Zijin Zinc Output Fell in 2025 as Lithium and Molybdenum Production Rose

Zijin Zinc

Zijin zinc output declined in 2025 as the Chinese diversified miner shifted part of its zinc production base from open-pit to underground mining. Zijin Mining produced 357,453t metal equivalent of zinc concentrate, down 12% from a year earlier.

The company’s lead concentrate output also fell by 7.5% to 41,065t metal equivalent. Zijin aims to produce 400,000t of zinc and lead concentrate in 2026, broadly in line with its combined 2025 output.

Zijin zinc output was mainly affected by the transition at the Bisha mine in Eritrea. The move to underground mining temporarily reduced production while new infrastructure was being built, with transition-related work continuing through 2025-26.

Bisha Transition Weighed on Zinc as Market Surplus Risk Increased

The Bisha mine remained the main reason behind Zijin’s lower zinc performance. The company expects zinc concentrate output from Bisha to recover by around 10% to 91,000t metal equivalent in 2026, compared with 83,000t in 2025.

Zijin remained China’s largest mined zinc producer and the world’s fourth-largest. The company also retained an advantage in developing and operating lower-grade zinc and lead ore bodies.

China produced around 3.35mn t of mined zinc in 2025, according to industry estimates. However, Zijin expects China’s zinc market to move into surplus in 2026 as rising concentrate supply and weak real estate demand outweigh support from the power generation sector.

The company expects zinc prices to trend lower in the second half of 2026. This outlook suggests that zinc producers may face tighter margins unless infrastructure, power-sector demand, or export flows provide stronger support.

Lithium and Molybdenum Became Key Growth Pillars

Zijin lithium production rose sharply as the company accelerated its battery materials strategy. The miner produced 5,800t of lithium carbonate equivalent in 2025 and plans to lift output to 30,000t LCE in 2026.

The company’s lithium portfolio has entered a faster ramp-up phase. The Laguocuo salt lake project in Tibet, the 3Q salt lake project in Argentina, and the Xiangyuan hard-rock lithium project have all entered production, while construction at the Manono lithium project continues.

Zijin also completed its acquisition to control Zangge Mining. Under its plan, the company expects LCE output to rise sharply to 270,000–320,000t by 2028, positioning it as a major future lithium supplier.

Molybdenum also strengthened. Zijin produced 11,500t in 2025, up 24% from a year earlier, as it moved toward becoming one of the world’s largest molybdenum producers. Its Shapinggou molybdenum project in Anhui received approval for a 10mn t/yr mining and beneficiation project in October 2025, supporting a target of 25,000–35,000t of mined molybdenum by 2028.

The Metalnomist Commentary

Zijin’s 2025 results show a portfolio in transition. Zinc is facing mine-cycle and market pressure, while lithium and molybdenum are becoming stronger growth engines tied to batteries, specialty steels, and energy transition demand.