Global silver mine production reached 819.7 million ounces in 2024, a gain of 0.9 percent, according to supply and demand data published by the Silver Institute and compiled by Metals Focus.

Growth came from lead and zinc mines in Australia and a recovery in Mexican supply as Newmont's Penasquito mine returned to full production, with additional volume from Bolivia and the United States. Chilean output fell by 8.8 million ounces year over year and offset part of the gain. Lead and zinc operations remained the single largest source of mined silver, with output flat year over year. Silver recovered as a byproduct of gold mining posted the strongest percentage growth of any category, rising 12 percent to 13.9 million ounces, a three-year high.

Recycling supply climbed 6 percent to 193.9 million ounces, a 12-year high. Industrial scrap contributed the largest volume increase, driven mainly by the processing of spent ethylene oxide catalysts. Silverware recycling recorded the steepest percentage rise at 11 percent as firmer prices encouraged selling in Western markets.

Total silver demand fell 3 percent to 1.16 billion ounces in 2024. The decline traced to weaker physical investment along with slightly lower silverware and photographic offtake. Industrial demand set another record, underpinned by record electronics and electrical consumption tied to photovoltaic manufacturing, automotive electrification and grid infrastructure development. Artificial intelligence applications added further volume. Advances in photovoltaic cell design cut silver loadings sharply, trimming per-unit consumption in that segment. Silverware fabrication fell 2 percent to a three-year low of 54.2 million ounces.

Mexico remained the leading silver producing country in 2024, followed by China, Peru, Bolivia and Chile.

Source: The Silver Institute - https://silverinstitute.org/silver-supply-demand/