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Silver demand, driven by central bank acquisitions, consumer and investment interest, and industrial applications, is projected to grow in the coming years.
The metal’s indispensable role in electronics, telecommunications, and healthcare underscores its broad utility. The push towards sustainable energy and environmental initiatives particularly bolsters demand for silver in technologies like solar power, electric vehicles (EVs), and energy storage solutions.
Notably, the Silver Institute forecasts a 9% increase in industrial silver demand in 2024, reaching a record 711 million ounces, primarily due to the surge in vehicle electrification and the expansion of green infrastructure. Additionally, silver usage in photovoltaics is expected to hit new heights, propelled by accelerated renewable energy deployment and favorable government incentives.
Investment demand for silver also plays a crucial role, with the metal regarded as a safe haven and an inflation hedge. Economic uncertainties and market volatility often drive investors toward silver, enhancing its appeal as a wealth preservation tool and portfolio diversifier. The growing popularity of silver-backed ETFs continues to support this trend, providing a mechanism for investment that could put upward pressure on silver prices.
Transitioning from market dynamics to specific industry players, we now highlight nine leading silver producers worldwide.
Surprisingly, some of these companies are better known for their primary focus on other metals, yet they stand out as significant contributors to global silver production.
Fresnillo plc (LSE: FRES)
Fresnillo, incorporated in the United Kingdom and headquartered in Mexico City, is a leading precious metals mining company with a primary focus on silver and gold.
Established in 1887, Fresnillo operates as a subsidiary of Industrias Peñoles. The company is recognized as the world’s largest miner of silver and the second-largest gold miner in Mexico.
The company’s portfolio includes several mines in Mexico, such as the Fresnillo, Saucito, Ciénega, Herradura, Noche Buena, San Julián, and Juanicipio mines.
KGHM Polska Miedź S.A. (WSE: KGH)
KGHM Polska Miedź, incorporated and headquartered in Poland, is a copper and silver mining company. Established in 1961, the company has grown to become one of the largest copper producers globally and the second-largest silver producer in the world.
KGHM operates a diverse portfolio of mining projects, metallurgical plants, and smelting facilities predominantly located in Poland, with additional operations and exploration projects in North and South America.
The company’s key assets include the Lubin, Rudna, and Polkowice-Sieroszowice mines in Poland, which are central to its copper output. KGHM also engages in the production of other metals, including gold and molybdenum, contributing to its broad mining and metallurgical operations.
Hindustan Zinc Limited (NSEI: HINDZINC)
Hindustan Zinc, incorporated in 1966 and headquartered in Udaipur, Rajasthan, India, is a leading integrated mining and resources producer of zinc, lead, silver, and cadmium.
It operates as a subsidiary of Vedanta Limited. The company is recognized as the world’s second-largest zinc producer.
Hindustan Zinc operates several mines in India, including the third-largest open-pit mine. The company also operates zinc and lead smelters and refineries in India.
Pan American Silver (NYSE:PAAS)
Pan American Silver, headquartered in Vancouver, Canada, is a significant player in the silver and gold mining industries.
Founded in 1994, the company’s operations span multiple countries including the United States, Mexico, Peru, Bolivia, and Argentina.
The company’s portfolio comprises mining operations and development projects, notably the La Colorada and Dolores mines in Mexico, the Huaron and Morococha mines in Peru, and the Escobal mine in Guatemala.
Glencore (LSE:GLEN)
Glencore is based in Baar, Switzerland, and operates as one of the world’s most diversified natural resource companies, with operations in over 35 countries, including prominent mining jurisdictions such as Australia, South Africa, and Canada.
Founded in 1974, Glencore is engaged in the production, refinement, processing, storage, transport, and marketing of metals and minerals, energy products, and agricultural commodities.
The company’s core operations are segmented into three main areas: Metals and Minerals, Energy Products, and Agricultural Products. Glencore’s Metals and Minerals segment focuses on copper, zinc, nickel, ferroalloys, aluminium, iron ore, and cobalt. In 2023, it was the world’s fifth-largest silver producer.
Codelco (private)
Codelco, officially known as Corporación Nacional del Cobre de Chile, is one of the largest copper producers globally. Established in 1976 through the nationalization of copper mines, it is owned by the state of Chile.
Headquartered in Santiago, Chile, Codelco operates several large-scale mining operations throughout the country. Key among these are the El Teniente, the world’s largest underground copper mine; Chuquicamata, one of the world’s largest open-pit copper mines; Andina, located in the Andes just northeast of Santiago; and the Radomiro Tomic mine. In 2023, it was the sixth-largest silver producer.
Peñoles (BMV: PE&OLES)
Industrias Peñoles, headquartered in Mexico City, Mexico, is a leading Latin American mining and metals company.
Founded in 1887, Peñoles is primarily engaged in the mining, smelting, and refining of non-ferrous metals including silver, lead, zinc, copper, and gold.
The company also produces refined silver, though its primary silver mining operations are now conducted by its former subsidiary, Fresnillo plc, which operates independently.
Peñoles produces metallic and chemical products that serve various industries worldwide. Its business model is vertically integrated, which enhances operational efficiencies across the entire production chain from ore extraction to product refinement.
Southern Copper (NYSE:SCCO)
Southern Copper, headquartered in Phoenix, Arizona, is one of the largest integrated copper producers in the world and a subsidiary of Grupo México S.A.B. de C.V. (BMV: GMEXICO B).
Founded in 1952, the company operates mining, smelting, and refining facilities primarily in Peru and Mexico, with exploration activities in Argentina, Chile, Ecuador, and Peru.
Southern Copper’s reserves include copper, molybdenum, zinc, and silver, and primary mining sites include the Toquepala and Cuajone mines in Peru and the Buenavista and La Caridad mines in Mexico.
Newmont Corporation (NYSE:NEM)
Newmont, headquartered in Denver, Colorado, is the largest gold producer globally.
Founded in 1921, the company’s operations extend to gold, silver, copper, zinc, and lead, with assets located in North and South America, Australia, and Africa.
Key operations include the Boddington mine in Australia, the Yanacocha mine in Peru, and the Ahafo and Akyem mines in Ghana. In North America, operations include the Peñasquito mine in Mexico, the Cripple Creek & Victor mine in the United States, and the Brucejack mine in Canada.
The company’s recent acquisition of Newcrest Mining significantly enhances its global footprint and resource base, particularly in gold and silver production. This strategic move positions Newmont to become the third-largest silver producer in 2024.
