The Silver Institute
The Indispensable Metal
Silver Production
Global silver mine production edged up fractionally in 2006, with notable gains in Latin America and Asia. Total silver mine production reached 646.1 Moz last year, with Peru, Mexico, China, Australia and Chile the top five silver mining countries. Last year, silver generated at primary mines fell by 10 percent to 161.4 Moz, representing 25 percent of global silver production.

Top 20 Silver Producing Countries in 2006
(millions of ounces) 
1.Peru111.6
2.Mexico96.4
3.China75.4
4.Australia55.6
5.Chile51.5
6.Poland40.4
7.Russia39.6
8.United States36.7
9.Canada31.2
10.Kazakhstan26.1
11.Bolivia15.2
12.Sweden8.6
13.Indonesia7.7
14.Morocco7.6
15.Argentina6.1
16.Turkey6.0
17.Iran3.2
18.South Africa2.8
19.India2.7
20.Uzbekistan2.3

 

Top 20 Silver Producing Companies in 2006
(millions of ounces) 
CompanyCountryOutput
1.Industrias PeñolesMexico46.9
2.KGHM Polska MiedzPoland39.9
3.BHP BillitonAustralia37.0
4.KazakhmysKazakhstan21.5
5.Polymetal¹Russia17.3
6.Cia. de Minas Buenaventura²Peru17.0
7.Grupo MexicoMexico16.2
8.Rio TintoUK14.0
9.Coeur d'Alene¹USA13.6
10.Goldcorp³Canada13.4
11.Volcan Cia. MineraPeru13.3
12.Pan American Silver¹Canada13.0
13.Hochschild Mining¹Peru11.6
14.Xstrata4Switzerland11.5
15.ZinifexAustralia9.6
16.Barrick GoldCanada9.6
17.Codelco5Chile9.2
18.Newmont Mining5UAS8.5
19.Boliden ABSweden6.8
20.Meridian GoldUAS6.6
¹ Primary silver producer based on revenue
² Includes equity production from Minera Yanacocha
³ Includes production from Marlin acquired in November 2006 and attributable output from La Coipa acquired in May 2006
4 Includes four months attributable production from Falconbridge acquired in August 2006
5 Estimate

 

World's Leading Primary Silver Mines in 2006
(millions of ounces) 
RankMine/CountryOperating CompanyProd.
1. Fresnillo (Proaño), MexicoIndustrias Peñoles SA de CV33.49
2. Cannington*, AustraliaBHP Billiton
29.17
3.Dukat, RussiaOJSC Polymetal12.65
4. Uchucchacua, PeruCompañia de Minas Buenaventura SA9.69
5.Greens Creek**, U.S.Kennecott Minerals/Hecla Mining Co8.87
6.Imiter, MoroccoSociété Métallurgique d'Imiter5.98
7.Rochester, U.S.Coeur d'Alene Mines 5.11
8.Arcata, PeruHochschild Mining4.75
9.Tayahua***, MexicoGrupo Carso4.30
10.Selene, PeruHochschild Mining4.16
11.Huaron, PeruPan American Silver Corp 3.66
12.La Colorada, MexicoPan American Silver Corp3.49
13.Morococha, PeruPan American Silver Corp3.30
14.Lucky Friday, U.S.Hecla Mining Co2.87
15.Martha, ArgentinaCoeur d'Alene Mines2.71
*gross production estimate based on reported payable metal; **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 2007 publication.

 
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