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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

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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.

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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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