Preliminary data from the US Geological Survey (USGS), global silver mine output increased by 4% last year.
Total mine output globally was roughly 26,000 tons in 2022, slight more than the 25,000 tons produced the previous year.
Most of the increase was due in part to the growth of mine output in Mexico, China and Chile.
Chile is an emerging leader in mining of both precious metals and critical minerals for industry and manufacturing. The country is one of the largest producers of copper, and silver is mined as a byproduct.
Top 11 Silver Producing Countries
- Mexico – 6,300 tons
- China – 3,600 tons
- Peru – 3,100 tons
- Chile – 1,600 tons
- Australia – 1,400 tons
- Poland – 1,300 tons
- Bolivia – 1,300 tons
- Russia – 1,200 tons
- USA – 1,100 tons
- Argentina – 840 tons
- India – 630 tons
The USGS is anticipating an increase in global silver production for 2023 as the industry continues recovering from the pandemic.
Demand is being driven the ramp-up of advanced manufacturing of components for electric vehicles, solar panels and other electronic devices that utilize silver (Ag).
The global supply chain for raw minerals and precious metals is continuing to recover from the pandemic.
Americans continue to consume more silver worldwide than any other country. Critical metals, such as silver and lithium are necessary for the production of EV cars, batteries, solar panels and other components of the green-energy economy.