This was originally posted on our Voronoi app. Download the app for free on iOS or Android and discover incredible data-driven charts from a variety of trusted sources. Silver is one of the world’s most precious metals, holding an important position as a tradeable commodity and an essential part of many industrial processes and necessary technologies such as the next-generation photovoltaics helping power the transition to clean energy. So, for this graphic, we used data from the Silver Institute’s World Silver Survey 2024 to rank the top silver-producing companies of 2023. Who Produces the Most Silver in 2023? In 2023, silver mining companies collectively produced 831 million ounces of silver with the top 20 companies contributing 43% of that total—371 million ounces. Here’s how this breaks down on a per-company basis: Rank Company HQ Country Region Production (Moz) 1 Fresnillo 🇲🇽 Mexico N. America 54 2 KGHM Polska Miedź 🇵🇱 Poland Europe 46 3 Hindustan Zinc Ltd 🇮🇳 India Asia 24 4 Pan American Silver 🇨🇦 Canada N. America 20 5 Glencore 🇨🇦 Canada N. America 20 6 CODELCO 🇨🇱 Chile S. America 19 7 Industrias Peñoles 🇲🇽 Mexico N. America 19 8 Southern Copper 🇺🇸 U.S. N. America 18 9 Newmont 🇺🇸 U.S. N. America 18 10 Solidcore Resources* 🇰🇿 Kazakhstan Asia 18 11 Volcan Cia Minera 🇵🇪 Peru S. America 15 12 Hecla Mining 🇺🇸 U.S. N. America 14 13 South32 🇦🇺 Australia Oceania 13 14 BHP 🇨🇦 Canada N. America 12 15 Boliden 🇸🇪 Sweden Europe 10 16 Nexa Resources 🇱🇺 Luxembourg Europe 10 17 Coeur Mining 🇺🇸 U.S. N. America 10 18 First Majestic Silver 🇨🇦 Canada N. America 10 19 SSR Mining 🇺🇸 U.S. N. America 10 20 Hochschild Mining 🇵🇪 Peru S. America 10 Grand Total 371 *Polymetal Intl. changed its name to Solidcore Resources following an acquisition in June 2024 North America is home to 11 of the world’s top 20 silver mining companies, including Mexican company Fresnillo, which produced the most silver last year, at 54 million ounces. Silver Industry Trends Global production of silver dropped by 1% between 2022 and 2023, mainly driven by industry events that disrupted production, impacting several key silver-producing nations. For example, between Q2 and Q3 of 2023, industrial action saw the suspension of the Newmont Peñasquito mine, and Argentina, as a whole, produced a lower grade of silver than expected in 2023. However, many companies in smaller silver producers, such as Chile, have partially offset this loss through increased production. Silver in 2024 Despite the challenges, there is hope for a potential production recovery from Mexican and U.S. mines in 2024. However, The Silver Institute expects total output from silver mining companies to fall by less than 1% again in 2024, with forecasts predicting an output of approximately 824 million ounces. This expected production fall can be attributed to a drop in local production in Peru, where many productive mines have been temporarily closed. The data for this visualization was sourced from the World Silver Survey 2024, a publication by one of our data partners, The Silver Institute. Our data partnerships are commercial agreements that may or may not include compensation, and partners are not involved with our editorial or graphical processes in any capacity. Source: visualcapitalist