Top 20 Primary Silver Mines 2024
- Miningvisuals
- Sep 17
- 4 min read
The following content is sponsored by The Silver Institute
With the price of silver recently hitting a level not seen in many years, the metal is back in the spotlight. This renewed attention brings focus to the true foundation of its supply: the world's primary silver producers.
While a significant amount of the world's silver is produced as a byproduct from zinc, lead, and gold mines, the market's true foundation is its dedicated primary silver producers. A primary silver mine is an operation where silver is the main commodity extracted, meaning it accounts for the majority of the mine's revenue.
An analysis of the top primary silver producers in 2024 reveals a landscape dominated by a few key countries and companies. The top of the list is defined by a trio of high-volume producers, with two operations in Mexico leading the pack.
Juanicipio (Mexico): As the world's largest primary silver mine, Juanicipio stands out with a robust production of 18.6 million ounces. Operated by Fresnillo plc, the mine is part of the historic Fresnillo Silver Trend, a premier mining belt in Mexico. It is a joint venture with MAG Silver Corp., and is notable for its very high-grade ore, which significantly contributes to its leading production numbers. The mine is a prime example of a modern, efficient, underground silver-gold-lead-zinc operation.
Saucito (Mexico): Also operated by Fresnillo, Saucito is a cornerstone of the company's portfolio. The mine is notable for its high-grade ore, and it generates a significant amount of its revenue from silver. Saucito is located just a short distance from the famous Fresnillo mine in the state of Zacatecas, which is home to some of the richest silver deposits on the globe. Its significant output of 15.5 Moz cements its position as one of the world's most important primary silver operations.
Dukat (Russia): As a key asset for Polymetal International, the Dukat mine has been a long-standing and consistent producer, with a 2024 output of 14.6 Moz. Located in the Magadan region of Far Eastern Russia, it is known for being a very large silver-gold epithermal deposit. The mine has a rich history, with the ore deposit first discovered in the mid-1960s, leading to the establishment of the town of Dukat. It serves as the hub for the surrounding area's mining operations.
Geographic Concentration
Looking at the top 20 reveals a clear pattern of geographic concentration. Latin America, particularly Mexico, is the dominant force. The region is home to several of the world's most productive primary silver mines, including Uchucchacua in Peru and Puna in Argentina. The Puna operation, owned by SSR Mining, is a notable example of a modern, multi-site operation, comprised of the Chinchillas mine and the Pirquitas processing facilities. The United States also features prominently, with key mines like Greens Creek and Lucky Friday.
A Global Web of Production
Beyond the top-tier producers, the remaining mines in the top 20 demonstrate the broader network of global primary silver production. While smaller in scale, these operations are crucial to the market's overall health and stability.
The list includes notable operations like Cannington in Australia, a large-scale underground mine operated by South32. It's worth noting that while it is a major silver producer, Cannington is also known for being one of the world's largest lead-zinc mines. This highlights how a significant portion of the global silver supply comes from operations where it is the most valuable commodity alongside other key metals.
The African continent is represented by the Imiter mine in Morocco. Operated by Managem, Imiter is considered the largest silver mine in Africa and is notable for being one of the rare mines where silver is found in its free elemental form.
Ultimately, while the world’s largest primary silver mines are characterized by their high-volume output and concentration in a handful of key countries and companies, the global silver market relies on a wide array of reliable producers.
Rank | Mine | Country | Ownership | 2024 (Moz) |
1 | Juanicipio | Mexico | Fresnillo (56%) / MAG Silver (44%) | 18.6 |
2 | Saucito | Mexico | Fresnillo (100%) | 15.5 |
3 | Dukat | Russia | Mangazeya Mining Ltd (100%) | 14.6 |
4 | San Julian | Mexico | Fresnillo (100%) | 11.8 |
5 | Cannington | Australia | South32 (100%) | 11.8 |
6 | Puna | Argentina | SSR Mining Inc. (100%) | 10.5 |
7 | Uchucchacua | Peru | Buenaventura (100%) | 10.5 |
8 | Fresnillo | Mexico | Fresnillo (100%) | 10.2 |
9 | Cerro Los Gatos | Mexico | First Majestic Silver (70%) | 9.7 |
10 | Greens Creek | United States | Hecla Mining Company (100%) | 8.5 |
11 | Palmarejo | Mexico | Coeur Mining (100%) | 6.8 |
12 | Ying | China | Silvercorp Metals (77.5%) | 5.9 |
13 | Las Chispas | Mexico | SilverCrest Metals (100%) | 5.7 |
14 | Lucky Friday | United States | Hecla Mining Company (100%) | 4.9 |
15 | La Colorada (Zac,Mx) | Mexico | Pan American Silver (100%) | 4.9 |
16 | Imiter | Morocco | Managem (80.26%) | 4.4 |
17 | Rochester | United States | Coeur Mining (100%) | 4.4 |
18 | Minera Frisco | Mexico | Minera Frisco (100%) | 4.3 |
19 | Guanacevi | Mexico | Endeavour Silver (100%) | 4.0 |
20 | San Bartolome | Bolivia | Andean Precious Metals Corp. (100%) | 4.0 |
This article is sponsored by
The Silver Institute is a global organization dedicated to promoting the use, study, and understanding of silver. It provides in-depth research on silver’s supply, demand, and pricing trends across various industries such as industrial applications, jewelry, investment, and solar energy. One of the institute’s key publications is the World Silver Survey, an annual report that offers detailed statistics and analysis on the global silver market.
For further information, you can visit the official Silver Institute website.
Disclaimer: This article is for informational purposes only and is based on the data provided in the referenced infographic. It is not intended as financial, investment, or professional advice. The information presented here, including production numbers and market trends, may be subject to change. Readers should conduct their own research and consult with a qualified professional before making any investment decisions.
Source: The data for the "Top 40 Primary Silver Mines 2024" infographic and the information in this article is sourced from Metals Focus.