World’s Leading Silver Producers in Q2 2023 Revealed

World’s Leading Silver Producers in Q2 2023 Revealed

The top silver producers for the second quarter of 2023 have been ranked based on their reported output. While Codelco and Polymetal didn’t make the list due to missing quarterly data, several other prominent companies did.

Fresnillo leads as the world’s premier silver producer, with its Q2 2023 silver production reaching 14.9 million ounces (Moz), marking a 3.5% increase from the previous year. This boost was largely attributed to the successful ramp-up of Juanicipio.

Poland’s KGHM Polska Miedz follows as the second-highest silver producer, registering 10.9 Moz of silver. Their production observed a 2% rise from Q2 2022, credited to the increased availability of feed material in their precious metals plant.

Ranking third, Newmont reported a production of 6.3 Moz of silver for the quarter. However, they faced an 18% decline year-over-year, largely due to labor strikes at the Peñasquito polymetallic mine in Mexico.

Pan American Silver came in fourth with a consolidated Q2 2023 production of 6 Moz, a substantial 33% increase from Q2 2022. This surge is tied to the assets acquired from the Yamana Gold transaction, which added 2.55 Moz to their Q2 2023 production, compensating for declines in other areas.

India’s Vedanta Resources (Hindustan Zinc) rounded off the top five with a production of 5.8 Moz in Q2 2023, marking a slight 2% increase from Q2 2022.

Other notable mentions include Glencore in the sixth spot, reporting a production of 4.9 Moz, a decrease from the previous year, and Southern Copper in seventh, with a production increase of 9% year-over-year to 4.8 Moz.

Hecla secured the eighth spot, with their increase in silver production mainly credited to higher grades from the Lucky Friday mine.

For a comprehensive view of the rankings, readers are directed to the accompanying chart.

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