Understanding the Global Landscape of Silver Reserves by Country

When precious metals investors evaluate opportunities in the silver market, production statistics often dominate the conversation. Yet there’s another critical dimension worth examining: which nations actually hold the largest proven silver reserves. While the world’s biggest silver producers typically possess substantial reserves as well, the relationship isn’t always straightforward. Some countries maintain impressive reserve bases while producing relatively modest quantities, signaling potential for future expansion. Understanding silver reserves by country helps investors identify emerging mining powerhouses and long-term supply dynamics.

According to the US Geological Survey’s latest assessments, global silver reserves totaling approximately 550,000 metric tons are distributed unevenly across the world. The top five nations command a significant portion of these resources, but the rankings might surprise those familiar only with annual production figures.

Peru: The Silver Reserve Superpower

Peru commands the world’s largest silver reserve base at 140,000 metric tons, establishing itself as the undisputed leader in silver reserves by country. The nation remains a critical silver producer despite its position as primarily a copper-mining hub. Peru’s 2024 silver output reached 3,100 metric tons, reflecting a slight decline from prior years but maintaining its competitive global standing.

The Antamina operation, located in the Huari province, exemplifies Peru’s silver dominance. This joint venture among BHP, Glencore, Teck Resources, and Mitsubishi generates more silver than any other Peruvian asset. The consortium has secured approval for a US$2 billion investment program intended to extend the mine’s operational window from 2028 through 2036, with construction activities beginning in 2025.

Recent deal activity underscores the sector’s vitality. In April 2025, Endeavour Silver completed its US$145 million acquisition of Minera Kolpa, gaining control of the Huachocolpa Uno mine in Huancavelica. This transaction marked Endeavour’s entry into Peru’s primary silver-mining sector, with the asset contributing roughly 2 million ounces annually.

Russia: The Second-Ranked Reserve Holder

Russia’s position in the global silver reserves by country ranking sits at 92,000 metric tons, placing it a clear second behind Peru. The nation generated an estimated 1,200 metric tons of silver in 2024, a marginal decrease from the previous year. Despite geopolitical headwinds and international sanctions affecting broader economic activity, Russia has maintained its standing as a significant silver resource holder.

Russian mining operators typically extract silver as a secondary output from copper and polymetallic extraction operations. The Dukat mine in Magadan Oblast led national production in 2023 with 7.7 million ounces, while the Lunnoye-Arylakh facility contributed 4.8 million ounces.

The focus has shifted toward the Prognoz mine, a newly developed open-pit operation in Russia’s Far East. Previously controlled by Polymetal International, this asset is projected to deliver 5 to 7 million ounces of silver annually once fully operational, enhancing Russia’s production trajectory.

China: The Third-Ranking Reserves Nation

China presently maintains 70,000 metric tons of silver reserves, placing it third in the global silver reserves by country hierarchy. This positioning represents a recent shift, as Russia overtook China’s previously long-held second-place standing. The country’s 2024 silver output was 3,300 metric tons, showing a marginal reduction from 3,400 metric tons recorded in 2023.

The Ying Mining District in Henan Province stands as China’s preeminent primary silver-producing operation. Operated by Silvercorp Metals, the Ying complex generated approximately 6.43 million ounces during its 2025 fiscal year and maintains estimated reserves supporting operations through 2037. Capital investments completed in late 2024 enhanced the facility’s capabilities, adding new tailings storage infrastructure and a flotation production line processing 1,500 metric tons daily. These upgrades elevated total milling capacity to exceed 1.3 million metric tons annually.

Poland: Europe’s Major Silver Reserve Base

Poland occupies the fourth position with 61,000 metric tons of silver reserves, representing Europe’s dominant silver resource base. Polish operations produced 1,300 metric tons in 2024, marginally below the prior year’s 1,320 metric tons.

The sector centers on KGHM Polska Miedź, a state-controlled entity specializing in copper and silver extraction. According to the 2025 World Silver Survey, KGHM operates the globe’s largest silver-producing facility and ranked as the world’s second-largest silver producer by company last year. The organization extracted 1,341 metric tons of silver in 2024, with the majority processed through the Głogów copper smelter.

Mexico: Leading Producer with Substantial Reserves

Mexico retains its position as the world’s foremost silver producer while simultaneously hosting 37,000 metric tons of silver reserves by country classifications. The nation’s reserve ranking places it fifth globally, though its production leadership is uncontested.

Newmont’s Peñasquito operation in Zacatecas ranks as Mexico’s second-largest silver-mining asset and stands among the world’s five biggest silver mines. Endeavour Silver’s Pitarrilla project in Durango represents one of the largest undeveloped silver deposits globally, with indicated resources encompassing 491.6 million ounces of silver, suggesting future production potential.

Additional Nations in the Global Silver Reserves Picture

Beyond the top five, numerous other countries maintain substantial silver reserves worth monitoring. Australia holds 27,000 metric tons, while Chile and the United States each possess 26,000 and 23,000 metric tons respectively. Bolivia maintains 22,000 metric tons, India holds 8,000 metric tons, and Argentina contains 6,500 metric tons. The combined silver reserves by country among all remaining nations total approximately 57,000 metric tons.

This distribution reveals important investment considerations: several smaller producers hold disproportionately large reserve bases relative to their current output, suggesting expansion potential. Conversely, some major producing nations operate against finite reserve backgrounds, highlighting the importance of resource discovery and project development cycles.

For investors tracking global precious metals supply dynamics and long-term secular trends, understanding silver reserves by country provides essential context for evaluating mining company valuations, country-specific risk assessments, and identifying emerging opportunities in underexploited resource regions.