Meeting the growing demand for silver, which is being pushed by green energy technologies like photovoltaics that require a lot of silver, is becoming more and more of a difficulty. Silver is in short supply. The commercially feasible fraction of natural resources, silver deposits, and recycled silver will be the main sources to meet this demand since they both play important roles in maintaining supply balance.
Approximately 610,000 tonnes (21.5 billion ounces) of silver are anticipated to be in global reserves as of 2023; this map shows which countries have the biggest reserves. Below is a discussion of the nations that own the highest percentage of these reserves.
Peru is the world’s largest producer of silver, with 110,000 metric tonnes (18% of total production), because to its abundant reserves and conducive mining environment. The Andes Mountains are home to important silver mining operations, with mines like Antamina, Toromocho, and Inmaculada making major contributions.
For silver as well as other metals that are frequently found with silver, such as copper and zinc, the Peruvian mining industry is essential. Peru is a global centre for the extraction of silver due to the operations of major international mining firms such as Glencore, Hochschild Mining, and Aluminium Corporation of China.
Approximately 94,000 metric tonnes, or 15.4% of the world’s total, of silver deposits are held by Australia. Cannington (South32), Mount Isa (Glencore), and Broken Hill North (Shenzhen Zhongjin Lingnan Nonfemet) are three of the major silver mines. Lead and zinc are also produced by these mines.
Roughly 15% of the world’s silver deposits, or 92,000 metric tonnes, are held by Russia. Regions such as Magadan and Chukotka have significant reserves, and prominent mines in these areas include Kupol, Lunnoye-Arylakh, and Dukat. These mines, run by businesses like Highland Gold Mining and Solidcore Resources, help Russia produce silver and extract other precious metals.
China‘s reserves of silver are estimated to be 72,000 metric tonnes. The biggest silver reserves in China are located in multi-metal mining operations, such as the Duobaoshan Copper Mine (Zijin Mining), Ying Mine (Silvercorp Metals), and Fankou Mine (Shenzhen Zhongjin Lingnan Nonfemet). These mines, which frequently also extract lead, zinc, and copper, greatly increase China’s output of silver.
Poland has substantial reserves of silver, approximately 63,000 metric tonnes. The majority of Poland’s silver reserves are in the southwest and are overseen by KGHM Polska Miedź S.A. Part of the Legnica-Głogów Copper Belt, Polkowice-Sieroszowice, Lubin, and Rudna are the three major mines. In these regions, the main source of silver is produced as a byproduct of copper mining.
Mexico, which produces more silver than any other country in the world, has reserves of roughly 37,000 metric tonnes. The Juanicipio Project (Industrias Penoles Sde CV), the San Julian Project (Industrias Penoles Sde CV), and the Penasquito Mine (Newmont) are three major silver deposits in Mexico.
23,000 tonnes of silver are held in major reserves in the United States, mostly in Nevada, Alaska, and Idaho. Silver is frequently mined as a byproduct of mining for gold, copper, and zinc. Important mines are Lucky Friday in Idaho, Greens Creek in Alaska, and the historic Comstock Lode in Nevada. Production is mediocre in comparison to world leaders.
Significant silver reserves are found in Chile, mostly as a byproduct of copper mining, with the Andes Mountains and Atacama Desert holding the majority of these deposits. Two significant mines that produce silver are La Coipa and El Peñón. Chile’s extensive mining infrastructure helps it become one of the world’s leading producers of silver.
Bolivia possesses significant amounts of silver, especially in the Cerro Rico of Potosí, which is home to one of the greatest silver deposits in history. With significant mining operations in the Andes, the nation is still a major producer of silver in the world.
India is thought to have 8000 metric tonnes of silver deposits. Most silver is generated as a by-product of lead and zinc mining, especially in the Zawar Mines in Rajasthan.
Argentina‘s Andean reserves, home to important mines like Cerro Negro and Chinchillas, are expanding.
57,000 tonnes of silver, or 9.35% of world reserves, are held by other nations combined.
| Country | Reserves (metric tons) | Share of global reserves |
| Peru | 110,000 | 18.03% |
| Australia | 94,000 | 15.41% |
| Russia | 92,000 | 15.08% |
| China | 72,000 | 11.80% |
| Poland | 63,000 | 10.33% |
| Mexico | 37,000 | 6.07% |
| Chile | 26,000 | 4.26% |
| United States | 23,000 | 3.77% |
| Bolivia | 22,000 | 3.61% |
| India | 8,000 | 1.31% |
| Argentina | 6,500 | 1.07% |
| Other countries | 57,000 | 9.34% |
| World total (rounded) | 610,000 |
Source: Mineral Commodity Summaries, January 2024, U.S. Geological Survey
The data displayed on this page could be rounded and contains errors. We cannot promise that all of the information is accurate or full. We disclaim all liability for any mistakes, misstatements, or results obtained from using this information. This is not a guide to investing.
