Silver has been used as a precious metal for many centuries. It is used in industry and jewelry. Silver has been known since ancient Egypt when it was alloyed with gold to make trinkets for Egyptian nobles.
Silver has been used as an industrial metal in electronics and jewelry for centuries around the globe. It remains popular today, not least because it can be easily shaped into wires but also because it does not tarnish. Silver has many uses, including photography and water purification systems. The silver market is large and very liquid, especially since several futures markets are trading this commodity around the clock on exchanges worldwide.
This makes Silver one of the most globalized commodities on Earth. Check the current silver chart if you are interested in knowing the price per ounce.. The world’s biggest silver mines are located in Mexico, Peru, Poland, Australia, and Russia. It is interesting that many of these mines are very old and have been in operation for many years. The following are the biggest silver mines in the world.
1. Fresnillo Mine.
The Fresnillo mine is located in the state of Zacatecas. This silver mine produces an annual output of around 14 million ounces per year, making it one of the largest silver producers in Mexico. Silver production has been going on at this site since 1554. Production began with just two furnaces for processing refined mercury, which gave these installations their names “El Mercurio.” In 1555 this mine produced the first ingots. The mercury was used to extract silver from the ore. The Fresnillo mine is currently owned and operated by Fresnillo plc, a British mining company.
2. Cannington Mine.
The Cannington mine is located in Queensland, Australia, and BHP Billiton owns it. This silver mine has an annual production capacity of around 12 million ounces per year. The first silver discovery was made in 1987, and commercial production began in 1991. The orebody at Cannington is hosted within a bedded sequence of carbonate rocks overlain by surficial clays, sands, and gravels. A significant proportion of the global silver resources are estimated to be found in this type of deposit.
3. Guanajuato Mine.
The Guanajuato mine is located in the state of Guanajuato, Mexico. This silver mine has an annual production capacity of around 11 million ounces per year. The Spanish Crown granted the first mining concession here to Don Diego de la Vega in 1558. Mining activity continued at this site until it was temporarily suspended in 1828 due to a revolution that affected much of Mexico. Operations resumed in 1848 and continued until 1978, when the government nationalized the mines. In 2002, these mines were privatized again, and today they are operated by Minera Mexicana el Rosario.
4. Penasquito Mine.
The Penasquito mine is located in the state of Zacatecas, Mexico. Newmont Goldcorp wholly owns it. The reserves at this site are estimated to be more than 32 million tonnes grading at 0.28% lead and 0.81 grams/tonne gold plus significant amounts of zinc. Production commenced with a large-scale open-pit operation processing ore from the nearby Santa Eulalia deposit.
5. Yauliyacu Mine.
The Yauliyacu mine is located in the province of Pasco, Peru. It is owned and operated by Hochschild Mining plc. This silver mine has an annual production capacity of around 11 million ounces per year. This mine has been in production for over 120 years.
6. Polkowice-Sieroszowice Mine.
The Polkowice-Sieroszowice mine is located in the Upper Silesia region of Poland. This silver mine has an annual production capacity of around 11 million ounces per year, and it belongs to KGHM Polska Miedź, which also owns several other mines, including Bogdanka, Borynia, and Rudna. The reserves at this site are estimated to be more than 22 tonnes grading at 0.11% lead and 0.38 grams/tonne gold plus significant amounts of zinc.
7. Gumuskoy Mine.
The Gumuskoy mine is located in the province of Kutahya, Turkey. It is owned and operated by Eti Mine Works. This silver mine has an annual production capacity of around 11 million ounces per year. The reserves at this site are estimated to be more than 21 million tonnes grading at 0.27% lead and 0.56 grams/tonne gold plus significant amounts of zinc. Sliver is produced in this mine as a by-product metal found along with lead and zinc. The smelter at Gumuskoy can produce silver bars of 99.99% purity which are sold mainly into Europe, the Middle East, and Africa markets.
8. Greens Creek Mine.
The Greens Creek mine is located in the Fairbanks North Star Borough, Alaska, and belonging to Hecla Mining Company. The primary production method is underground block caving and cut-and-fill, which Hecla Mining Company developed in 1983.
The mine was discovered during a regional geologic survey by USGS (United States Geological Survey) between 1946 and 1949, covering an area of more than 500 square miles.