[SMM Analysis] Overseas Zinc Concentrate Production Falls Sharply in H1 2026

SMM Aug 31 News:

The first half of 2026 has come to an end, and most major overseas listed mining companies have recently released their half-year reports. Based on the production data disclosed so far, overseas zinc concentrate output continued to be disrupted in both Q1 and Q2 by factors including earthquakes, declining ore grades, flooding and maintenance, resulting in a significant year-on-year decline in overseas zinc concentrate production in H1 2026. Details are as follows:

SMM tracked the production performance of 17 major overseas mining companies. Based on their disclosed production data, the 17 sampled companies produced a total of 2.4578 million mt of zinc in H1 2026, down 8.9% year on year, indicating a significant decline in overseas zinc concentrate production in H1 2026.

By Mining Company

• Boliden: By mine, Tara produced 35,100 mt of zinc in H1 2026, down 16% year on year. Garpenberg in Sweden produced 21,300 mt, down 56% year on year, mainly due to an earthquake in March that halted all production. Production has now successfully resumed at ore bodies not directly affected by the earthquake. The Boliden Area in Sweden produced 18,700 mt in H1 2026, down 16% year on year. Zinkgruvan in Sweden produced 34,400 mt, down 21% year on year. Somincor produced 53,900 mt, broadly unchanged year on year.
• Buenaventura: Zinc production totalled 14,700 mt in H1 2026. The report showed that El Brocal in Peru had no zinc concentrate output in H1 2026. Uchucchacua produced 14,000 mt of zinc concentrate, up 15% year on year and in line with expectations. Tambomayo produced 800 mt of zinc, down 46% year on year.
• MMG: Zinc concentrate production totalled 105,800 mt in H1 2026, broadly unchanged year on year. Dugald River produced 87,200 mt, up 3% year on year, while Rosebery produced 18,600 mt, down 21% year on year. The decline was mainly attributable to lower zinc grades associated with the mining sequence. Its 2026 production guidance is 170,000-180,000 mt and 45,000-55,000 mt, respectively.
• Newmont: Zinc concentrate production totalled 102,000 mt in H1 2026, down 19% year on year. The company's 2026 production guidance is 220,000 mt.
• Nexa: Zinc concentrate production totalled 158,700 mt in H1 2026, up 13% year on year, mainly due to improved ore grades. Q2 zinc production was 79,000 mt, broadly in line with expectations. The increase from the recovery of mining operations in Peru offset the impact of declining grades at the Aripuanã operation. The commissioning of the fourth tailings filter and the planned replacement of ball mill liners also affected production.
• Pan American Silver Corp: Zinc concentrate production totalled 30,800 mt in H1 2026, up 16% year on year. The company's 2026 zinc production guidance is 58,500-62,500 mt.
• Teck: Red Dog produced 218,200 mt of zinc concentrate in H1 2026, down 14% year on year, mainly due to declining ore grades, in line with expectations under the mine plan. Production guidance for the mine is expected to continue declining in 2027-2028.
• Vedanta: Zinc concentrate production at Zinc India in India totalled 583,000 mt in H1 2026, broadly unchanged year on year. Zinc concentrate production at Zinc International declined. Gamsberg produced 87,000 mt of zinc in H1 2026, up 1% year on year, while BMM produced 10,000 mt, down 52% year on year, mainly because the Deeps operation is approaching the end of its mine life, resulting in lower production.
• Glencore: Own-sourced zinc production totalled 365,600 mt in H1 2026, down 21% year on year. Its 2026 production guidance has been lowered to 700,000-740,000 mt.
• Antamina: Zinc concentrate production totalled 116,600 mt in H1 2026, down 50% year on year. Based on its production guidance, the mine's zinc concentrate output is expected to decline to around 240,000-280,000 mt in 2026, with 2027 guidance falling further to around 150,000-200,000 mt.

Full-Year Outlook

Overseas zinc concentrate production declined significantly in H1 2026. However, some new capacity in China has continued to ramp up. SMM expects global zinc concentrate production to increase by approximately 70,000 mt of contained zinc in 2026.

Looking at the overseas mining market in H2, the Romina zinc concentrate project in Peru began production in Q2 and is expected to continue ramping up in H2. Kipushi is expected to continue ramping up in line with its production plan, while the Aljustrel mine in Portugal is expected to maintain operations.

At the same time, mines such as Antamina and Red Dog will continue to be affected by declining ore grades, while the impact of the Garpenberg earthquake has yet to be fully resolved. As a result, overall production declines from overseas mines are expected to become more pronounced in H2.

(The above information is based on market collection and comprehensive evaluation by the SMM research team. The information provided in this article is for reference only. This article does not constitute direct advice for investment research and decision-making. Customers should make cautious decisions and should not replace their independent judgment with this information. Any decisions made by customers are not related to SMM.)