KGHM becomes world’s largest silver producer after 12.3 million-ounce quarter

KGHM moves ahead of Fresnillo and Newmont

Poland’s state-controlled KGHM Polska Miedź has become the world’s largest silver producer, according to a ranking compiled by mineral-sector portal MinerDeck and reported by Gazeta.pl. The group produced 12.3 million ounces, or 383 tonnes, of silver in the second quarter of 2026.

That quarterly volume placed KGHM ahead of Mexico’s Fresnillo, which produced 10.9 million ounces, and US-based Newmont, with 7 million ounces. Newmont is described as the world’s largest gold-mining company, underscoring KGHM’s position among diversified international metals groups rather than specialist silver miners alone.

Polish operations supply most of the metal

KGHM recovered 712 tonnes of silver during the first half of 2026, an increase of 8% from the previous year. Its Polish operations accounted for 697 tonnes, while the Sierra Gorda mine in Chile contributed 14.9 tonnes. Silver production at Sierra Gorda rose by 38% year on year, although the Chilean asset still represented only a small part of the group total.

Silver is recovered as a by-product of KGHM’s core copper business. The company mined 351,000 tonnes of copper in the first half of 2026, processing ores that naturally contain smaller quantities of silver. The precious metal is separated and recovered during subsequent copper processing, adding a valuable revenue stream without requiring KGHM to operate as a primary silver miner.

Prices amplify the earnings contribution

The stronger production figures coincided with a steep increase in silver prices. According to Gazeta.pl, the average London Bullion Market Association price reached $78.83 per ounce in the first half of 2026, nearly 141% above its average in the corresponding period of 2025. KGHM reported first-half net profit of almost 5.6 billion zlotys and said lower costs in Poland and Chile were driven mainly by the high valuation of by-products, including silver and precious metals.

Chief executive Remigiusz Paszkiewicz said the first-half results demonstrated the group’s strong condition and the effectiveness of its development activities. He said KGHM was using favorable conditions in the copper market to strengthen its operations in Poland and abroad, with the aim of building a cost-efficient and diversified multi-commodity group. KGHM ranks among the world’s ten largest mined-copper producers and has mining assets in Poland, the United States, Chile and Canada, as well as copper smelters in Poland. Its portfolio also includes molybdenum, nickel and gold. The Polish State Treasury remains its largest shareholder with a 31.79% stake.