World’s Top 10 Silver Mines

Global silver ore reserves are abundant and widely distributed, concentrated primarily in regions such as North America, South America, Europe, Asia, and Australia. As the table below shows(2019), the world’s major silver-producing nations include Peru, Poland, Chile, Australia, China, Mexico, the United States, Bolivia, and Canada. The combined silver ore reserves of these nine countries account for more than 90% of the global total.

 

 

Silver mining plays a crucial role in the global industry. Below, we explore the top 10 silver mines globally, detailing their production, challenges, and unique characteristics.

 

World’s Top 10 Silver Mines in 2019

1. Saucito

Saucito silver mine is the world’s largest silver mine, but silver production declined slightly throughout the year.

 

Saucito silver mine, Mexico. Source: Fresnillo

2. Escobal

Escobar, the world’s second-largest silver mine, is located in southeast Guatemala, about 40 kilometers from downtown Guatemala. Its silver production reached a record of 21.2 million ounces in 2016, up 4 percent from 2015. Escobar’s chances of becoming the world’s largest silver mine were put at risk recently when Guatemala’s Supreme Court canceled its operating license.

 

Escobal silver-gold-lead-zinc mine, Guatemala.

3. Dukat

The Dukat silver mine is the first original asset of the Polymetal company. It is the largest producer of native silver in Russia and the most representative institution of Polymetal.

Dukat silver mine, Russia.

4. Cannington

South32’s Cannington mine in the south, northwest of Queensland, has long been the undisputed leader in silver production, reaching an all-time high of 44 million ounces in 2005. Since then, its production has plummeted as its silver grade has declined, missing out on the no. 1 spot in recent years and ranking no. 4 in 2016. Silver production in 2016 was 18.24 million ounces, down 18% from 2015.

 

Cannington underground silver-lead-zinc mine, Australia.

5. Antamina

Fifth in our ranking, the Antamina mine is a large copper-zinc-molybdenum-silver-lead operation, located in the Andes mountains 270 kilometers north of Lima, Peru. The deposit is located at an average elevation of 4,200 metres. The owners are BHP Billiton plc (33.75%), Glencore plc (33.75%), Teck (22.5%), and Mitsubishi Corporation (10%). The mine is an open-pit, truck/shovel operation. A 302-kilometer slurry concentrate pipeline transports copper and zinc concentrate to the port for shipment to smelters and refineries worldwide. Silver production rose 17% in 2016, and this is the largest year-on-year gain among the top 10 silver operations.

 

Antamina polymetallic mine, Peru.

6. Penasquito

Goldcorp’s Penasquito polymetallic mine is Mexico’s largest gold producer, consisting of two open pits – Peñasco and Chile Colorado – containing gold, silver, lead & zinc. Penasquito is an open-pit mine that employs flotation-and-grinding processing, in two 50,000-tonne/day sulphide processing lines and a 30,000-tonne/day high-pressure grinding roll (HPGR) circuit. Due to operational challenges, lower grade and recovery, silver production at Penasquito dropped a whopping 31% in 2016 compared to 2015. As a result, Penasquito lost its status as the biggest silver operation and settled for sixth in 2016.

Penasquito polymetallic mine, Mexico.

7. Uchucchacua

Buenaventura’s Uchucchacua silver-zinc-lead underground mine is located in the province of Oyón, approximately 265 kilometres northeast of Lima, Peru, at an altitude of between 4,000 and 5,000 metres above sea level. It is the seventh biggest and highest-grade silver mine in the top 10 list.

Uchucchacua silver-lead-zinc mine, Peru.

8. Fresnillo

Fresnillo’s eponymous mine is the eighth largest silver producer and one of the world’s oldest continuously operating mines. Remarkably, mining operations have been recorded at the site as far back as 1554. 2016 full-year silver production increased slightly as a result of access to higher-grade veins at the San Carlos and San Alberto areas.

 

Fresnillo silver mine, Mexico.

9. Pirquitas

Ninth in our ranking, Silver Standard’s Pirquitas mine is located in the Province of Jujuy, northern Argentina. It is positioned at an elevation of 4,100 metres above sea level and is accessible by all-weather roads. It is an open-pit mine utilizing a fleet of 100-tonne trucks and three loading units. Ore is crushed and treated in a gravity pre-concentrator before processing in a conventional mineral flotation plant. The silver concentrate produced from the plant is shipped to third-party smelters.

 

Pirquitas silver mine, Argentina.

10. Garpenberg

Boliden’s Garpenberg mine, located in Hedemora municipality, Sweden, is tenth in our ranking. It is Sweden’s oldest mine still in operation. Recent industry-leading technological developments have enabled an expansion of the Garpenberg mine, from 1.4 million tonnes per year to 2.5 million tonnes. This revamping has made Garpenberg one of the world’s most cost-effective and modern mines.

 

Garpenberg mine, Sweden.

The top ten global silver mines mentioned above are based on the 2019 rankings. It is important to note that rankings can shift annually due to changes in production, discoveries, and market conditions. The global silver mining industry has seen several standout performers in recent years, with production figures highlighting key players and regional dominance.

Related article
Top 10 Gold Mines in the World 2019

 

World’s Top Silver Mines in Recent Years

2020 and Earlier

• Gümüşköy (Turkey): Peaked at 48.6 Moz, maintaining strong output.
• Penasquito (Mexico): Historically significant, delivering 27.8 Moz in 2020.
• Polkowice-Sieroszowice (Poland): Was the world’s largest silver mine (39.2 Moz) in 2020.
• Notable Historical Performers:
  Cannington (Australia): A major producer in past years.
  Penasquito (Mexico): Consistently held vast reserves since at least 2013.

2023 Dominance

• Gümüşköy Mine (Turkey): The clear leader with 45.7 Moz, far outpacing others.
• Penasquito (Mexico): Produced 20.7 Moz, followed by Polkowice-Sieroszowice (Poland) in the top ranks.
• Mexico’s Strength: Hosted five of the top ten silver mines, solidifying its position as a major producer. 

2024

• Juanicipio (Mexico): Led production with 18.6 million ounces (Moz).
• Saucito (Mexico): Close behind at 15.5 Moz.
• Dukat (Russia): Produced 14.6 Moz, reinforcing Russia’s presence in global supply.

2026

Mine (Country)	Annual Production (Moz)	Ownership
Penasquito (México)	45+	Newmont
Fresnillo (México)	N/A	Fresnillo Plc
San Julián (México)	N/A	Fresnillo Plc
Antamina (Peru)	N/A	BHP, Glencore, Teck
Shahuindo (Peru)	N/A	Pan American Silver
Polymetal Dukat (Russia)	N/A	Polymetal
Saucito (Mexico)	15.5 (2024 data)	Fresnillo Plc
Cannington (Australia)	N/A	South32
Pirquitas (Argentina)	N/A	SSR Mining
Pitarilla Project (Mexico)	N/A	Endeavour Silver