The Silver Institute

Supply & Demand

Silver Production

Global silver mine production rose by 4 percent in 2007, with particularly solid gains from Chile, China and Mexico. Total silver mine production reached 670.6 Moz last year. Peru was the world’s biggest silver mining country in 2007, followed in the rankings by Mexico, China, Chile and Australia. Last year, silver generated at primary mines drove global totals higher, increasing by 11 percent to account for 30 percent of all silver mined. Cash costs at primary silver mines rose to a weighted average of US$1.52 per ounce, driven by a combination of labor, consumables and energy cost rises.

Top 20 Silver Producing Countries in 2007
(millions of ounces)
1. Peru 112.3
2. Mexico 99.2
3. China 82.4
4. Chile 62.0
5. Australia 60.4
6. Poland 39.5
7. Russia 38.0
8. United States 37.3
9. Canada 28.5
10. Kazakhstan

22.7

11. Bolivia 16.9
12. Sweden 9.4
13. Argentina 8.5
14. Indonesia 8.2
15. Turkey 7.5
16. Morocco 7.1
17. Iran 3.1
18. India 2.9
19. Guatemala 2.8
20. Uzbekistan 2.8

 

Top 20 Silver Producing Companies in 2007
(millions of ounces)
Company Country Output
1. BHP Billiton Australia 45.7
2. Industrias Peñoles Mexico 44.5
3. KGHM Polska Miedz Poland 39.1
4. Cia. Minera Volcan¹ Peru 21.1
5. Kazakhmys Kazakhstan 19.0
6. Pan American Silver² Canada 17.1
7. Goldcorp Canada 17.0
8. Cia. de Minas Buenaventura¹ Peru 16.0
9. Polymetal² Russia 15.9
10. Southern Copper Corp. USA 15.2
11. Hochschild Mining Peru 13.6
12. Rio Tinto UK 13.0
13. Teck Cominco Canada 12.1
14. Codelco3 Chile 11.7
15. Coeur d'Alene Mines² USA 11.5
16. Yamana Gold4 Canada 8.6
17. Barrick Gold5 Canada 8.1
18. Boliden AB Sweden 7.7
19. Xstrata Zinc6 Switzerland 7.5
20. Zinifex Australia 7.0
¹ Includes attributable production from minority subsidiaries.
² Primary silver producer.
³ Includes contained silver in anode slimes.
4 Pro-forma, subsequent to Meridian acquistions.
5 Estimate.
6 Reported sales.

 

World's Leading Primary Silver Mines in 2007
(millions of ounces)
Rank Mine/Country Operating Company Prod.
1. Cannington*, Australia BHP Billiton 37.47
2. Fresnillo (Proaño), Mexico Industrias Peñoles SA de CV 33.52
3. Dukat, Russia OJSC Polymetal 10.80
4. Uchucchacua, Peru Compañia de Minas Buenaventura SA 9.87
5. Greens Creek**, U.S. Hecla Mining Co 8.65
6. Arcata, Peru Hochschild Mining 6.55
7. Imiter, Morocco Société Métallurgique d'Imiter 5.41
8. Rochester, U.S. Coeur d'Alene Mines 4.61
9. Tayahua***, Mexico Grupo Carso 4.00
10. La Colorada, Mexico Pan American Silver Corp 3.96
11. Huaron, Peru Pan American Silver Corp 3.83
12. Alamo Dorado, Mexico Pan American Silver Corp 3.81
13. Selene, Peru Hochschild Mining 3.41
14. Lunnoye, Russia OJSC Polymetal 3.30
15. Lucky Friday, U.S. Hecla Mining Co 3.07
*reported payable metal in concentrate; **historically a silver mine, Greens Creek's primary revenue stream switched to zinc in 2006. GFMS regard this as a short term anomaly and as such have maintained its classification as a primary silver mine; ***estimated.

Material and statistics in this section were adapted in part from the Silver Institute's World Silver Survey 2008 publication.