In this article, we will discuss the leading silver mining companies in the world and their operations. You can learn more about the silver mining industry in 15 Biggest Silver Mining Companies in the World.
5. Codelco
Average Annual Silver Production: 22.2 million ounces
Codelco, Chile’s state-owned mining giant, holds the title of the world’s largest copper miner. However, its role in silver mining, though not as widely acknowledged, is noteworthy. In 2022, Codelco produced 19.2 million ounces of silver, representing a 16% decrease from the 22.9 million ounces recorded in 2021. This decline followed a production of 24.6 million ounces in 2020, indicating a consistent downward trend in the company’s silver output. Nevertheless, Codelco remains a significant silver producer globally.
4. Glencore Plc (LSE:GLEN)
Average Annual Silver Production: 29.3 million ounces
In 2022, Glencore Plc experienced a huge decline in silver production, with a 25% reduction to 23.8 million ounces, compared to the 31.8 million ounces produced the previous year. This decline was a significant factor in the company’s overall production results for that year, which also saw decreases in copper and zinc outputs. These declines were attributed to various operational challenges and asset divestments. This trend continued into the first half of 2023, where Glencore’s silver production further decreased to 9,446 kilo ounces, a notable drop from the 12,579 kilo ounces produced in the first half of 2022.
3. Newmont Corporation (NYSE:NEM)
Average Annual Silver Production: 29.6 million ounces
In 2022, Newmont Corporation (NYSE:NEM), a prominent player in the global silver mining sector, reported a silver production of 29.7 million ounces. This represented a modest 5% decrease from the 31.4 million ounces produced in 2021. Newmont Corporation (NYSE:NEM) operates on multiple continents, including North America, Australia, Africa, and South America. The company’s strategic focus encompasses various projects aimed at improving production efficiency and extending the operational lifespan of its mines. Notable examples of these initiatives include the Tanami Expansion 2 project in Australia and the Ahafo North project in Africa.
2. KGHM Polska Miedź (WSE:KGH)
Average Annual Silver Production: 43.3 million ounces
KGHM Polska Miedź S.A., headquartered in Poland, is currently ranked as the world’s second-largest silver producer. In 2022, KGHM reported a silver output of 42.7 million ounces, marking a slight 3% decrease from the 43.9 million ounces produced in 2021. To underscore its production capabilities further, KGHM extracted an impressive 1,099 tonnes of metallic silver from copper ore during the first nine months of 2023. This represents an 8% increase compared to the same period in the previous year. The company is driven by an ambitious vision to maintain its position among the top three silver producers globally, targeting an annual silver production of approximately 38 million ounces by 2030.
1. Fresnillo Plc (LON:FRES)
Average Annual Silver Production: 50.4 million ounces
In 2023, Fresnillo PLC, a subsidiary of the Mexican conglomerate Industrias Penoles S.A. de C.V., delivered a strong performance. In Q3 2023, the company produced 13.1 million ounces of silver, marking a 5.1% increase from the previous quarter. However, there was a minor decline of 1.5% compared to the same period in 2022, when they produced 13.3 million ounces. Looking ahead, Fresnillo anticipates a stable year, with silver production expected to range from 57.0 to 64.0 million ounces, aligning with their previously set targets for 2023.
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