The silver ore market is expected to reach $7.63 billion by the end of 2023.
KITCO News ranked the 10 largest silver-producing companies by their first quarter reports for the year. Have a look at the companies:
Mexico is the largest producer of silver globally, with over 6,300 metric tons of silver produced in 2022. Fresnillo, Mexico’s largest producer of gold, saw a slight decrease in its Q1 2023 attributable silver production compared to the same period in 2022. The production decreased to 12.3 million ounces (Moz) from 12.5 Moz, primarily due to lower ore grades and reduced volume of ore processed at San Julián (DOB) and Ciénega mines. However, this decline was offset by an increase in the volume of ore processed at the Fresnillo mine and higher ore grades at San Julián Veins.
KGHM Polska Miedź from Poland ranks as the second-largest silver producer globally, with a 10% increase compared to Q1 2022 and exceeded their production plan.
Newmont, the third-largest silver producer, generated 7.5 Moz of silver in Q1 2023. The company saw a decrease of over 2 million ounces in its production last year. All of its production comes from the Peñasquito polymetallic mine in Mexico for Q1.
Vedanta Resources (Hindustan Zinc) of India holds the fourth position, with a saleable silver production of 5.9 Moz from integrated operations in Q1 2023. The company produces 100% of India’s Intergrated silver, with over 694 tons produced last year.
Glencore secures the fifth spot on the list, producing 4.5 Moz of silver in Q1 2023. The production of silver in Q1 2023 for the mentioned companies is 5% lower compared to Q1 2022. This decrease can be attributed to planned lower grades, which align with the pit phasing at Collahuasi. Adverse weather conditions at Antamina also caused some delays in production.
It will be interesting to look at the Q2 reports for further clarity.
