Polish state-controlled mining giant KGHM has been ranked the world’s second-largest silver producer, generating 1,347 tonnes of the metal in 2025 — placing it behind only Mexico’s Fresnillo, which produced approximately 1,517 tonnes, according to the World Silver Survey, the industry’s longest-running annual market report now in its 36th year.
Global silver production exceeded 26,000 tonnes in 2025, the survey found, with KGHM’s output reflecting the scale of its integrated mining complex in southwestern Poland. Silver is produced as a by-product of copper extraction at the company’s Lubin, Rudna and Polkowice-Sieroszowice operations and refined at the Głogów smelter, which has been processing precious metals from copper ore since 1993. The company sells silver in granulated form for industrial customers and as bullion bars primarily supplied to financial institutions, with smaller bars for private investors introduced last year.
KGHM chief executive Remigiusz Paszkiewicz said the ranking reflected sustained effort rather than a single strong year. “This is not a one-time success, but the result of consistently building operational and technological advantage,” he said.
Silver’s industrial importance continues to grow, with applications in electronics, renewable energy, medicine and jewellery accounting for nearly 60% of global demand — a figure that underpins the metal’s long-term strategic value alongside its role as a financial asset.
Beyond silver, KGHM ranks among the world’s top ten copper producers and operates assets across Europe and the Americas, including in the United States and Canada. The Polish state holds just under a third of the company’s shares, making it the largest single shareholder.
On the capital investment front, KGHM is expanding the Rudna mine in Lower Silesia — one of the world’s largest copper operations — with plans to sink a new shaft that could take up to 12 years to complete. The project carries a price tag of several billion zloty, with the final cost dependent on depth, eventual use and other technical factors.
