René Muschter
Research Expert covering Industry & Mobility
Global silver mining- statistics & facts
Silver is one of the world’s most versatile industrial and precious metals, mined on every inhabited continent. Global silver mine production climbed from 20,800 metric tons in 2005 to 26,000 metric tons in 2025. Mexico led all producers at 6,300 metric tons, followed by Peru at 3,600 metric tons and China at 3,400 metric tons, per data on leading silver-producing countries. Production is concentrated in Latin America and Asia.
Where the silver sits: reserves skewed toward South America
Global silver reserves reached 610,000 metric tons in 2025, broadly trending upward over the past decade as exploration has outpaced depletion. Peru holds the world’s largest national stockpile at 110,000 metric tons, ahead of Russia at 92,000 metric tons and Australia at 91,000 metric tons, per data on silver reserves by country. Peru dominates reserves. Mexico leads production. That gap reflects the difference between what is technically recoverable and what is economically and logistically viable to extract.
Mexico-based Fresnillo leads a globally dispersed industry
Mexico-based Fresnillo plc ranked as the world’s largest silver mining company in 2025, with an output of 47.6 million ounces. Second place went to Polish state-owned KGHM Polska Miedz at 43.3 million ounces, a company that extracts silver as a byproduct of copper operations. That structure is widespread: only 26.1 percent of global output originates from primary silver mines, with lead, zinc, copper, and gold mining accounting for the rest, per silver production by source. The geographic and corporate composition of the top producers follows directly from that arrangement.
Electronics and investment drive a record-high silver price
The supply gap is the headline number. Global silver supply reached 1,090.4 million ounces in 2025, falling short of total demand by over 40 million ounces. Electrical and electronics applications consumed 449.5 million ounces, nearly 40 percent of the 1,130.6 million ounce total, per silver demand by application. The average Comex silver spot price reached 40.44 U.S. dollars per ounce in 2025, more than five times the 7.36 U.S. dollars per ounce recorded in 2005.Â
Financial centers dominate global silver export value
The United Kingdom topped the ranking of leading silver-exporting countries in 2025 with 8.2 billion U.S. dollars in exports, narrowly ahead of the United States at 8.1 billion U.S. dollars. Neither country is a top-10 silver producer. Their dominance in export value reflects a market where bullion transactions and financial instruments move far more dollar volume than physical industrial supply chains, a reminder that Mexico and Peru dig the silver up while London and New York set the price.Â
