The United States mined 36.2 million ounces of silver in 2024, up 10 percent from 33.1 million ounces a year earlier, according to the Silver Institute's Top 20 Producing Countries table drawn from Metals Focus data. That placed the US eighth among the world's silver producers.

Global mine production rose 1 percent to 819.7 million ounces in 2024 from 812.7 million ounces in 2023. Mexico remained the largest producer at 185.7 million ounces, a 2 percent gain, and its output was more than five times the US total. China followed at 110.1 million ounces, down 1 percent, and Peru produced 108.0 million ounces, also down 1 percent.

Several producers posted larger moves than the US. Canada gained 33 percent to 9.5 million ounces and Australia gained 19 percent to 38.8 million ounces. Bolivia rose 11 percent to 47.8 million ounces. Chile fell 17 percent to 43.2 million ounces, the sharpest decline among the top five.

The Silver Institute's supply and demand summary attributes part of the 2024 gain to growth from the US and Bolivia, and to the return of Newmont's Penasquito mine in Mexico to full production. Silver mined from gold operations increased 12 percent to 13.9 million ounces, a three-year high. Lead and zinc mines remained the dominant source of silver, with output flat from the prior year.

Total silver demand fell 3 percent to 1.16 billion ounces in 2024, while industrial demand set another record, according to the same Silver Institute data.

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