Where is Silver Mined?
Where is Silver Mined?
Silver is the least expensive precious metal that is affordable for many and makes an excellent substitute for gold. You may have come across an opportunity where you or someone you know had opted for silver jewelry as it gives a classic touch to your overall look and is easily available in the market.
With so many industries relying on silver, from jewelry to skincare, electronic products, solar panels, and even tableware, silver is mined at an increasing pace to meet new demand levels. But you would be surprised to know that the supply of silver is limited and is only mined in specific geographical areas. That affects its price and availability in the market because not everyone would have access to silver at the same price.
Mining Sources of Silver
The amount of silver on our planet, both mined and unmined, is equivalent to mercury; 0.08 parts per million. The occurrence of silver is a crucial element that determines the geographical areas it can quickly grow in. You see, silver occurs in sulfide ores, not the Oreo biscuits that you happily munch on but what we call acanthite and argentite. These argentite deposits are the ones that contain pure silver, which becomes accessible when combined with salt water found in regions like Chile and New South Wales.
The primary sources of silver are the ores such as lead, copper, copper-nickel, and lead-zinc combination, which you will realize are also all everyday metals used commonly to make a variety of products. These ores are found in Australia, Bolivia, China, Peru, Serbia, Poland, Chile, and Mexico.
Australia
Australia is considered one of the top mining places that contribute around 22% of the world’s silver supply with China and Russia. The Cannington Silver and Lead Mine are some of the places from where silver is mined. This mine is located underground in northern Queensland, which is in the Shire of McKinlay. This mine was discovered roughly in 1990 by a multinational mining trading entity by the name of BHP.
Cannington serves as the perfect place because it has meandering rivers that are often dry but occasionally contain water when flooding occurs. Even though it was discovered in 1990, underground mining began 7 years later and was not achieved until 1999, when 1.5 million tonnes of ore were processed.
Bolivia
Along with Australia, Bolivia is another country believed to house the 10 largest silver mines globally. The San Cristobal Silver Lead-Zinc Mine is the most popular within this country. It is located nearly 500 kilometers on the southern end of the City La Pez. It is no surprise that it is considered the third biggest silver mine in the world and the sixth-largest for zinc. It is believed that it contains nearly 450 million ounces of silver.
Within Bolivia, silver was discovered quite early in the 1600s by a Spanish priest, but technology limited the mining of silver because of the presence of carbon dioxide. But it was only towards the end of the 20th century that Apex Silver Mines Ltd in Denver adequately developed the mine. The mine itself is an open-pit mining operation which is different from an underground mine of Australia.
Mexico
If you know even a bit of silver, you would know that this country has owned the title for being the world’s largest producer of silver, and that title holds merit. The Penasquito Polymetallic Mine and Pitarrilla Mine are considered the second and the fourth biggest silver mines in Mexico. With two such large mines in the top 5 located within Mexico, the country is floating on just silver. The Penasquito Polymetallic Mine ranked as the fifth largest mine in the world. This mine is located on the north-eastern side of the State of Zacatecas. This is also an open-pit operations mine like the one in Bolivia. However, this mine was explored in 2010, which is relatively recent.
Similarly, the Pitarrilla Mine is also an open-pit operation which until 2013 had not been confirmed to be operated upon. This mine is believed to have 32 years of silver extraction, which adds an extra three decades. This may cater to higher demand and bridge the shortage, with the supply of silver becoming limited in the world.
Peru
Peru is another country that contributes nearly 70% of the world’s silver supply and the rest of the silver mines in the Americas. One of the biggest mines it has is the Antamina Mine, located in the Andes Mountain ranges, one of the most extended mountain ranges in the world spanning entire South America.
This mine is considered to have a life of only 15 years which is half of the Pitarilla Mine’s life in Mexico, and its operation began in 2001. But since Peru has been such a sought-after destination for sourcing silver, the mine was predicted to deplete silver by 2022. Hence, the production has already ended since 2019, which is three years beyond the expected lifetime. So, even though this mine is no longer actively contributing to the world’s silver supply, it did hold a prestigious place once upon a time. After all, it was the ninth biggest silver mine in the world.
Our Final Thoughts
Silver is becoming more and more expensive as the silver mines start becoming depleted and shutting down. With such a high demand for silver and few mines, the prices of silver are expected to exceed that of gold in the long run. So the next time you visit any of these countries, you could appreciate the beauty of Nature for how these precious metals are created and the lengthy mining process.
