The Silver market is shining, with prices hitting $34 per ounce on Monday. This year, silver has seen a 19% increase, which is quite impressive—actually, it’s nearly matching gold’s performance.
What’s interesting is that silver’s rise isn’t just due to people investing in safe assets amid uncertainty—though that’s definitely part of it—but also because the economic outlook appears more positive, especially given silver’s role in industrial applications.
According to the Silver Research Institute, there’s a strong prediction for increased consumption in various industrial sectors like solar energy, electronics, and electric vehicles. By 2025, global demand is anticipated to reach around 1.2 billion ounces, with industrial manufacturing alone accounting for 700 million ounces.
Additionally, the Silver Laboratory forecasts that mine production will increase by 2% by 2025, totaling 844 million ounces. This growth is expected from both existing and new mining operations worldwide.
#1: KGHM Polska Miedz
KGHM in Poland tops the list with an estimated output of 43.3 million ounces from several mines including Carlota and Cielosziowitze. Their silver is primarily a by-product of copper mining, which ranks them among the top copper producers as well.
#2: Penasquito
The Penasquito Mine in Mexico comes in second, producing around 33 million ounces in 2024. After some strike actions in 2023, the company successfully negotiated a collective bargaining agreement with workers.
#3: Juanicipio
Next up is Mexico’s Juanicipio mine, a collaboration between Fresnillo (56%) and Mag Silver (44%), which produced approximately 18.57 million ounces. The project’s development took a hit in the second half of 2022 due to pandemic-related delays.
#4: San Cristobal
Ranking fourth, San Cristobal Mine in Bolivia generated about 15.36 million ounces in 2024. It’s notable not just for silver but also for its significant output of zinc and lead.
#5: Saucito
The Saucito mine, also in Mexico, ranks fifth with production of around 14.47 million ounces. This mine contributed significantly to Fresnillo’s total annual yield and adjusted revenue.
#6: Zhezkazgan Complex
Kazakhstan’s Zhezkazgan Complex, operated by Cuprum Holding, took the sixth spot with 14.05 million ounces produced in 2024.
#7: Rubtsovskoye
Seventh is the Rubtsovskoye mine in Russia, which produced an estimated 12.78 million ounces. Polymetal, its owner, faced U.S. sanctions in 2023 and subsequently shifted to Kazakhstan for operations. They sold Russian assets to a Siberian gold miner in 2024 for roughly $3.7 billion.
#8: Cannington
Australia’s Cannington mine produced around 12.66 million ounces, ranking eighth, located in northwest Queensland.
#9: Kazzinc Consolidated
In ninth place is the Kazzinc Integrated Mine in Kazakhstan, with 12.171 million ounces produced. It’s situated in a significant mineral zone there.
#10: San Julian
The San Julian Mine in Mexico produced approximately 11.83 million ounces in 2024, with potential for future mining districts in the area.
#11: Pirquitas
Pilquitas mine in Argentina, owned by SSR Mining, ranks 11th with around 10.5 million ounces. It merged with nearby mines in 2015, forming a larger business with processing facilities.
#12: Uchucchacua
Uchucchacua mine in Peru recorded a production of about 10.49 million ounces, but has been embroiled in land use disputes with local communities.
#13: Fresnillo
The Fresnillo mine itself churned out around 10.24 million ounces in 2024, keeping it competitive in this list.
#14: Chuquiquamata
Chile’s Chuquiquamata, the world’s largest open-pit copper mine run by Codelco, produced an estimated 9.98 million ounces of silver in 2024.
#15: Los Gatos
The Los Gatos Mine in Mexico, thanks to its partnership between First Majestic Silver and Dawa Holdings, produced about 9.68 million ounces. First Majestic recently made a major acquisition with a $970 million deal for more shares.
#16: Greens Creek
Alaska’s Greens Creek Mine produced 8.48 million ounces. It’s known for being the first U.S. underground mine to implement automatic loading technology.
#17: Garpenberg
The Garpenberg mine in Sweden, fully owned by Boliden, produced about 8.23 million ounces and is recognized as a leading underground zinc mine.
#18: Ministro Hales
The Ministro Hales mine in Chile, operated by Codelco, projected an output of approximately 8.12 million ounces, with plans for further investments to extend its operating life.
#19: Gumuskoy
Turkey’s Gumuskoy mine, owned by Etigmus AS, is estimated to have produced about 7.5 million ounces in 2024.
#20: Dukat
Finally, rounding out the list is the Dukat Mine in Russia, also producing around 7.5 million ounces, similar to Gumuskoy.
