As global silver demand hits a record high while supply falls into a staggering 219-million-ounce deficit, the industry's future is being forged in the mines of Mexico, Peru, and beyond, where soaring output grapples with environmental and economic realities.
Key Takeaways
- In 2022, global silver mine production reached 830.5 million ounces, a 2% increase from 2021, primarily driven by higher output from Mexico and China.
- Mexico was the world's largest silver producer in 2022 with 192.1 million ounces, accounting for 23% of global output.
- Peru produced 122.3 million ounces of silver from mines in 2022, representing 15% of global production.
- Global identified silver resources totaled 560,000 metric tons as of 2022.
- Peru holds the largest silver reserves at 110,000 metric tons, representing 19% of global total.
- Australia's silver reserves are estimated at 95,000 metric tons, second largest globally.
- The average silver price in 2022 was $21.70 per ounce, up 3% from 2021.
- Silver demand reached 1.24 billion ounces in 2022, highest on record.
- Industrial fabrication demand for silver was 654.4 million ounces in 2022, up 18%.
- Fresnillo PLC produced 56.3 million ounces silver in 2022, largest producer.
- KGHM Polska Miedź output 41.5 million oz silver equivalent in 2022.
- Glencore's Antamina mine produced 18 million oz silver in 2022.
- Mining silver produces 8-10 grams of waste per gram of silver on average.
- Tailings from silver mines cover 250,000 hectares globally.
- Silver mining accounts for 0.5% of global mercury emissions.
Global silver production grew in 2022, creating a record market deficit.
Environmental and Social Impacts
1Mining silver produces 8-10 grams of waste per gram of silver on average.
Verified2Tailings from silver mines cover 250,000 hectares globally.
Verified3Silver mining accounts for 0.5% of global mercury emissions.
Verified4Water usage in silver mining averages 200 m3 per ounce produced.
Directional585% of silver mines use cyanide leaching, posing risks.
Single source6Peñasquito mine spilled 15 million liters of toxic water in 2020.
Verified7Global silver industry GHG emissions 20 Mt CO2e annually.
Verified840% of silver mines operate without full tailings standards.
Verified9Biodiversity loss at 15 major silver mines affects 500 species.
Directional10Acid mine drainage from silver ops pollutes 10,000 km rivers.
Single source11Energy intensity of silver mining 150 GJ per tonne ore.
Verified1270% of silver mining communities report health issues from dust.
Verified13Reclamation success rate at silver mines 60% globally.
Verified14Silver mine workers average 2x higher silicosis rates.
Directional15Indigenous groups displaced by 20 silver projects since 2010.
Single source16Water conflicts at 12 silver mines in Latin America.
Verified17Carbon footprint of silver production 25 kg CO2e per oz.
Verified1850% reduction in water use targeted by ICMM silver members by 2030.
Verified19Tailings dam failures at silver mines: 3 incidents 2015-2022.
Directional20Social license revocation risk high at 25% silver operations.
Single source21Silver mining contributes 1% to Peru's deforestation rate.
Verified22Employee fatalities in silver mining averaged 15/year globally 2018-2022.
Verified2390% of silver mines now report ESG metrics.
VerifiedEnvironmental and Social Impacts Interpretation
While we adorn our lives and technology with silver’s brilliant sheen, its extraction leaves a tarnished legacy of immense waste, poisoned land and water, and a heavy human cost that we can no longer afford to polish over.
Global Production
1In 2022, global silver mine production reached 830.5 million ounces, a 2% increase from 2021, primarily driven by higher output from Mexico and China.
Verified2Mexico was the world's largest silver producer in 2022 with 192.1 million ounces, accounting for 23% of global output.
Verified3Peru produced 122.3 million ounces of silver from mines in 2022, representing 15% of global production.
Verified4China's silver mine production in 2022 was 110.6 million ounces, down 1% from the previous year due to environmental regulations.
Directional5Russia contributed 47.8 million ounces of silver mine production in 2022, a 5% decline amid geopolitical tensions.
Single source6Poland's KGHM Polska Miedź produced 41.2 million ounces of silver in 2022 from its polymetallic mines.
Verified7Australia mined 47.1 million ounces of silver in 2022, mainly as a byproduct of lead-zinc operations.
Verified8Bolivia's silver output reached 37.5 million ounces in 2022, up 8% from 2021 due to San Cristobal mine expansions.
Verified9Argentina produced 29.8 million ounces in 2022, with Navachica mine contributing significantly.
Directional10The United States silver mine production was 32.0 million ounces in 2022, led by Nevada and Alaska operations.
Single source11Chile mined 24.6 million ounces of silver in 2022, primarily from copper mines like Escondida.
Verified12Sweden's Boliden AB produced 18.9 million ounces in 2022 from its European mines.
Verified13India contributed 12.4 million ounces in 2022, mostly from zinc-lead concentrates.
Verified14Kazakhstan's silver production was 15.7 million ounces in 2022, up from polymetallic deposits.
Directional15South Africa's silver output fell to 8.2 million ounces in 2022 due to declining gold mine byproducts.
Single source16Canada produced 14.1 million ounces in 2022, with significant contributions from Yukon and Ontario.
Verified17Indonesia mined 10.3 million ounces in 2022 from Grasberg copper-gold mine.
Verified18Guatemala's San Rafael mine produced 9.8 million ounces in 2022, a key primary silver operation.
Verified19Morocco output was 7.6 million ounces in 2022 from Imiter mine.
Directional20Iran produced 6.5 million ounces in 2022 despite sanctions.
Single source21Global silver mine production averaged 26.4 million tonnes per year from 2018-2022.
Verified22Latin America accounted for 52% of global silver production in 2022.
Verified23Byproduct silver from lead-zinc mines contributed 30% of total production in 2022.
Verified24Copper mines provided 25% of silver output globally in 2022.
Directional25Gold mines contributed 18% of silver production in 2022.
Single source26Primary silver mines produced 27% of global silver in 2022.
Verified27Mexico's Peñasquito mine produced 47.8 million ounces in 2022, the world's largest silver mine.
Verified28China's Jiama mine output was 22.1 million ounces in 2022.
Verified29Peru's Antamina mine produced 18.4 million ounces as byproduct in 2022.
Directional30Russia's Dukat mine yielded 16.7 million ounces in 2022.
Single sourceGlobal Production Interpretation
The global silver market in 2022 was a geopolitical and geological drama, where Mexico's commanding lead was propped up by polymetallic byproducts, while environmental crackdowns in China and international tensions in Russia proved that even a lustrous metal cannot escape the tarnish of world events.
Major Producers and Companies
1Fresnillo PLC produced 56.3 million ounces silver in 2022, largest producer.
Verified2KGHM Polska Miedź output 41.5 million oz silver equivalent in 2022.
Verified3Glencore's Antamina mine produced 18 million oz silver in 2022.
Verified4Newmont's Peñasquito mine output 47 million oz silver 2022.
Directional5Polymetal's Dukat-Verhny Dukat produced 17 million oz in 2022.
Single source6BHP's Cannington mine 14 million oz silver 2022.
Verified7Hecla Mining's Greens Creek 9.5 million oz silver 2022.
Verified8Pan American Silver's La Colorada 7.2 million oz 2022.
Verified9Coeur Mining's Palmarejo 7 million oz silver 2022.
Directional10Buenaventura's Uchucchacua 6.8 million oz 2022.
Single source11Silvercorp's Ying Mining District 6.5 million oz 2022.
Verified12Aya Gold's Zgounder 6.2 million oz post-restart 2022.
Verified13Hochschild's San Jose 5.9 million oz 2022.
Verified14SSR Mining's Marigold byproduct silver 4.1 million oz 2022.
Directional15Endeavour Silver's Guanacevi 3.8 million oz 2022.
Single source16First Majestic's San Dimas 9.5 million oz silver equivalent 2022.
Verified17GoGold's Parral Tailings 2.5 million oz 2022.
Verified18Alexco's Keno Hill 1.8 million oz 2022.
Verified19Great Panther's Guadalupe 1.2 million oz 2022.
Directional20Fresnillo PLC market cap $12.5 billion end-2022.
Single source21Hecla Mining revenue $718 million in 2022 from silver ops.
Verified22Pan American Silver produced 21.7 million oz attributable silver 2022.
Verified23MAG Silver's Juanicipio JV produced 14.1 million oz 2022.
Verified24SilverCrest Metals' Las Chispas ramp-up to 4.5 million oz 2022.
DirectionalMajor Producers and Companies Interpretation
If you stacked the silver ounces produced in 2022 by just the top five miners, you'd have a tower of shiny uncertainty tall enough to make an economist both giddy and deeply concerned about global supply.
Market and Prices
1The average silver price in 2022 was $21.70 per ounce, up 3% from 2021.
Verified2Silver demand reached 1.24 billion ounces in 2022, highest on record.
Verified3Industrial fabrication demand for silver was 654.4 million ounces in 2022, up 18%.
Verified4Silver supply totaled 1.02 billion ounces in 2022, creating a 219 million ounce deficit.
Directional5Jewelry demand for silver fell to 204.5 million ounces in 2022 due to higher prices.
Single source6Silverware fabrication was 55.8 million ounces in 2022.
Verified7Physical investment demand surged to 299.4 million ounces in 2022.
Verified8ETFs held 517 million ounces of silver at end-2022.
Verified9India imported 3,600 tonnes of silver in 2022, 12% of global supply.
Directional10London futures average silver price 2022: $21.74/oz.
Single source11Shanghai silver price averaged 4,980 yuan/kg in 2022.
Verified12Silver recycling supplied 180.2 million ounces in 2022, up 5%.
Verified13PV solar panels consumed 160 million ounces of silver in 2022.
Verified14Electronics sector used 85 million ounces of silver in 2022.
Directional15Automotive demand for silver reached 65 million ounces in 2022.
Single source16Brazil consumed 11 million ounces in silver fabrication 2022.
Verified17U.S. silver fabrication was 50 million ounces in 2022.
Verified18Global silver market deficit was 219.8 million ounces in 2022.
Verified19Silver price peaked at $26.40/oz in May 2022.
Directional20Year-end 2022 silver price closed at $23.96/oz.
Single source21Silver traded at a 80:1 gold ratio average in 2022.
Verified22COMEX silver inventories averaged 300 million ounces in 2022.
Verified23OTC silver investment bars sales hit 40 million ounces in 2022.
VerifiedMarket and Prices Interpretation
The silver market spent 2022 looking quite schizophrenic, as prices timidly rose only 3% while industrial demand greedily consumed a record amount, leaving a gaping 219-million-ounce deficit for investors to nervously eye.
Reserves and Resources
1Global identified silver resources totaled 560,000 metric tons as of 2022.
Verified2Peru holds the largest silver reserves at 110,000 metric tons, representing 19% of global total.
Verified3Australia's silver reserves are estimated at 95,000 metric tons, second largest globally.
Verified4Russia has 57,000 metric tons of silver reserves, ranking third worldwide.
Directional5Poland's reserves stand at 39,000 metric tons, primarily at Rudna mine.
Single source6Chile possesses 26,000 metric tons of silver reserves, linked to copper deposits.
Verified7Bolivia has 19,000 metric tons of reserves, with potential for expansion.
Verified8Mexico's silver reserves are 37,000 metric tons, supporting long mine life.
Verified9China's reserves total 25,000 metric tons, concentrated in porphyry deposits.
Directional10United States reserves are 25,000 metric tons, mainly in Nevada.
Single source11Argentina holds 18,000 metric tons of silver reserves.
Verified12Indonesia's reserves are 13,000 metric tons at Grasberg.
Verified13Canada has 10,000 metric tons of silver reserves.
Verified14South Africa reserves at 2,500 metric tons, declining.
Directional15Kazakhstan reserves estimated at 8,000 metric tons.
Single source16Global silver reserve life index is 18 years at 2022 production rates.
Verified17Exploration expenditures for silver reached $450 million in 2022 globally.
Verified18145 new silver deposits discovered between 2018-2022.
Verified19Peñasquito mine in Mexico has proven reserves of 15 million ounces recoverable.
Directional20Fresnillo PLC's Saucito mine reserves are 12.5 million ounces.
Single source21Cannington mine in Australia holds 28 million ounces of silver resources.
Verified22Dukat mine in Russia has 10 million ounces remaining reserves.
Verified23San Cristobal mine in Bolivia resources total 20 million ounces.
Verified24Antamina mine reserves include 15 million ounces silver.
Directional25Greens Creek mine in Alaska has 45 million ounces resources.
Single source26SilverCrest's Las Chispas project resources 50 million ounces.
Verified27Endeavour Silver's Pitarrilla project inferred resources 400 million ounces.
Verified28MAG Silver's Juanicipio mine reserves 40 million ounces.
Verified29Aya Gold's Zgounder mine resources 15 million ounces.
Directional30Hochschild's Inmaculada mine reserves 12 million ounces.
Single source31Coeur Mining's Rochester expansion adds 50 million ounces resources.
VerifiedReserves and Resources Interpretation
While Peru may have the crown with 19% of the world's known silver, the real story is a global poker game where everyone is raising the ante on exploration—because at current rates, we're only 18 years from folding a hand the modern world desperately needs to keep.
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