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Supply & Demand
Silver Production

Silver mine production grew by 3.4 percent to reach 819 Moz. A large portion of the growth is attributable to the primary silver mining sector, which experienced strong growth from the start, along with the ramp-up of operations that entered production in recent years. Primary silver mine production grew 6 percent, and accounted for 29 percent of global silver mine supply. Mexico was the world’s leading silver producer, followed by Peru, China, Australia and Russia. Primary silver mine cash costs stood at US$9.27 an ounce, increasing 1 percent in dollar terms. The producer silver hedge book was aggressively reduced last year to stand at 15 Moz on a delta-adjusted basis.


Top 20 Silver Producing Countries in 2013

(millions of ounces)

1. Mexico 169.7
2. Peru 118.1
3. China 118.0
4. Australia 59.2
5. Russia 45.4
6. Bolivia 41.2
7. Chile 39.2
8. Poland 37.6
9. United States 35.0
10. Argentina 24.7
11. Canada 20.8
12. Kazakhstan 19.8
13. India 12.1
14. Sweden 10.8
15. Guatemala 10.4
16. Morocco 8.2
17. Turkey 6.0
18. Indonesia 6.0
19. Armenia 3.2
20. Papua New Guinea 2.9

Top 20 Silver Producing Companies in 2013

(millions of ounces)

Company Country Output
1. Fresnillo plc.¹ Mexico 38.8
2. BHP Billiton plc. Australia 37.6
3. KGHM Polska Miedź S.A.² Poland 37.3
4. GlencoreXstrata plc.³˒⁵ Switzerland 37.1
5. Goldcorp Inc. Canada 30.3
6. Polymetal International plc. Russia 27.2
7. Pan American Silver Corp.¹ Canada 26.0
8. Volcan Cia. Minera S.A.A.⁴ Peru 20.7
9. Cia. de Minas Buenaventura S.A.A.⁴ Peru 18.9
10. Coeur Mining¹ USA 17.0
11. Sumitomo Corp.⁵ Bolivia 13.8
12. Hochschild Mining plc. Peru 13.6
13. Southern Copper Corp. USA 13.5
14. Kazakhmys plc. Kazakhstan 13.0
15. Teck Resources Ltd.⁵ Canada 11.4
16. First Majestic Silver Corp.¹ Mexico 10.6
17. Industrias Peñoles S.A.B de C.V. Mexico 10.6
18. Kinross Gold Corp.⁶ Canada 9.0
19. Hecla Mining Company USA 8.9
20. Yamana Gold Inc. Canada 8.4
¹ Primary silver producer
² Reported metallic silver production
³ Restated for merger, includes Kazzinc, copper & zine units, less estimated Illapa govt. interest
⁴Includes minority subsidiaries
⁵ Estimate
⁶ Reported silver sales

World’s Leading Primary Silver Mines in 2013

(millions of ounces)

Rank Mine/Country Operating Company Prod.
1. Cannington¹, Australia BHP Billiton plc. 29.09
2. Fresnillo Mine, Mexico Fresnillo plc. 22.76
3. Dukat², Russia Polymetal International plc. 18.30
4. Saucito, Mexico Fresnillo plc. 11.58
5. Uchucchacua, Peru Compañia de Minas Buenaventura S.A.A. 11.44
6. Pirquitas, Argentina Silver Standard Resources Inc. 8.22
7. Pallancata, Peru Hochschild Mining plc. 7.63
8. Palmarejo, Mexico Coeur Mining 7.60
9. Greens Creek, U.S. Hecla Mining Company 7.45
10. San José, Argentina Hochschild Mining plc. / McEwen Mining Inc. 6.36
11. Imiter³, Morocco Société Métallurgique d’Imiter 6.24
12. San Bartolomé, Bolivia Coeur Mining 5.94
13. Alamo Dorado, Mexico Pan American Silver Corp. 5.04
14. Gümüsköy³, Turkey Eti Gümüş A.Ş. 5.00
15. Arcata, Peru Hochschild Mining plc. 4.98
¹ Reported payable metal in concentrate; ² Including Gotsovoye; ³ Estimate

Material and statistics in this section were adapted in part from the Silver Institute’s World Silver Survey 2014 publication.

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