Global silver mine production rose 0.9 percent in 2024 to 819.7 million ounces, according to data compiled by the Silver Institute. The increase was driven by higher output from lead and zinc mines in Australia and a recovery in Mexican supply, as Newmont's Penasquito mine returned to full production. Additional gains came from Bolivia and the United States, though lower output from Chile, down 8.8 million ounces year over year, partially offset the total.

Silver production tied to gold mining recorded the strongest growth of any source, climbing 12 percent year over year to 13.9 million ounces, a three year high. Mexico remained the world's leading silver mine producing country, followed by China, Peru, Bolivia and Chile.

Recycling supply also expanded, rising 6 percent in 2024 to a 12 year high of 193.9 million ounces. Industrial scrap accounted for the largest increase in weight terms, led by the processing of spent ethylene oxide catalysts. Silverware recycling posted the sharpest percentage gain, climbing 11 percent as firmer silver prices and cost of living pressures encouraged selling in Western markets.

On the demand side, total silver demand fell 3 percent to 1.16 billion ounces in 2024, pulled down by weaker physical investment and softer silverware and photographic demand. Industrial demand offset some of that decline, posting another record year, led by electronics and electrical applications tied to solar power, automotive systems, grid infrastructure and artificial intelligence related hardware.

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