Guide
How much silver is mined each year?
About 847 million ounces in 2025, roughly 26,300 tonnes, according to the Silver Institute. Most of it isn't mined for silver at all: about three-quarters comes as a byproduct of lead, zinc, copper, and gold mines.
Updated October 28, 2026
As of October 22, 2026
World mine production
| Year | Silver Institute (million ozt) | USGS (tonnes) |
|---|---|---|
| 2023 | 810.7 | 25,500 |
| 2024 | 823.6 | 25,300 |
| 2025 | 846.6 | 26,000 (estimate) |
| 2026 (forecast) | 844.1 | — |
The Silver Institute's figures, from its World Silver Survey 2026 (compiled by Metals Focus), are revised in each edition. USGS compiles its own figures, and the two differ, most of all for Mexico.
Where silver is mined
| Country | 2025 (million ozt) |
|---|---|
| Mexico | 172.9 |
| Peru | 130.6 |
| China | 112.8 |
| Russia | 56.0 |
| Bolivia | 49.9 |
| Chile | 42.7 |
| Poland | 42.6 |
| United States | 35.7 |
| Australia | 32.9 |
Mexico is still the largest producer, though its output fell for a third straight year in 2025. In November 2025 the U.S. added silver to its list of critical minerals.
Most silver is a byproduct
Only about a quarter of mined silver comes from mines worked mainly for silver: 26.1% in 2025, a new low. The rest comes out alongside other metals: lead and zinc (29.4%), copper (28.0%), and gold (15.9%). That's why silver output can't simply rise when the price does; it depends on decisions made for other metals.
Recycling
Recycled silver added 197.6 million ounces in 2025, the most in 13 years, and the Silver Institute forecasts about 211 million in 2026. Together with mining, that's the world's supply, set against demand in the silver deficit.
Sources
- The Silver Institute, World Silver Survey 2026 (data by Metals Focus), April 2026.
- U.S. Geological Survey, Mineral Commodity Summaries 2026: Silver.
Silver market: The silver deficit · Vault inventories and shortages · Silver lease rates · Why is silver going up? · Silver price history · All guides
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