Silver is one of the world’s most precious metals, holding an important position as a tradeable commodity and an essential part of many industrial processes and necessary technologies such as the next-generation photovoltaics helping power the transition to clean energy.
So, for this graphic, Visual Capitalist's Alan Kennedy used data from the Silver Institute’s World Silver Survey 2024 to rank the top silver-producing companies of 2023.
Who Produces the Most Silver in 2023?
In 2023, silver mining companies collectively produced 831 million ounces of silver with the top 20 companies contributing 43% of that total—371 million ounces.
Here’s how this breaks down on a per-company basis:
*Polymetal Intl. changed its name to Solidcore Resources following an acquisition in June 2024
North America is home to 11 of the world’s top 20 silver mining companies, including Mexican company Fresnillo, which produced the most silver last year, at 54 million ounces.
Silver Industry Trends
Global production of silver dropped by 1% between 2022 and 2023, mainly driven by industry events that disrupted production, impacting several key silver-producing nations.
For example, between Q2 and Q3 of 2023, industrial action saw the suspension of the Newmont Peñasquito mine, and Argentina, as a whole, produced a lower grade of silver than expected in 2023.
However, many companies in smaller silver producers, such as Chile, have partially offset this loss through increased production.
Silver in 2024
Despite the challenges, there is hope for a potential production recovery from Mexican and U.S. mines in 2024. However, The Silver Institute expects total output from silver mining companies to fall by less than 1% again in 2024, with forecasts predicting an output of approximately 824 million ounces.
This expected production fall can be attributed to a drop in local production in Peru, where many productive mines have been temporarily closed.
