Leading Global Silver Reserves: 5 Nations Dominating the Market

When analyzing precious metals investment opportunities, many focus exclusively on current production volumes. Yet a more sophisticated approach involves studying silver reserves—the economically extractable supply that signals long-term growth potential. Countries with substantial reserves often harbor untapped value, especially when production capacity lags behind resource availability. Understanding which nations control the world’s largest silver reserves can illuminate where future mining expansion and investment returns may emerge.

According to the most recent data from the US Geological Survey, here’s a comprehensive breakdown of the five nations commanding the highest silver reserves globally.

1. Peru: 140,000 Metric Tons—The Reserve Leader

Peru maintains an commanding position with 140,000 metric tons in silver reserves, representing the world’s largest stockpile. This dominance reflects the country’s mining infrastructure and geological advantages. In 2024, Peru extracted approximately 3,100 MT—a slight decline from prior-year levels but still among the globe’s highest output figures.

The Antamina mine stands as Peru’s silver powerhouse, operated through a joint venture involving BHP, Glencore, Teck Resources, and Mitsubishi. While classified as primarily a copper operation, Antamina surpasses all other Peruvian assets in silver production. A major expansion receiving US$2 billion in approved investment aims to extend operations from 2028 through 2036, with construction commencing in 2025 following environmental clearance.

Recent activity underscores Peru’s strategic importance. Canadian miner Endeavour Silver acquired Minera Kolpa for US$145 million in 2025, gaining control of the Huachocolpa Uno mine in Huancavelica—marking the company’s inaugural Peruvian producing asset. The operation yielded roughly 2 million ounces of silver during 2024.

2. Russia: 92,000 Metric Tons—The Reserve Second Tier

Russia’s 92,000 metric tons place it second on the global reserves ranking. The nation produced an estimated 1,200 MT in 2024, maintaining stability despite geopolitical pressures. Silver extraction in Russia occurs predominantly as a byproduct of copper and polymetallic mining operations.

The Dukat mine in Magadan Oblast led production in 2023 with 7.7 million ounces, trailed by Lunnoye-Arylakh at 4.8 million ounces. However, the emerging center of attention is the Prognoz mine, a new open-pit facility in Russia’s Far East that was previously held by Polymetal International. Once reaching full capacity, projections estimate annual silver contributions between 5 million and 7 million ounces.

3. China: 70,000 Metric Tons—The Reserve Challenger

China holds 70,000 metric tons in silver reserves, recently displaced from its long-standing second-place position by Russia. The nation’s 2024 production reached 3,300 MT—marginally down from 3,400 MT in 2023—positioning China as a consistent heavyweight despite broader resource competition with Western nations.

The Ying Mining District in Henan Province represents China’s most significant primary silver-producing facility, operated by Silvercorp Metals. This asset generated approximately 6.43 million ounces during Silvercorp’s fiscal 2025 year, with expected operations extending to 2037. Recent completion of an enhanced tailings storage facility and a 1,500 MT daily flotation production line expanded the district’s milling throughput to over 1.3 million metric tons annually.

4. Poland: 61,000 Metric Tons—The Reserve Producer

Poland secures the fourth position with 61,000 metric tons of silver reserves. National production in 2024 reached 1,300 MT, reflecting consistency near prior-year volumes of 1,320 MT. The state-controlled entity KGHM Polska Miedź anchors Poland’s silver sector and carries global significance as an industry leader.

According to the 2025 World Silver Survey, KGHM operates the world’s largest silver production facility and ranked as the second-largest silver-producing company globally. During 2024, the company produced 1,341 MT of silver, with the majority refined through the Głogów copper smelter facility.

5. Mexico: 37,000 Metric Tons—The Reserve Player

Mexico rounds out the top five with 37,000 metric tons in silver reserves while maintaining the distinction of being the world’s largest silver producer by output volume. Newmont’s Peñasquito mine in Zacatecas ranks as Mexico’s second-largest silver mine and globally ranks fifth.

Beyond current operations, Endeavour Silver’s Pitarrilla project in Durango represents one of Earth’s largest undeveloped silver deposits, containing an indicated resource totaling 491.6 million ounces—pointing toward substantial future production potential.

Beyond the Top Five: The Broader Silver Reserve Landscape

Several additional nations harbor significant silver reserves warranting investor attention:

• Australia: 27,000 MT
• Chile: 26,000 MT
• United States: 23,000 MT
• Bolivia: 22,000 MT
• India: 8,000 MT
• Argentina: 6,500 MT

All remaining nations collectively control approximately 57,000 MT, bringing the confirmed global silver reserves figure to approximately 550,000 MT according to US Geological Survey assessments.

The distribution of silver reserves across these five leading nations—and their production efficiency relative to available resources—reveals critical investment implications. Nations with high reserves but lower current output may represent emerging opportunities as mining expansion accelerates and global demand intensifies.