrate limited price elasticity. Solar manufacturers and EV producers prioritize supply security and performance over marginal cost differences, creating persistent demand even as silver prices appreciate significantly. This dynamic distinguishes silver from traditional commodity metals and supports sustained consumption despite record-high prices trading around $46-47 per ounce in 2025.cruxinvestor+1
Employment and Workforce
In Canada, the gold and silver ore mining sector employed 19,154 people in 2025, representing modest 0.4% growth for the year but a compound annual growth rate of 2.8% between 2020 and 2025. Globally, metal mining employment (including silver, gold, copper, and iron) is projected to increase from 1.87 million workers in 2023 to 1.98 million by 2025, representing 5.9% growth. Notably, green jobs in mining are projected to grow by 18% by 2025, reflecting industry shifts toward sustainable practices, with green positions accounting for approximately 16% of total metal mining employment.ibisworld+1
Technological advancements including digital mapping, autonomous haul trucks, and AI-driven exploration are reshaping employment requirements, increasing demand for specialized technical roles while automating routine operations.farmonaut
Capital Investment and M&A Activity
The silver mining sector experienced unprecedented capital inflows in 2025, with Q3 alone witnessing substantial consolidation activity. Major transactions include Coeur d'Alene Mines Corporation
Leading Mining Companies
Major silver producers include:
**Fresnillo plc ** — The world's largest primary silver producer, operating multiple mines in Mexico
**Newmont Corporation ** — Global diversified producer with major operations including Peñasquito
Polymetal International — Leading Russian silver producer
South32
— Australian mining conglomerate with major silver operations at Cannington Mine Endeavour Silver — Developer of the Pitarrilla project in Mexico, home to one of the world's largest undeveloped silver deposits (491.6 million ounces indicated resource)
The silver mining industry stands at an inflection point, with structural demand growth from green technologies and electrification confronting significant supply constraints driven by mine maturation and production as byproduct rather than primary product.
- https://www.mining-technology.com/analyst-comment/global-silver-production-mine-closures-long-term-challenges/
- https://silverinstitute.org/silver-supply-demand/
- https://discoveryalert.com.au/global-silver-mine-production-2024-trends/
- https://www.mining.com/which-countries-produce-the-worlds-silver/
- https://investingnews.com/daily/resource-investing/precious-metals-investing/silver-investing/top-silver-producing-countries/
- https://timesofindia.indiatimes.com/life-style/travel/destinations/top-10-silver-producing-countries-in-the-world-2025/articleshow/125187343.cms
- https://www.jmbullion.com/investing-guide/facts/silver-reserves-by-country
- http://markets.chroniclejournal.com/chroniclejournal/article/marketminute-2025-10-3-silver-shines-bright-industrial-demand-from-solar-and-tech-fuels-historic-price-surge
- https://discoveryalert.com.au/silver-market-deficit-2025-supply-demand-challenges/
- https://www.goldenstatemint.com/blog/industrial-uses-of-silver-in-2025/
- https://www.cruxinvestor.com/posts/surging-industrial-demand-tightens-silver-supply-triggering-strategic-repricing-in-2025
- https://www.ibisworld.com/canada/employment/gold-silver-ore-mining/114/
- https://farmonaut.com/mining/employment-generation-in-mining-sectors-2025-trends
- https://discoveryalert.com.au/gold-mining-fund-performance-2025-surge/
- https://farmonaut.com/mining/world-silver-producers-2025-top-global-trends-insights
- https://metalsedge.com/silver-mining-worldwide-top-countries-production-and-insights/
- https://www.linkedin.com/posts/harshadshah1953_top-silver-producing-countries-in-the-world-activity-7384839868889149440-HVQd
- https://www.miningvisuals.com/post/top-silver-producers-in-q1-2025-a-look-at-the-industry-s-leaders
- https://investingnews.com/daily/resource-investing/precious-metals-investing/silver-investing/top-silver-countries-by-reserves/
- https://canambullion.ca/top-10-countries-largest-silver-reserves/
- https://discoveryalert.com.au/precious-metal-miners-economic-cycles-analysis-2025/
No comments:
Post a Comment