Silver Reserves: Top 3 Countries

1. Peru

Silver reserves: 98,000 MT

At 98,000 metric tons (MT), Peru is at the top of the list for highest silver reserves in the world by country. And unlike some nations with high silver reserves, Peru was a major producer of silver in 2022. The country put out an impressive 3,100 MT of the white metal last year, coming in third place in the world for silver production.

The majority of Peru’s physical silver is produced at the Antamina mine, located in the province of Huari. The mine is a joint venture between BHP (ASX:BHP,NYSE:BHP,LSE:BHP), Glencore (LSE:GLEN,OTC Pink:GLCNF), Teck Resources (TSX:TECK.B,TSX:TECK.A,NYSE:TECK) and Mitsubishi (OTC Pink:MSBHF,TSE:8058). Although it is primarily a copper mine, it still produces more silver than any other asset in the country.

The mining industry accounts for more than 50 percent of Peru’s total exports, and silver has a rich history in the country dating back over 1,000 years. Peru also leads the way in the copper space, as it is the second largest producer, just behind Chile.

2. China

Silver reserves: 71,000 MT

China takes the second spot both in terms of silver production and silver reserves.

The nation put out 3,400 MT of silver in 2022, while its holdings stand at 71,000 MT. Despite its large silver output, the majority of Chinese silver production originates as a by-product of other metals. Gold and silver bullion trading is a major market in the Asian nation, which has helped to drive China's development of its mining industry in recent years.

3. Poland

Silver reserves: 65,000 MT

Another one of the world’s leading silver countries is Poland. Despite its reserves of 65,000 MT, Poland produced just 1,300 MT of silver in 2022. Much of that came from KGHM Polska Miedz (WSE:KGH).

KGHM is one of the largest producers of metallic silver, and silver sales account for about 12 percent of its revenue. The company sells silver bars and grains, which are produced at the Głogów copper smelter and refinery.

More top silver countries by reserves

Peru, China and Poland lead the world with the highest silver reserves, but there are many other top silver countries by reserves to know. Here’s a quick look at where other nations stand:

• Russia — 45,000 MT
• Mexico — 37,000 MT
• Australia — 27,000 MT
• Chile — 26,000 MT
• US — 23,000 MT
• Bolivia — 22,000 MT

The remaining countries not listed above combine to hold a total of 57,000 MT of silver reserves, according to the US Geological Survey. The total world figure for silver reserves sits at 550,000 MT.