Global silver mine production fell 1% to 830.5 million ounces in 2023, according to data compiled by the Silver Institute, as a four month labor strike suspended operations at Newmont's Penasquito mine in Mexico. Mexico remained the world's top silver producing country despite the disruption, followed by China, Peru, Chile, and Bolivia rounding out the top five.

Mexico's own output slipped 5% to 202.2 million ounces as a direct result of the Penasquito suspension. Argentina's production dropped by 4.9 million ounces over the same period, while Australia lost 3.1 million ounces and Russia fell by 1.4 million ounces, reflecting lower ore grades and scattered mine closures across those regions.

Not every producing country saw declines. Chile added 10.1 million ounces to its total output, and Bolivia gained 3.8 million ounces, partially offsetting the losses elsewhere and showing how concentrated single mine disruptions can move the global supply figure even when other regions expand production.

The Silver Institute's data illustrates how tightly the global silver supply chain depends on a small number of large mining operations. A single strike or closure at one major mine can swing hundreds of thousands of ounces out of annual global totals, a dynamic that continues to draw attention from industrial buyers and investors tracking the metal's persistent supply deficits.

This is not financial or investment advice. Figures are sourced from Silver Institute production data.

Source: The Silver Institute - https://silverinstitute.org/mine-production/