Overseas Zinc Mines Continue to Increase Production; Zinc Concentrates Production Up YoY in Q1 2025 [SMM Analysis]

SMM News on May 13:

       Recently, the Q1 reports of overseas-listed zinc mining companies have been released one after another. Unexpected factors such as heavy rain, floods, and wildfires once again disrupted operations in Q1, causing a decline in production at some mines. However, production at certain mines continued to recover or ramp up in Q1. With both increases and decreases, how did overseas zinc mines perform in Q1? Let's take a look at the specific performance of each miner.

       SMM conducted a production statistics on 17 major overseas miners. According to the financial report data, the total zinc concentrate production of these 17 miners in Q1 2025 was 1.258 million mt, a decrease of 36,200 mt (-2.8%) MoM from 1.2942 million mt in Q4 2024, and an increase of 90,500 mt (7.7%) YoY from 1.1675 million mt in Q1 2024. The following figure shows the quarterly production data of each miner as compiled by SMM.

By miner:

• Boliden: In Q1 2025, zinc production was 57,900 mt, up 38.9% MoM and 45.8% YoY. According to the report, zinc concentrate production at The Boliden Area in Sweden was 11,700 mt in Q1, Tara mine produced 21,600 mt of zinc concentrate in Q1, and Garpenberg mine in Sweden produced 24,600 mt of zinc concentrate in Q1. Overall, with the continuous recovery of production at the Tara mine, Boliden's zinc mine production increased significantly in Q1.
• Buenaventura: In Q1 2025, zinc mine production was 5,800 mt, down 1.9% MoM and 34.2% YoY. The report disclosed that the resources at El Brocal mine in Peru were depleted in Q1 2024, and production ceased starting from Q2. Uchucchacua mine in Peru resumed production in Q4 2023, with zinc mine production of 5,300 mt in Q1. Tambomayo mine in Peru produced 500 mt of zinc mine in Q1 2025. Overall, zinc mine production at all three mines under Buenaventura declined in Q1.
• Lundin: In Q1 2025, zinc production was 48,900 mt, down 5.8% MoM but up 7.1% YoY. Among them, Zinkgruvan in Sweden produced 21,300 mt of zinc concentrate in Q1, up 10.7% YoY; Neves-Corvo in Portugal produced 27,700 mt of zinc concentrate in Q1, up 4.6% YoY.
• MMG: In Q1 2025, zinc concentrate production was 51,800 mt, down 19% MoM and 12.7% YoY. By mine, affected by external challenges such as wildfires and floods, Dugald River produced 40,900 mt of zinc concentrate in Q1, down 8.7% YoY. Due to adjustments in the mining sequence, the grade of ore fed into the Rosebery mine declined. Coupled with multiple factors such as wildfire disasters and planned maintenance, Rosebery produced 10,900 mt of zinc concentrate in Q1, down 25% YoY. Its production guidance for 2025 is 170,000-185,000 mt and 45,000-55,000 mt, respectively.
• Newmont: In Q1 2025, its zinc concentrate production was 59,000 mt, and the mine's production guidance for 2025 is 236,000 mt.
• Nexa: In Q1 2025, its total zinc concentrate production was 67,300 mt, down 23% YoY, mainly due to lower production from all units except Atacocha. Compared to Q4 2024, zinc production decreased by 8%, also due to lower production from all operating units except Cerro Lindo.
• Pan American Silver Corp: In Q1 2025, its total zinc concentrate production was 14,000 mt, up 43% YoY and basically flat QoQ from Q4 2024. The miner's zinc ore production guidance for 2025 is 42,000-45,000 mt.
• TECK: In Q1 2025, Red Dog's zinc concentrate production was 116,800 mt, down 19.6% YoY and 9% QoQ. Zinc production decreased due to lower grade and recovery rates, which was anticipated in the mine plan. The mine's production guidance for 2025 is 430,000-470,000 mt, for 2026 is 410,000-460,000 mt, and for 2027 is 365,000-400,000 mt, with a projected continuous decline in subsequent production.
• Vedanta: In Q1 2025, its total zinc concentrate production was 360,000 mt, up 16% QoQ and 8% YoY. Among them, Zinc India in India produced a total of 310,000 mt of zinc concentrate in Q1 2025, up 4% YoY; Zinc International produced 50,000 mt of zinc concentrate in Q1, up 52% YoY.
• Glencore: In Q1 2025, its self-produced zinc production was 213,600 mt, up 3.9% YoY. Its self-produced zinc production guidance for 2025 is 930,000-990,000 mt.
• Antamina: In Q1 2025, its zinc concentrate production was 91,000 mt, up 41% YoY. Based on the production guidance, the mine's zinc concentrate output in 2025 is expected to recover to over 400,000 mt, a level seen in previous years, but will drop again to around 260,000 mt in 2026.
• Ivanhoe: In Q1, Kipushi mine's zinc concentrate production was 43,000 mt. Its production guidance target for 2025 is 180,000-240,000 mt of zinc. After completing the production ramp-up and expansion plan, it is expected to reach an annual zinc production of 250,000 mt in 2026.

Looking ahead to Q2

       : With overseas zinc mines continuing to ramp up production, the global zinc ore shortage is expected to ease in 2025. In Q2, Tara zinc mine's production is expected to continue to rise steadily, and Kipushi mine is also expected to continue its production ramp-up in Q2. In addition, there is news of increased production from the oz zinc mine. Coupled with the recovery of mine production affected by unexpected factors in Q1, overseas zinc ore production is expected to continue to increase QoQ in Q2.

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