SMM May 26 News:
As mid-year approached, Q1 reports from major listed miners outside China were largely released. Data showed that the combined effects of earthquakes, grade declines, and floods impacted overall ex-China mine production in Q1, leading to both YoY and QoQ declines in ex-China zinc concentrates production in Q1 2026. Details are as follows:
SMM compiled production data from 20 major miners outside China. Based on disclosed production figures, these 20 miners produced a total of 1.282 million mt of zinc ore in Q1 2026, down 54,300 mt YoY (-4.1%) and down 119,500 mt QoQ (-8.5%). Ex-China zinc concentrates production declined significantly in Q1 2026!
By miner:
- Boliden: By mine, Tara mine produced 17,400 mt of zinc concentrates in Q1 2026, down 19% YoY. Sweden's Garpenberg mine produced 19,300 mt in Q1 2026, down 22% YoY, mainly due to lower milling volumes and zinc grade. Sweden's The Boliden Area mine produced 8,800 mt in Q1 2026, down 24% YoY. Sweden's Zinkgruvan mine produced 17,500 mt in Q1 2026, down 17% YoY. Sweden's Somincor mine produced 25,900 mt in Q1 2026, down 6% YoY, with milling volumes below the previous quarter due to strong water inflows.
- Buenaventura: Zinc ore production was 7,300 mt in Q1 2026, up 27% YoY. The report disclosed that Peru's El Brocal mine had no zinc concentrates output in Q1 2026. Peru's Uchucchacua mine produced 6,900 mt of zinc concentrates in Q1 2026, up 32% YoY, in line with expectations. Peru's Tambomayo mine produced 400 mt of zinc ore in Q1 2026, down 22% YoY, reflecting lower zinc grade in the mining areas during the quarter.
- MMG: Zinc concentrates production was 50,200 mt in Q1 2026, down 3% YoY. Dugald River produced 41,100 mt of zinc concentrates in Q1 2026, basically flat YoY, as higher throughput, strong recovery rates, and ongoing beneficiation plant optimization offset severe flooding in January and February and subsequent rail disruptions. Rosebery mine produced 9,100 mt of zinc concentrates in Q1 2026, down 16% YoY, with the decline mainly attributable to lower zinc grade and slightly lower recovery rates, in line with the planned mining sequence. Its Q1 2026 production guidance was 170,000-180,000 mt and 45,000-55,000 mt, respectively.
- Newmont: Zinc concentrates production was 62,000 mt in Q1 2026, up 5% YoY. The mine's 2026 production guidance was 220,000 mt.
- Nexa: Total zinc concentrates production was 79,400 mt in Q1 2026, up 18% YoY, mainly driven by improved ore grade across all mines. QoQ, production fell 13%, mainly reflecting reduced ore throughput at the Cerro Pasco complex and Cerro Lindo, the latter affected by heavy rainfall during the quarter. Operations at Aripuanã and Vazante were in line with expectations.
- Pan American Silver Corp: Total zinc concentrates production was 15,200 mt in Q1 2026, up 8% YoY. The miner's 2026 zinc ore production guidance was 58,500-62,500 mt.
- Teck: Red Dog produced 106,200 mt of zinc concentrates in Q1 2026, down 9% YoY, mainly due to grade declines, in line with mining plan expectations. Production guidance for the mine is expected to continue declining in 2026-2027.
- Vedanta: Zinc India in India produced 315,000 mt of zinc concentrates in Q1 2026, up 2% YoY, mainly benefiting from increased ore production and improved grade. Zinc International's zinc concentrates production declined, with Gamsberg mine producing 42,000 mt of zinc ore in Q1 2026, up 5% YoY, while BMM mine produced 7,000 mt of zinc ore in Q1 2026, down 30% YoY.
- Glencore: Own-sourced zinc production was 176,900 mt in Q1 2026, down 17% YoY. Its 2026 production guidance was lowered to 700,000-740,000 mt.
- Antamina: Zinc concentrates production was 62,600 mt in Q1 2026, down 31% YoY. Production guidance indicates the mine's zinc concentrates output is expected to fall to around 240,000-280,000 mt in 2026, with guidance declining further to around 150,000-200,000 mt in 2027.
Outlook for 2026
According to SMM data, ex-China zinc concentrates production is unlikely to grow YoY in 2026. By mine, although Peru's Romina zinc concentrates project is expected to commence production this year, Gamsberg continues to ramp up production, and Portugal's Aljustrel mine and Australia's Endeavor mine resumed production in Q1 2026, collectively contributing some incremental output, the market largely expects Russia's Oz mine to struggle to increase production this year. Additionally, Antamina's annual zinc concentrates production is expected to decline by over 200,000 mt YoY, Glencore's Mount Isa partially closed some mining areas with corresponding production cuts, Teck's Red Dog mine zinc concentrates production guidance is down approximately 60,000 mt YoY, and Boliden's Garpenberg mine was affected by an earthquake impacting production operations in Q1, with its 2026 production expectations also lowered. Overall, ex-China zinc concentrates production is expected to edge down YoY this year.
(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.)
