South China Zinc Smelter Resumes After Maintenance

[Tianjin Zinc: Futures Prices Not Pulled Back to Downstream Psychological Levels, Transactions Moderate] In the Tianjin market, #0 zinc ingot mainstream transacted at 24,330-24,570 yuan/mt, Zijin traded at 24,420-24,650 yuan/mt, #1 zinc ingot traded at around 24,330-24,540 yuan/mt, Zijin was quoted at a discount of around 0-30 yuan/mt against the 2608 contract, Huxin was quoted at 25,700 yuan/mt, #0 zinc ingot was quoted at a discount of around 80-120 yuan/mt against the 2608 contract, and the Tianjin market was quoted at a discount of around 40 yuan/mt against the Shanghai market.

Titan Mining has reported district-wide germanium enrichment across its Empire State Mines (ESM) zinc operation in New York, highlighting a potentially significant by-product opportunity within the Balmat-Edwards zinc system. Reconnaissance sampling from multiple underground ore bodies and historic tailings facilities confirmed elevated germanium values throughout the district, with assays reaching 85.6 ppm Ge at the Mud Pond Main zone and 49.7 ppm Ge at the New Fold zone. Historic tailings samples returned grades ranging from 18.1 ppm to 44.7 ppm Ge. The company is currently working with Teck Resources’ Trail Operations to evaluate germanium recovery from existing processing streams. Preliminary testing indicates that germanium grades increase from approximately 21 g/t in plant feed to around 77 g/t in certain pre-flotation streams, suggesting natural concentration within the milling circuit. Titan estimates a potential annual germanium production of approximately 13,000 kg. Based on a germanium price assumption of US$6,000/kg, the project could generate roughly US$78 million in annual by-product revenue, significantly enhancing the economics of the Empire State zinc operation.

Ivanhoe Mines reported that its Kipushi zinc mine in the Democratic Republic of Congo produced a record 70,177 tonnes of zinc in concentrate during the second quarter of 2026, representing an 8% increase from the previous quarter and the highest quarterly output since the mine resumed operations. The company also reported second-quarter copper production of 64,328 tonnes from the Kamoa-Kakula copper complex, bringing first-half copper output to 135,745 tonnes. Ivanhoe maintained its 2026 copper production guidance of 290,000–330,000 tonnes and expects higher output in the second half of the year as mining rates increase and inventories are drawn down. The company further noted that sulphuric acid prices remain exceptionally strong, with July contracts priced at approximately US$840 per tonne, a record level.