Zacatecas
World's silver capital; #1 in gold, silver, lead, zinc nationally; Fresnillo mine (1,500m depth); Peñasquito 33M oz silver (2024); 80% of Mexico's silver with Durango/Chihuahua.
Zacatecas is the world's silver capital. The state ranks first nationally in production of gold, silver, lead, and zinc—and Mexico led global silver production in 2024. Fresnillo, one of the world's largest primary silver mines, reaches depths exceeding 1,500 meters underground. Newmont's Peñasquito mine produced 33 million ounces (935.5 metric tons) of silver in 2024 and expects 28+ million ounces in 2025. Together with Durango and Chihuahua, Zacatecas accounts for 80% of Mexico's silver output.
November 2024 saw double-digit growth: silver production jumped 32.5% to 178,069 tonnes; zinc surged 57.7%; gold rose 13%. By June 2025, Zacatecas led gold production (10,081 kg, up 16.4%) and zinc (40,886 tonnes, 65%+ of national total). The state benefits from an established mining services cluster and logistics links to northern Mexico and the US border.
By 2026, Zacatecas will test whether silver mining can sustain momentum amid global energy transition. If demand for silver in solar panels and electronics drives prices and production, the state strengthens its position as precious metal capital. If extraction costs rise or environmental regulations tighten without adequate transition planning, the underground wealth may prove more difficult to access than markets require.