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Global Silver Market Trends
Industrial applications account for more than half of the global silver demand, with silver being increasingly used for soldering electronics and fabricating solar panels because of its unmatched thermal and electrical conductivity, and high optical reflectivity.
Mining Technology observes silver price trends and analyses country-wise silver production and consumption data to keep track of the global silver market. We also closely watch the performance of silver mining companies and major silver mines across the globe.
Global silver production is rebounding steadily following a 5.9% slump in 2020 due to COVID-19, and is forecast to exceed 950 million ounces (Moz) in 2023, according to GlobalData’s estimates.
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GlobalData forecasts data for 15 commodities of 60 leading mining countries, with 70 reports per year covering supply & demand, key projects, activities of major mining companies and fiscal regimes.
Silver Price Trend Chart: Trailing 12 Months
Mining Technology’s silver price trend charts capture the monthly silver prices to study the global silver price trend over the last 12 months.
The average silver price was US$25.5/oz in March, a rise of 8.05% on February
Like many other metals, the silver priced peaked on 8 March, reaching US$26.90/oz before ending the month at US$24.13/oz.
Rising demand, particularly linked to the decarbonization agenda, is expected to support silver prices, which, like gold, are also helped by rising inflation.
Top Silver Mining Companies by Production
Mining Technology compares the annual output of major silver miners in the world to identify the largest silver producing companies.
Industrias Penoles ranked as the biggest among the top silver mining companies by production in 2020, followed by KGHM Polska Miedz and Jiangxi Copper.
The ten largest silver producing companies in the world together accounted for 33% of the global total silver output in 2020.
| Current Rank | Rank 2019 | Company Name | Headquarters |
|---|---|---|---|
| 1 | 1 | Industrias Penoles SAB de CV | Mexico |
| 2 | 2 | KGHM Polska Miedz SA | Poland |
| 3 | 5 | Jiangxi Copper Co Ltd | China |
| 4 | 3 | Glencore plc | Switzerland |
| 5 | 7 | Newmont Corp | United States |
| 6 | 6 | Polymetal International Plc | Cyprus |
| 7 | 4 | Pan American Silver Corp | Canada |
| 8 | 10 | Hecla Mining Co | United States |
| 9 | 9 | Boliden AB | Sweden |
| 10 | 8 | Volcan Compania Minera SAA | Peru |
Source: GlobalData
Expert Comments and Analysis
Top Silver Producing Countries
The top silver producing countries are identified from GlobalData’s silver production database that covers major silver mining countries around the world.
Mexico, followed by China and Peru were the three largest silver mining countries in 2020.
The ten top silver producing countries together accounted for 82% of the global silver output in 2020.
Biggest Silver Mines in the World
GlobalData maintains a robust and up-to-date database of major silver mining projects and their production data to identify the world’s biggest silver mines.
With a production of 48.59Moz, Gumuskoy Mine in Turkey topped the list of the world’s biggest silver mines in 2020.
The world’s ten largest silver producing mines together contributed 23% of the global silver output in 2020.
| Mine Name | Country | State | Owner | Mine Type & Method | Production 2020 (Thousand Ounces) |
|---|---|---|---|---|---|
| Gumuskoy Mine | Turkey | Kutahya | Yildizlar SSS Holding A.S.(100%) | Surface & Open Pit | 48597.2 |
| Penasquito Mine | Mexico | Zacatecas | Newmont Corp(100%) | Surface & Open Pit | 27801 |
| Apumayo Project | Peru | Ayacucho | Minera Andina de Exploraciones SAA(100%) | To be confirmed & To be confirmed | 17507.6 |
| Rudna Mine | Poland | Lower Silesian | KGHM Polska Miedz SA(100%) | Underground & Room and Pillar | 16577.07 |
| Saucito Mine | Mexico | Zacatecas | Industrias Penoles SAB de CV(75%), Undisclosed(25%) | Underground & To be confirmed | 15532 |
| Dukat Mine | Russia | Magadan Oblast | Polymetal International Plc(100%) | Surface and Underground & Open Pit | 14400 |
| Polkowice-Sieroszowice Mine | Poland | Lower Silesian | KGHM Polska Miedz SA(100%) | Underground & Room and Pillar | 14325.58 |
| Antamina Mine | Peru | Ancash | Glencore Plc(33.75%), BHP(33.75%), Teck Resources Ltd(22.5%), Mitsubishi Corp(10%) | Surface & Open Pit | 13380.27 |
| San Julian Project | Mexico | Chihuahua | Industrias Penoles SAB de CV(75%), Undisclosed(25%) | Underground & To be confirmed | 13306 |
| Fresnillo Mine | Mexico | Zacatecas | Industrias Penoles SAB de CV(75%), Undisclosed(25%) | Underground & To be confirmed | 13055 |
Source: GlobalData
Major Upcoming Silver Mines
Mining Technology lists the major upcoming silver mines in the world by comparing annual production capacities of upcoming silver mining projects.
The Quebrada Honda I and II Mine in Chile is the biggest upcoming silver mine in the world, with an annual production capacity of 95.64Moz.
The Nimbus Silver-Gold-Zinc Mine in Australia and the Rupice Project in Bosnia and Herzegovina are the next major upcoming silver mines with capacities of 72.76Moz and 48.09Moz, respectively.
| Mine Name | Country | State | Owner | Mine Type & Method | Annual Production Capacity (Thousand Ounces) |
|---|---|---|---|---|---|
| Quebrada Honda I and II Mine | Chile | Atacama | Barrow Mining SpA(100%) | Surface & Open Pit | 95649.33 |
| Nimbus Silver-Gold-Zinc Mine | Australia | Western Australia | Horizon Minerals Ltd(100%) | Surface and Underground & Open Pit/Stoping | 72769.4 |
| Rupice Project | Bosnia and Herzegovina | Federation of Bosnia and Herzegovina | Adriatic Metals Plc(100%) | Underground & Long Hole Stoping | 48090 |
| Navidad Silver Project | Argentina | Chubut | Pan American Silver Corp(100%) | Surface & Open Pit | 20000 |
| Pitarrilla Mine | Mexico | Durango | SSR Mining Inc(100%) | Surface and Underground & Open Pit/Sub Level Stoping | 15000 |
| Prognoz Project | Russia | Sakha (Yakutia) Republic | Polymetal International Plc(100%) | Surface and Underground & Open Pit | 13500 |
| HacKett River Project | Canada | Nunavut | Glencore Plc(100%) | Surface and Underground & Open Cut | 12400 |
| Juanicipio Project | Mexico | Zacatecas | MAG Silver Corp(44%), Industrias Penoles SAB de CV(42%), Undisclosed(14%) | Underground & Long Hole Stoping | 11700 |
| La Preciosa Project | Mexico | Durango | Coeur Mining Inc(100%) | Surface & Open Pit | 10300 |
| Nieves Project | Mexico | Zacatecas | Blackberry Ventures I, LLC(100%) | Surface & Open Pit | 10000 |
Source: GlobalData
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