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Silver Mining Dominated by Mexico, China and Peru in 2022

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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

  1. Mexico – 6,300 tons
  2. China – 3,600 tons
  3. Peru – 3,100 tons
  4. Chile – 1,600 tons
  5. Australia – 1,400 tons
  6. Poland – 1,300 tons
  7. Bolivia – 1,300 tons
  8. Russia – 1,200 tons
  9. USA – 1,100 tons
  10. Argentina – 840 tons
  11. 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.

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US Mint Clarifies Statement Regarding Global Silver Shortage

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The US Mint released a statement confirming a global shortage of silver after the website outages during the pre-sale of the 2021 Morgan Dollar commemorative coins.

“The global silver shortage has driven demand for many of our bullion and numismatic products to record heights. This level of demand is felt most acutely by the Mint during the initial product release of numismatic items.”

US Mint Press Release

This appears to be the first indication from a government agency acknowledging what many have been speculating for more than a year.

The lockdowns at the beginning of the COVID-19 pandemic forced the closure of many mines and the supply chains that turn raw ore into fine silver and gold. 

The shutdown of the mines and supply chains led to refineries scrambling for raw materials and mints running out of product to sell.

After some backlash, the US Mint has revised its statement about the shortage. 

“In more precise terms, the silver shortage being experienced by the United States Mint pertains only to the supply of silver blanks among suppliers to the U.S. Mint.”

US Mint Press Release

Silver blanks are manufactured for the US Mint by private mints. The US Mint didn’t specify which private mints were having issues supplying silver blanks. It has been documented previously that the US Mint has bought silver blanks from private mints such as Scottsdale Mint, Sunshine Minting, Coins’n’Things and other major industry players.

The US Mint has delayed the remaining pre-sales of the 2021 Morgan Dollars and 2021 Peace dollars. The prospective launch dates have yet to be announced.