The West Rises: How North America and Australia Sparked the Silver Revival

2024 saw a notable shift in the global silver production landscape. While the top five producers remained Mexico, China, Peru, Bolivia, and Chile, the real headline came from the West. Canada led the charge with a staggering 33% production surge, followed by Australia at 19%, and the United States at 10%. Meanwhile, legacy powerhouse Chile slipped by 17%, and China and Peru declined slightly by 1% each, according to The Silver Institute.

This dynamic has opened a compelling narrative: despite being overshadowed historically, the Western silver sector roared back with both strategy and resilience.

Canada’s Mining Momentum: Juniors and Smarts Fuel the Boom

Canada's 33% increase wasn’t accidental, it was driven by a wave of innovative juniors and revitalized mid-tier miners tapping new deposits and optimizing operations. As one industry commentator put it, “Canada’s silver lining for juniors“ heralds a period where nimble players are capturing rich veins overlooked by giants.

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"Silvercorp Metals, based in Canada, reported an approximately 1.3 million oz of silver‑equivalent production in Q4 Fiscal 2024—an 11% year‑over‑year increase—and projects a 9% to 17% rise in annual silver output to 6.8–7.2 million oz for Fiscal 2025."
^{Source: Silvercorp Metals Fiscal 2024 Q4 Report & Fiscal 2025 Production Guidance}

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Hecla Mining, though U.S.-based, has deep operations in North America and stepped up too. In 2024, Hecla produced 16.2 million ounces of silver—its second-highest annual haul and a testament to improved efficiency and innovative mining techniques, according to the Company's Website.

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These companies underscore a larger story: Canada’s rise wasn’t luck, it was catalyzed by strategic exploration and investment in production infrastructure.
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Australia's Metallic Momentum: Lead–Zinc Mines Shine Bright

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Australia’s +19% leap was powered largely by silver as a by-product from lead–zinc operations and the return of key mines.

‍According to the Silver Institute:

“...global silver mine production rose by 0.9 percent to 819.7 Moz, underpinned by increased output from lead/zinc mines in Australia.”

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In essence, silver’s renaissance Down Under wasn’t about dedicated silver mines - rather, it was boosted by integrated, polymetallic operations. These producers benefited from higher ore output in base-metals mining, a smart hedge in complex commodity cycles.
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The USA’s Steady Climb: Efficiency and Legacy Assets

A 10% increase in U.S. production might seem modest next to Canada and Australia, but it reflects steadiness and the value of established operations. Firms like Hecla and regional producers leveraged existing infrastructure, cutting-edge mining techniques, and consistent grind to bring more output online without dramatic new discoveries.

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Chile’s Decline: Drought, Disruption, and Cost Overruns

Down in Chile, silver production fell sharply by 17%—a dramatic drop among the Western producers. The culprit? A combination of environmental stressors and project setbacks.

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A comprehensive look at Chile’s 2024 mining sector paints a vivid picture: miners wrestled with “severe climate‑related challenges including droughts, abnormal rainfall, and cold” that disrupted operations and impaired throughput, according to GBR Series Chile Mining 2024.
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Teck Resources, one of Chile’s major operators, has been grappling with massive cost overruns on its Quebrada Blanca Phase 2 expansion, one of the largest mining investments in Chile in recent years. Geological and processing setbacks added hundreds of millions in over-budget expenses and delivered production delays.

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These combined pressures, natural and logistical, created a perfect storm, impacting silver output more severely than in other regions.
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Setting the Stage: Why the West Emerged Stronger

Several trends converge in 2024 to explain this turnaround:

• Rising industrial and clean-energy demand. Global silver demand remains robust, especially in electronics and photovoltaics: record-breaking industrial usage continues to drive miners to boost output
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• Solar panels, particularly advanced TOPCon types, consume up to 50% more silver, pushing demand even higher, according to CruxInvestor.com's Ryan Charles in Silver Sneak Peaks from Early Production Reports for Q1 2025.
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• Strategic consolidation and acquisitions. Firms are positioning for growth via M&A, Coeur Mining’s planned acquisition of SilverCrest Metals is expected to elevate combined silver output to nearly 21 million ounces by 2025, demonstrating the financial firepower behind Western expansion.
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• Adaptive operations and technological innovation. Companies like Hecla are deploying new mining methods that boost safety and productivity. Canada’s juniors are agile, local-focused, and opportunistic—well-suited to identify overlooked assets and deliver gains faster than larger operators.

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Conclusion: A New Western Chapter

In 2024, the West wasn’t merely catching up, it set a new pace. Canada’s juniors and mid‑tier players delivered explosive growth; Australia’s polymetallic mines turned the tide; the U.S. saw steady expansion; and Chile’s production stumbled under climate and cost pressure.

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With demand surging, especially in clean energy and industrial uses, and Western miners consolidating and innovating, the stage seems set for a broader shift. The Western silver story isn’t just about numbers - it’s about adaptability, strategic vision, and resilience in the face of disruption.

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