Ranked: Top 20 biggest silver-producing mines
Silver is getting its shine on, with the price reaching $35.64 an oz. on Thursday - a 13-year high after a 24% increase since Jan. 1 and rivalling gold's 29% gain.
However, unlike gold, silver benefits not only from a surge in investments into safer assets during times of uncertainty, but also upturns in economic outlook given the metal's use in industrial applications.
The Silver Institute forecasts demand for silver will remain healthy in the coming years, owing to an anticipated rise in consumption for industrial uses such as photovoltaics, electronics and electric vehicles. In 2025, global demand is expected to reach 1.2 billion oz., over half of which from industrial fabrication (700 million oz.).
The Silver Institute is forecasting mine production to reach a seven-year high in 2025, rising by 2% to 844 million oz., guided by anticipated output growth from both existing and new operations around the world.
We rank the top 20 silver-producing operations of 2024, based on their actual or estimated output in millions of ounces (Moz):
#1: KGHM Polska Miedz
Topping our list are KGHM's collective operations in Poland, with an estimated 43.3 Moz ounces produced from its Carlota, Lubin, Polkowice-Sieroszowice, Robinson, Rudna and Sierra Gorda mines. KGHM's silver production is a by-product of its copper operations, which also made our top copper mines ranking.
#3: Juanicipio
The Juanicipio mine in Mexico, a joint venture between Fresnillo (56%) and Canada's Mag Silver (44%) is in third place with 18.57 Moz produced in 2024. Fresnillo began developing the project in 2019, but only began operating the mine in late 2022, as pandemic and logistical setbacks delayed the project.
#4: San Crist?bal
San Crist?bal Mining's San Crist?bal mine in Bolivia is in fourth place with an estimated 15.36 Moz produced in 2024. Located in Bolivia's Potos? Department, San Crist?bal is also globally significant zinc and lead producer.
#5: Saucito
Fresnillo's Saucito mine in Mexico is number five with 14.47 Moz ounces produced in 2024. Saucito contributed 25.7% to Fresnillo's total silver production for the year and generated 20.9% of total adjusted revenue.
#6: Zhezkazgan Complex
Cuprum Holding's Zhezkazgan Complex is the largest silver producing mine in Kazakhstan, churning out 14.05 Moz in 2024.
#7: Rubtsovskoye
The Rubtsovskoye mine in Russia, owned by JSC Sibir-Polymetal produced an estimated 12.78 Moz in 2024. Polymetal's Russian assets were placed under US sanctions in 2023 and the company switched its domicile to Kazakhstan and listed on the Central Asian nation's Astana International Exchange to try to facilitate a sale. In 2024, it sold its Russian assets to a Siberian gold miner for about $3.7 billion.
#8: Cannington
South 32's Cannington in Australia is in eighth place with 12.66 Moz produced. The mine is located in North West Queensland, on an old sheep and cattle station.
#9: Kazzinc Consolidated
Kazzinc Consolidated's Kazzinc mine in Kazakhstan is number nine, with 12.171 Moz produced. Kazzinc complex is located in the western region of the Shatskaya metaliogenic zone in north Kazakhstan.
#10: San Julian
Fresnillo's San Julian mine in Mexico churned out 11.83 Moz in 2024. According to the company, the geological potential identified in the San Julian mine's region may be sufficient to establish a new mining district in the future.
#11: Pirquitas
Pirquitas mine, located in Jujuy Province of Argentina and owned by SSR Mining, ranks 11th with 10.5 Moz produced. Pirquitas combined with the nearby Chinchillas mine in 2015, to comprise the Puna Operations, which includes processing facilities.
#12: Uchucchacua
Buenaventura's Uchucchacua mine in Peru's Oy?n province produced 10.49 Moz of silver in 2024. The mine started operations in 1975, and over the years the company has faced land use disputes with the Oyon people of the Andes.
#13: Fresnillo
Fresnillo's eponymous mine in Mexico produced 10.24 Moz in 2024. Fresnillo, the world's top silver producer, operates seven mines in the country.
#14: Chuquiquamata
Chile's famed Chuquiquamata, the world's biggest open-pit copper mine, owned by state-run miner Codelco, also produced an estimated 9.98 Moz of silver in 2024.
#15: Los Gatos
The Los Gatos mine in Chihuahua, Mexico, a joint venture between First Majestic Silver (70%) and Dowa Holdings (30%) churned out 9.68 ounces for the year. First Majestic acquired the stake in 2024, when it bought Los Gatos Silver in a $970 million deal.
#16: Greens Creek
Hecla Mining's Greens Creek in southeast Alaska produced 8.48 Moz of silver in 2024. Greens Creek was the first US underground mine to deploy automated loading technology from Sandvik.
#17: Garpenberg
The Garpenberg mine in Sweden, wholly owned by Boliden, produced 8.23 Moz. Garpenberg is also the world's most productive underground zinc mine.
#18: Ministro Hales
Ministro Hales, run by Chile's state owned miner Codelco, produced an estimated 8.12 Moz for the year. In 2023, Codelco said it planned to extend the useful life of Ministro Hales with a $2.5 billion investment.
#19: Gumuskoy
The Gumuskoy mine in Turkiye's K?tahya Province, owned by Eti Gumus AS, produced an estimated 7.5 Moz in 2024. In 2021, Gumuskoy was the world's top producing silver mine, according to Global Data.
#20 Dukat
Rounding out the ranking is the Dukat mine in Russia, owned by JSC-Sibir Polymetal. Dukat's estimated production for the year was on par with Gumuskoy - with 7.5 Moz.