Charted: The Costs of Mining Silver vs. Gold

Charted: The Costs of Mining Silver vs. Gold

At first glance, gold’s higher price per ounce makes it seem like the obvious choice for miners. However, a closer look at production costs and environmental impact reveals why silver remains such an attractive metal to extract.

This graphic, sponsored by Vizsla Silver Corp., uses data from Thunder Said Energy, AG Metals, and Metals Focus Gold Mine Cost Service to compare the costs of mining silver vs. gold.

The Energy and Emissions Footprint

Gold mining is not only significantly more energy-intensive than silver mining but also produces many more emissions because of the increased energy intensity.

Extracting one ton of gold requires 20,000 MWh of energy, compared to just 250 MWh for silver—an 80-fold difference. This vast energy demand translates into emissions: each ton of gold produces 9,000 tons of CO₂, while silver mining produces only 125 tons.

This stark contrast in energy and emissions highlights a key challenge in the gold industry. Despite its high market value, the environmental cost of gold extraction is dramatically higher than that of silver.

Production Costs: Bang for the Buck

The financial aspect further supports silver’s appeal. Mining an ounce of gold costs approximately $1,388, compared to $27 per ounce of silver. This means gold is 51 times more expensive to extract than silver when using the all-in-sustaining costs metric.

While gold prices are significantly higher, silver’s lower production costs indicate a more efficient return on investment.

Silver is a compelling alternative to gold when considering both environmental and financial factors. While gold is valued much higher, silver offers a more sustainable and cost-effective approach to mining.

Discover how Vizsla Silver Corp. promotes responsible mining practices to support the rising global demand for silver while building a sustainable future.

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