Mexico has been the largest producer of silver for 7 straight years. In addition to production, Mexico has also been the number one silver exporter in the world. The top silver mining companies in Mexico witnessed a substantial growth of revenues and market shares in the global silver industry. This is our 2017 breakdown of the top 10 silver producing companies in Mexico. These are the 10 leading players from Mexico’s silver market that will shape the future of the industry.
Top 10 Silver Producing Companies in Mexico (2017)
Fresnillo is the top-producing silver company in the world. It has seven operating mines in Mexico, and its total attributable silver production came to 53 million ounces in 2016. The company is a subsidiary of Industrias Penoles. Fresnillo is is one the primary influencers and the standard for the top silver mining companies in the world.
2. Pan American Silver
Pan American Silver produced 25.4 million ounces of silver in 2016. The company has three gold and silver-producing mines in Mexico, and one exploration-stage project. At the end of 2016, the company’s mineral reserves contained an estimated 286 million ounces of silver, making Pan American Silver among the best silver companies in the world.
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3. First Majestic Silver
First Majestic Silver produced a record high of 11.9 million ounces of silver in 2016. The company has five Mexico silver mines, and also holds the Santa Elena gold-silver mine. The firm has another five silver exploration and development projects in Mexico.
4. Coeur Mining
Coeur Mining is one of the leading US-based silver producing companies that produce silver and gold in Palmarejo mine of Mexico. In 2016, the company produced a total of 14.8 million ounces of silver. As of the end of 2016, the company’s proven silver reserves at Palmarejo totaled about 7 million ounces compared to proven gold reserves of 126,000 ounces.
5. Fortuna Silver Mines
Fortuna Silver Mines has one silver-producing mine in Mexico and another in Peru. The company’s San Jose mine in Oaxaca produced 6.1 million ounces of silver in 2016. Its proven and probable silver reserves currently stand at 40.2 million ounces.
6. Endeavour Silver
Endeavour Silver has three Mexico silver mines, two development projects, and three exploration projects. The company produced 9.7 million silver equivalent ounces in 2016. As of the end of last year, its proven and probable silver reserves came to 10.6 million ounces.
7. Great Panther Silver
Great Panther Silver has three producing Mexico silver mines, as well as two exploration projects in Mexico. Its flagship Guanajuato Mine Complex is owned by its Mexican subsidiary, Minera Mexicana El Rosario. The company’s total silver production came to 2.1 million ounces last year.
8. Primero Mining
Primero Mining produces silver at its San Dimas mine in Mexico and is developing the Cerro de Gallo gold-silver-copper deposit in the country; it also holds a number of exploration projects. Primero has a silver purchase agreement with Wheaton Precious Metals.
9. Avino Silver & Gold Mines
Avino Silver & Gold Mines operates two mines at its Avino property and it has four exploration-stage projects in the Durango region of Mexico. In 2016 it produced 2.7 million silver equivalent ounces.
10. Excellon Resources
Excellon Resources has two operations in Mexico: its La Platosa underground silver-lead-zinc mine and its past-producing Miguel Auza mine, which has been turned into an operating flotation mill. La Platosa produced 752,689 ounces of silver in 2016. Excellon says La Platosa has been Mexico’s highest-grade silver mine since production began there in 2005.
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