With silver in a supply deficit and surging demand driven by silver-intensive green energy technologies like photovoltaics, the challenge of meeting this growing need is becoming increasingly urgent. The primary sources to address this demand will come from silver reserves—the economically viable portion of mineral resources—and recycled silver, both playing critical roles in balancing supply.

This graphic highlights the countries with the largest silver reserves in 2023, with global reserves estimated at around 610,000 tonnes (21.5 billion ounces). The countries with the largest share of these reserves are discussed below.

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Peru leads with 110,000 metric tons (18% of the global total) and is one of the world's top silver producers, benefiting from vast reserves and a mining-friendly environment. Major silver mining operations are located in the Andes Mountains, with significant contributions from mines such as Antamina, Toromocho, and Inmaculada.

The Peruvian mining sector is crucial for both silver and other metals like copper and zinc, which are often found alongside silver. Key global mining companies, including Glencore, Hochschild Mining, and Aluminum Corporation of China, operate within Peru, making it a global hub for silver extraction.

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Australia holds around 94,000 metric tons of silver reserves, about 15.4% of the global total. Major silver mines include Cannington (South32), Mount Isa (Glencore), and Broken Hill North (Shenzhen Zhongjin Lingnan Nonfemet). These mines also produce lead and zinc.

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Russia holds around 92,000 metric tons of silver reserves, roughly 15% of the global total. Significant deposits are located in regions like Magadan and Chukotka, with major mines including Dukat, Lunnoye-Arylakh, and Kupol. These mines, operated by companies such as Solidcore Resources and Highland Gold Mining, contribute to Russia’s silver production and extraction of other precious metals.

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China has around 72,000 metric tons of silver reserves. China's largest silver deposits are found in multi-metal mining operations, including the Ying Mine (Silvercorp Metals), Fankou Mine (Shenzhen Zhongjin Lingnan Nonfemet), and Duobaoshan Copper Mine (Zijin Mining). These mines contribute significantly to China's silver production, often alongside lead, zinc, and copper extraction.

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Poland ranks high with about 63,000 metric tons of silver reserves. Poland's main silver deposits are located in the southwest and are managed by KGHM Polska Miedź S.A. The three key mines are Polkowice-Sieroszowice, Lubin, and Rudna, all part of the Legnica-Głogów Copper Belt. Silver is primarily produced as a by-product of copper mining in these areas.

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Mexico, known as the world’s largest silver producer, has about 37,000 metric tons in reserves. Large silver deposits in Mexico include Penasquito Mine (Newmont), Juanicipio Project (Industrias Penoles Sde CV), San Julian Project (Industrias Penoles Sde CV)

The USA has significant silver reserves, 23,000 tonnes, mainly in Nevada, Alaska, and Idaho, with silver often extracted as a byproduct of gold, copper, and zinc mining. Key mines include Nevada's historic Comstock Lode, Alaska's Greens Creek, and Idaho's Lucky Friday. Output is moderate compared to global leaders.

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Chile holds significant silver reserves, primarily as a byproduct of copper mining, with key deposits located in the Atacama Desert and Andes Mountains. Major silver-producing mines include La Coipa and El Peñón. Chile is a top global silver producer, benefiting from its vast mining infrastructure.

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Bolivia has substantial silver reserves, particularly in the Cerro Rico of Potosí, one of the richest silver deposits in history. The country remains a key global silver producer, with major mining operations in the Andes.

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India's silver reserves estimated at around 8000 metric tons. Most silver is produced as a by-product of zinc and lead mining, particularly in Rajasthan's Zawar Mines.

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Argentina has growing reserves in the Andes, with key mines like Cerro Negro and Chinchillas.

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Other countries collectively hold 57,000 tonnes of silver, representing 9.35% of global reserves.