Korea Zinc US Assets Deal Secures America’s Only Primary Zinc Smelter

Korea Zinc

Korea Zinc US assets expansion has advanced after Nyrstar sold its East Tennessee and Mid Tennessee mining complexes and the Clarksville smelter to the South Korean metals producer. The transaction gives Korea Zinc direct control of key zinc mining and smelting infrastructure in the US.

The sale was first announced in December and was completed after regulatory and governmental approvals. Financial details were not disclosed.

Korea Zinc US assets now include the Clarksville smelter, which Nyrstar described as the only primary zinc smelter in the US. That makes the transaction strategically important for domestic zinc supply, industrial resilience and future non-ferrous processing capacity.

Clarksville Smelter Strengthens Domestic Zinc Supply

The Clarksville smelter gives Korea Zinc an established operating base in the US zinc market. Zinc remains essential for galvanizing steel, construction, infrastructure, automotive production, energy systems and manufacturing.

Trafigura will continue to sell Clarksville’s zinc metal and supply concentrate and oxide to the operation through the end of 2026. This transition arrangement should help maintain operational continuity while Korea Zinc prepares its broader investment strategy.

The Tennessee mining complexes also add upstream relevance. Control of mining assets and smelting infrastructure gives Korea Zinc a stronger position across feedstock access, processing and finished metal supply.

Korea Zinc Plans Larger Non-Ferrous Smelting Platform

Korea Zinc has already outlined a much larger US ambition. The company announced plans in December to build a $7.4bn smelter on the acquired, fully permitted sites through a joint venture with the US defense and commerce departments.

The planned facility would produce 13 non-ferrous products. Construction is expected to begin in 2027, followed by phased production from 2029, starting with zinc, lead and copper.

The new smelter is expected to process 1.1mn t/yr of raw materials and produce 540,000 t/yr of finished products. If delivered, the project would significantly expand US non-ferrous processing capacity and support domestic supply chains for strategic industrial metals.

The Metalnomist Commentary

Korea Zinc’s acquisition is more than a zinc transaction. It positions a major Asian smelter inside the US industrial base at a time when domestic processing capacity has become a strategic priority.

Sibanye PGM Production Rises in South Africa as US Output Falls

Sibanye

Sibanye PGM production improved in South Africa during the first quarter, but the company’s US mine output weakened because of lower production quality at East Boulder. The mixed result highlights the company’s uneven exposure across primary mining, recycling, zinc and lithium.

Sibanye PGM production in South Africa rose by 2% year on year to 383,241oz of 4E metals, covering platinum, palladium, rhodium and gold. Growth projects supported the increase and helped keep the company on track with its full-year guidance.

Sibanye PGM production in the US moved in the opposite direction. Output of 2E metals, covering platinum and palladium, fell by 5% to 68,386oz, with regular production expected to resume by the end of June.

The company maintained full-year guidance for both regions. South African operations are expected to produce 1.65mn-1.75mn oz, while US operations remain guided at 280,000-300,000oz.

South African Growth Offsets US Mine Weakness

Sibanye’s South African PGM operations remain the stronger side of the portfolio. The 2% increase in first-quarter output shows that ongoing growth projects are helping offset broader pressure across the PGM sector.

This matters because South Africa remains the world’s most important primary PGM supply base. Stable output from large producers supports automotive catalysts, hydrogen technologies, chemicals, electronics and industrial applications.

The US Stillwater operations faced a weaker quarter. Lower production quality at East Boulder reduced output, although Sibanye expects normal production to return by the end of June.

The US decline is important because North American primary PGM supply is limited. Any disruption at Stillwater assets can affect regional availability of palladium and platinum, especially for customers seeking non-Russian and traceable supply.

Recycling helped offset the weaker US mine performance. Sibanye’s US recycled PGM output rose by 50% to 107,597oz, supported by better optimisation of material flows.

That increase reinforces the strategic value of secondary supply. PGM recycling can provide flexible metal units when mine output is uneven, while also supporting lower-carbon and circular supply chains.

Zinc Weakness and Keliber Progress Broaden the Portfolio Story

Sibanye’s Australian Century zinc operation produced 20,000t in the first quarter, down by 25,000t from a year earlier. Above-average rainfall reduced capacity and operating flexibility at the zinc operation.

The decline shows the weather sensitivity of tailings and zinc operations. Heavy rainfall can affect mining rates, processing efficiency, transport and operating continuity.

Century’s weaker output also matters because zinc remains important for galvanizing steel, infrastructure, construction, die casting and industrial manufacturing. Lower production from a major operation can tighten regional supply if weather disruption persists.

Meanwhile, Sibanye’s Keliber lithium project in Finland reached full completion during the first quarter. The first mining blast took place at the Syvajarvi mine in February.

Keliber gives Sibanye a strategic entry into Europe’s lithium supply chain. The project connects the company to battery materials demand and supports Europe’s effort to build more domestic critical mineral capacity.

Sibanye’s portfolio is therefore becoming more diversified. PGMs remain the core earnings and strategic base, but recycling, zinc and lithium all add exposure to different industrial cycles.

The first-quarter results show the benefits and risks of that structure. South African PGMs and US recycling improved, US mine output weakened, zinc suffered weather disruption, and lithium moved closer to future production.

The Metalnomist Commentary

Sibanye’s quarter shows why diversified metals exposure can protect a company from single-asset weakness, but also adds execution complexity. The strongest strategic signal is the rise in recycled PGM output, which could become increasingly valuable as customers seek secure and lower-carbon platinum and palladium supply.

Global Refined Zinc Market Stays in Deficit as Demand Outpaces Production

Zinc

Global refined zinc market conditions remained tight in 2025 as consumption continued to exceed production, despite stronger mine output and higher refined metal supply. The deficit narrowed to 33,000t from 69,000t in 2024, but the market still failed to return to the 252,000t surplus recorded in 2023.

The global refined zinc market deficit shows that recovering production has not fully restored balance. Mine supply increased across several major producing regions, but refined demand also continued to grow, led by China and Europe. This kept the zinc value chain under pressure even as concentrate availability improved.

The global refined zinc market also reflected a shift in Chinese trade flows. China imported significantly more zinc contained in concentrates, while refined zinc imports dropped sharply. This suggests stronger reliance on domestic smelting and refining capacity rather than external refined metal supply.

Mine Supply Recovery Improves Concentrate Availability

Global zinc mine production rose by 5.4pc to 12.59mn t in 2025, supported by gains in Australia, China, India, Iran, Peru, South Africa, and the Democratic Republic of Congo. China remained the largest producer, with output rising 2.8pc to 4.07mn t.

Peru recorded one of the strongest increases, with zinc mine output rising 18.6pc to 1.51mn t. Australian output also increased by 2.4pc to 1.13mn t. These gains helped offset declines in the US and Kazakhstan, where production fell by 11.2pc and 5.2pc respectively.

Europe delivered a significant mine-side recovery, with output rising 20.1pc to 1.08mn t. Higher production at the Vares operation in Bosnia and Herzegovina, new capacity in Russia, and the restart of Ireland’s Tara mine supported the increase. This recovery improved regional concentrate supply after a difficult period for European zinc mining.

Refined Zinc Demand Keeps Market Balance Tight

World refined zinc output rose by 2.1pc to 13.83mn t in 2025, mainly supported by higher production in China and Europe. Chinese refined output increased by 6.1pc to 7mn t, while European production rose by 2.7pc to 2.17mn t.

Demand still slightly exceeded supply. Global refined zinc consumption rose by 1.9pc to 13.86mn t, with Chinese demand increasing by 1.9pc to 7.05mn t. European demand rose by 3.5pc to 1.98mn t, reinforcing the market’s underlying strength despite uneven industrial conditions.

China’s import structure highlights the changing zinc supply chain. Imports of zinc contained in concentrates rose by 29.8pc to 2.58mn t, while refined zinc imports fell by 51.1pc to 210,000t. This points to stronger concentrate pull from Chinese smelters and reduced dependence on imported refined zinc.

The Metalnomist Commentary

The zinc market is no longer in a deep deficit, but it remains structurally tight enough to keep supply discipline important. The key signal is China’s rising concentrate imports, which show that smelting capacity and raw material access are becoming more important than refined metal trade alone.

Garpenberg Zinc Mine Halt Adds Fresh Pressure to European Zinc Supply

Garpenberg Zinc

The Garpenberg zinc mine halt has added another supply risk to an already tight zinc concentrate market. Boliden suspended mine production at the Swedish operation after seismic activity caused a rockfall and pressure wave on 14 March.

Boliden said seismic activity is normal at Garpenberg, but conditions rose to abnormally high levels late on 14 March. The company evacuated the mine for safety reasons, stopped mining during the evacuation, and suspended concentrator production on 15 March.

The incident also affected workers underground. A pressure wave from the rockfall hit four employees in nearby locations, making safety inspections the immediate priority before any restart.

Garpenberg Disruption Hits a Major European Zinc Asset

Garpenberg is one of Boliden’s most important base metals operations. The mine produced 101,780 tonnes of zinc last year, alongside 38,692 tonnes of lead and 735 tonnes of copper.

That scale makes the Garpenberg zinc mine important for European concentrate availability. Any extended outage could tighten regional feedstock supply and increase pressure on smelters already managing weak treatment charges.

Boliden said output will restart gradually once inspections of infrastructure and underground workings are complete. However, the company has not set a timeframe for resuming production, leaving buyers exposed to uncertainty.

Zinc Concentrate Market Faces Another Supply Constraint

The Garpenberg zinc mine halt comes at a sensitive moment for the zinc market. Concentrate supply remains tight, and smelters are competing for limited feedstock while treatment charges stay low.

A temporary disruption at Garpenberg may not change the global balance alone. However, it matters because zinc smelters are already operating in a constrained raw material environment.

The outage also highlights the value of integrated mining and smelting systems. Boliden usually benefits from internal concentrate supply, but even integrated producers remain exposed when mine-level disruptions interrupt feed flows.

For European zinc consumers, the key issue is duration. A short safety-related stoppage would be manageable, but a longer suspension could reinforce concentrate tightness and add pressure to refined zinc supply planning.

The Metalnomist Commentary

Garpenberg shows how fragile zinc supply has become when even operational safety events can carry market significance. In a low-TC environment, every meaningful mine disruption strengthens the advantage of producers with diversified feed sources.

Polymetals Endeavor zinc mine suspension after fatal explosion

Polymetals Resources

Polymetals Endeavor zinc mine suspension follows a fatal underground explosion in New South Wales, Australia. The company halted trading in connection with the Endeavor zinc and silver operation after the incident. As a result, investors and concentrate buyers now face fresh uncertainty around the mine’s restart profile and safety performance. Polymetals Endeavor zinc mine status will depend on the forthcoming incident update and any regulatory response.

Operational restart cut short by fatal incident

Endeavor only restarted earlier this year after several years on care and maintenance. The mine delivered its first saleable zinc and silver-lead concentrates in June, marking a key milestone for Polymetals. In that month, Endeavor processed 36,066dmt of ore at an average head grade of 3.72pc zinc. Therefore the Polymetals Endeavor zinc mine quickly re-emerged as a meaningful producer in the regional concentrate market.

However, the fatal explosion has abruptly interrupted that ramp-up narrative. The trading halt is expected to last up to two days while Polymetals prepares a detailed announcement. Regulators, employees, local communities and customers will scrutinise how quickly operations can resume safely. Any extended outage could force smelters and traders to reassess their zinc and lead concentrate sourcing plans.

Long-term production plans now face new uncertainty

Before the incident, Polymetals outlined ambitious ten-year plans for Endeavor. The company targeted 400,000t of contained zinc, 172,000t of contained lead and 21.4mn oz of contained silver over the first decade of the mine’s restarted life. These volumes would have reinforced the Polymetals Endeavor zinc mine as a long-term pillar of polymetallic supply from New South Wales.

The asset’s history underscores its technical complexity. Previous owner Toho Zinc placed Endeavor on care and maintenance in 2020 because of depleted reserves and high costs at depth. Polymetals acquired the mine in 2023, betting that revised mine planning and capital investment could overcome those challenges. Now, the Polymetals Endeavor zinc mine suspension will likely trigger fresh reviews of ground conditions, access design and cost assumptions.

As a result, the timeline for fully realising Endeavor’s planned output may shift. Additional safety measures, new operating protocols or revised development sequences could increase capital needs. Meanwhile, any delays would tighten regional zinc, lead and silver concentrate availability versus earlier expectations, especially for buyers that had already locked in offtake.

The Metalnomist Commentary

The Polymetals Endeavor zinc mine suspension is a stark reminder that restart stories in deep underground zinc mines carry elevated operational risk. Safety incidents can rapidly reverse production gains and undermine confidence in even carefully staged ramp-ups. For traders and smelters, Endeavor highlights the value of diversified concentrate portfolios and robust contingency planning around legacy assets.

Terramin Signs Major EPC Contract with Sinosteel for Tala Hamza Zinc Project

Terramin Australia

Terramin Australia, a South Australia-based mining group, has signed a significant engineering, procurement, and construction (EPC) contract with Sinosteel, a Chinese state-owned mineral and metallurgical firm. This agreement is for the construction of the Tala Hamza zinc project, located in Algeria, marking a major step toward the development of one of the country’s most promising mining ventures.

Key Details of the Tala Hamza Zinc Project

The £336 million EPC contract includes the construction of a 2 million tonnes per year (2mn t/yr) processing plant and an underground mine. Terramin's executive chair, Bruce Sheng, emphasized that the project would play a pivotal role in boosting the Algerian economy as it progresses. Construction is set to begin in the coming weeks, signaling the start of an ambitious project that could significantly impact the regional mining industry.

The Tala Hamza zinc project is being developed by Western Mediterranean Zinc, a joint venture in which Terramin holds a 49% stake, while the remaining 51% is owned by two state-run Algerian entities, Enof and ORGM.

The Zinc and Lead Resources of Tala Hamza

The Tala Hamza deposit is considered rich in both zinc and lead. According to Terramin, the deposit contains a resource of 53 million tonnes at 5.3% zinc and 1.3% lead, with a cut-off grade of 2.5% zinc-equivalent. A definitive feasibility study completed in 2018 estimated that the mine could produce an average of 129,300 tonnes per year of zinc concentrate and 26,000 tonnes per year of lead concentrate over a 21-year mine life.

As part of the project, the construction of the processing plant and mine infrastructure is expected to create numerous job opportunities in Algeria, further enhancing the project's economic importance.

Implications for the Algerian Mining Sector

The Tala Hamza zinc project has the potential to become one of Algeria's flagship mining projects. Not only will it contribute to the country's zinc production capacity, but it will also bolster Algeria's mining sector, attract foreign investment, and provide long-term economic benefits. With the involvement of Sinosteel, a major player in global metallurgy, the project also signals strong international confidence in Algeria’s mining prospects.

Conclusion

The signing of the EPC contract for the Tala Hamza zinc project represents a significant milestone for Terramin Australia and its partners. The project is expected to help meet the growing global demand for zinc and lead while supporting Algeria's economic growth. As construction begins, the focus will now shift to timely execution and the successful development of a high-quality mining operation in the region.

Teck copper and zinc guidance cut as grades and constraints bite

Teck

Teck copper and zinc guidance has been cut across multiple years to 2028. The company now expects lower output from several key assets as it mines lower-grade areas and grapples with operational constraints. Teck copper and zinc guidance for 2025 has been reduced again, with copper now forecast at 415,000-465,000t, down from 470,000-525,000t. This shift signals a slower growth path just as the market focuses on looming deficits in several base metals.

However, the sharpest impact on Teck copper and zinc guidance comes from Chile. At Quebrada Blanca, copper production guidance for 2025 has been cut to 170,000-190,000t from 210,000-230,000t. The mine faces slow sand drainage and concentrator downtime, which delay tailings management facility (TMF) development. As a result, Teck expects more downtime in 2025-26 and will build a sand wedge to stabilise tailings performance. The company targets 2027 for a steady-state operation in which TMF constraints no longer cap concentrator throughput.

At the group level, Teck’s third-quarter copper production fell by 9pc year on year to 104,100t. Meanwhile, copper sales slipped only 0.6pc to 110,300t, indicating some stock drawdown despite weaker mine output. This divergence underscores how tighter mined supply can already appear in concentrate flows, even before full-year guidance cuts translate into physical scarcity. Markets that watch Teck copper and zinc guidance closely will likely reassess medium-term concentrate availability and treatment charge dynamics.

Zinc and molybdenum outlook softens ahead of Anglo Teck merger

Beyond copper, Teck has lowered zinc production guidance for most years through 2028, with 2025 the main exception. Total zinc in concentrate output fell by 5pc in the third quarter to 150,500t, even as sales rose 14pc to 305,700t. Refined zinc fared worse, with production down 20pc and sales down 25pc year on year. These trends highlight margin pressure at the smelting and refining level, where power costs, maintenance and weaker prices all weigh on performance.

In addition, Teck has cut its molybdenum guidance, signalling a broader recalibration of its by-product profile. The company now expects 2026 molybdenum output to be 46pc lower than previously guided, with a 7pc reduction in 2028. This will affect revenue diversification and may trim by-product credits that help support copper unit costs. For downstream consumers, tighter molybdenum supply could gradually feed into alloy surcharges and specialty steel pricing, particularly in high-temperature and corrosion-resistant segments.

Meanwhile, Teck is preparing for a strategic reset through its planned merger with Anglo American. The deal will create Anglo Teck Group, combining large iron ore, copper and zinc portfolios under one umbrella. The merged entity may be better positioned to manage grade decline and project risk across a broader asset base. But investors will scrutinise whether Teck copper and zinc guidance stabilises after integration, or whether further revisions emerge as projects like Quebrada Blanca move through their de-bottlenecking phases.

The Metalnomist Commentary

Teck’s guidance cuts confirm what many copper and zinc buyers already suspect: resource quality and infrastructure bottlenecks are eroding the easy supply growth story. While the Anglo Teck merger offers scale and optionality, it does not remove geological and technical constraints at assets like Quebrada Blanca. For traders and smelters, this is a reminder to stress-test scenarios where large, “tier-one” names no longer deliver the volumes once assumed in long-term models.

Boliden Garpenberg Zinc Mine to Run at 30% Capacity After Seismic Damage

Boliden, Zn mine

Boliden Garpenberg zinc mine output will be sharply reduced after abnormal seismic activity damaged key parts of the Swedish operation. Boliden said it would restart production in the second quarter at about 30% of guided capacity.

The mine was halted on 15 March after seismic activity caused a rockfall and pressure wave. Production is expected to restart at around 100,000 t/month, but the disruption will continue until further notice.

Boliden Garpenberg zinc mine production is important for European zinc supply because Garpenberg is one of the region’s key underground zinc assets. A prolonged reduction could tighten concentrate availability and increase attention on mine stability, grade control, and supply reliability.

Lappberget Damage Limits Near-Term Production Recovery

The main operational issue is damage to the upper parts of the Lappberget orebody. This area accounts for around 70% of Garpenberg’s production, making the seismic event highly material for Boliden’s zinc output.

Boliden said production in the most affected part of the mine is not expected to resume this year. Inspections are still ongoing, and the company will operate Garpenberg at reduced capacity until it has clearer visibility on safety and mining conditions.

The lower output profile also comes with a slight expected deterioration in average zinc grade. This means the disruption affects not only tonnage but also the quality and efficiency of mined ore.

European Zinc Market Faces Fresh Supply Risk

Boliden Garpenberg zinc mine guidance now points to output running at just 30% of the mine’s 3.7mn t/yr guided capacity. This creates a meaningful supply risk for European zinc concentrate flows, especially if the reduced operating rate lasts longer than expected.

The disruption also highlights the vulnerability of underground mining operations to seismic instability. Even profitable and well-established mines can face sudden production constraints when access to major orebodies is restricted.

For zinc buyers and smelters, the key issue will be how long Garpenberg remains limited and whether alternative concentrate supply can offset the shortfall. The market will also watch for updates on inspections, rehabilitation work, and any revised production guidance from Boliden.

The Metalnomist Commentary

Garpenberg’s setback shows that mine safety and geotechnical risk can quickly become supply-chain issues. For Europe’s zinc market, the disruption adds another reminder that regional metal security depends on operational resilience, not only reserve size.

Refined Zinc Market Surplus Forecast for 2025 Amid Rising Supply

ILZSG

The global refined zinc market surplus is projected to reach 93,000 tonnes in 2025, according to the International Lead and Zinc Study Group (ILZSG). This forecast comes as supply growth outpaces a modest recovery in global demand, particularly in China, the world's largest zinc consumer.

Refined Zinc Demand Rebounds Slightly

Global demand for refined zinc is expected to rise by 1% to 13.64 million tonnes in 2025. China is projected to see a 0.9% increase, following a 1.9% decline in 2024. Other key markets such as Brazil, India, and Turkey are also forecast to grow, while South Korea will likely see a decline. However, ongoing global economic uncertainty, especially surrounding U.S. trade policy, could weigh on zinc consumption.

Zinc Supply Rises on Mine and Smelter Recovery

Meanwhile, global mine production is forecast to increase by 4.3% to 12.43 million tonnes in 2025. Output will rise in Australia, China, Mexico, the Democratic Republic of Congo, and Peru. Europe is also expected to rebound, with an 18.3% production increase led by Bosnia and Herzegovina, Russia’s Ozernoye mine, and Ireland’s Tara mine. On the refined metal side, global output is projected to climb 1.8% to 13.73 million tonnes. This growth is supported by China and Norway, where Boliden expanded capacity at its Odda smelter by 150,000 tonnes annually.

However, recent closures at Glencore’s Portovesme smelter in Italy and Toho Zinc’s Anakka operation in Japan will partly offset these gains.

Refined Lead Market Also Shifts into Surplus

In addition to zinc, the ILZSG forecasts a surplus in the global lead market. Refined lead supply is expected to exceed demand by 82,000 tonnes in 2025. Demand is projected to rise by 1.5% to 13.19 million tonnes, while output will grow by 1.9% to 13.27 million tonnes, mainly from China, India, Mexico, and the United States.

The Metalnomist Commentary

The anticipated refined zinc market surplus reflects an ongoing shift in global base metal dynamics. Despite moderate demand recovery, rising output from mines and smelters—particularly in Asia and Europe—could place downward pressure on prices unless macroeconomic conditions improve significantly.

Grupo Mexico Boosts Copper and Zinc Output in Q4, Plans $600mn 2025 Investment

Grupo Mexico

Buenavista Expansion and Strong Prices Lift Revenues Despite Toquepala Setback

Grupo Mexico increased its copper and zinc production in the fourth quarter of 2024, supported by operational gains at its Buenavista, Cuajone, and IMMSA units. Copper output reached 266,400 metric tonnes (t), up slightly from 264,300t in Q4 2023, while zinc production more than doubled, rising to 43,150t from 16,930t a year earlier.

Copper production growth was driven by a 12% increase at the Buenavista mine, complemented by moderate gains at IMMSA (+3.5%) and Cuajone (+2.1%). However, these increases were partially offset by an 11.4% decline at the Toquepala mine in Peru. Despite mixed volumes, copper sales rose by 2.2% to 253,250t, supported by a 13.4% year-on-year price gain to $4.22/lb, based on Comex data.

Zinc Production Surges with Buenavista Launch and Santa Barbara Growth

The standout performance in Q4 came from zinc. Grupo Mexico more than doubled zinc production following the start-up of its Buenavista zinc operation and improved throughput at Santa Barbara. Sales volumes surged by over 59% to 42,119t. The fourth-quarter average zinc price also increased by 22.1% to $1.38/lb, based on LME figures.

Molybdenum output fell slightly to 6,994t due to weaker performance at Caridad and Toquepala, with sales also down 2.1% to 7,008t. Despite this, Grupo Mexico’s mining division, operated under Americas Mining Corporation, reported Q4 revenues of $2.97bn, up 17.4%, while profit surged by 51.5% to $673mn.

2025 Capital Plan Targets Modernization, Tailings Efficiency, and Greenfield Growth

Grupo Mexico plans to invest over $600mn across its mining operations in 2025. Roughly half will fund modernization of existing mines and metallurgical facilities, while 31% will go toward improving water and tailings efficiency. The remaining investments will support long-term growth projects, including a new 120,000t/yr copper SX-EW plant in Arequipa, Peru. Construction is scheduled to start in 2025, with operations expected by 2027.

In total, the conglomerate’s fourth-quarter profit rose by 19% to $757mn, with revenues climbing 12.8% to $3.85bn. Grupo Mexico operates across mining, rail, and infrastructure sectors, with mining activities led by Southern Copper in Mexico and Peru, and Asarco in the United States.

Teck Copper Production Rises as All Four Mines Lift First-Quarter Output

Teck

Teck copper production rose sharply in the first quarter as all four of the Canadian miner’s copper operations delivered higher output. The company produced 140,000t of copper in January-March, up 32% from a year earlier.

Teck copper production growth was broad-based, with gains from Quebrada Blanca, Highland Valley, Antamina and Carmen de Andacollo. The result strengthens Teck’s position in a market increasingly focused on copper supply security for grids, electrification and industrial infrastructure.

Teck copper production remains on track with the company’s 2026 guidance of 455,000-530,000t. The first-quarter performance gives Teck a strong start to the year, despite planned maintenance at Quebrada Blanca and mixed recovery performance at some assets.

The stronger copper result also supported earnings. Teck reported first-quarter profit of C$809mn, up from C$313mn a year earlier.

Quebrada Blanca and Highland Valley Drive Copper Growth

Quebrada Blanca produced 55,500t of copper in the first quarter, up 31% from a year earlier. The increase came despite a planned maintenance shutdown early in the period.

Teck is implementing an action plan at Quebrada Blanca this year to improve production. The mine remains central to the company’s copper growth profile in Chile.

Highland Valley in Canada also delivered a strong quarter. Copper output rose by 36% to 40,200t, mainly because of higher grades and stronger mill throughput.

Lower recovery rates partly offset the improvement at Highland Valley. Still, the mine’s performance shows how grade and throughput improvements can quickly lift output when processing capacity is available.

Antamina in Peru also contributed to the copper increase. The mine, jointly owned by Teck, BHP, Glencore and Mitsubishi, produced 135,000t of copper, up 42%.

Carmen de Andacollo in Chile produced 13,900t, up 7% from a year earlier. Higher copper grades and stronger recovery rates supported the increase.

The result highlights the value of portfolio diversification. Teck’s copper growth did not depend on one asset alone, reducing the operational risk of isolated maintenance or recovery issues.

Zinc Weakness Offsets Some Base Metals Strength

Teck’s zinc performance was weaker than copper. Total zinc-in-concentrate production fell by 12% to 120,300t, reflecting planned activity at Red Dog and Antamina.

Zinc sales fell more sharply, dropping by 35% to 69,700t. This reduced the contribution from Teck’s zinc concentrate business during the quarter.

However, refined zinc output at Trail in British Columbia rose by 27% to 73,800t. The Trail operation remains important because it connects Teck’s mining output with downstream refined metal and by-product production.

By-product output at Trail, including silver and germanium, was steady on the year. Germanium remains strategically important because of its use in fibre optics, infrared systems, semiconductors and defence-related applications.

Teck is working with the Canadian government to explore options to increase germanium production. This could strengthen Canada’s role in critical minerals supply, especially as western buyers seek more non-Chinese sources of minor metals.

The Middle East conflict is not expected to significantly disrupt Teck’s fuel supply. However, the company warned that higher diesel costs could affect its Chilean operations, where fuel must be imported.

This cost risk matters for copper miners. Even when production is strong, fuel, reagents, logistics and power costs can influence margins and project economics.

The Metalnomist Commentary

Teck’s first-quarter copper growth shows the strategic value of diversified mine exposure across Canada, Chile and Peru. The next focus will be whether Quebrada Blanca’s action plan can convert early momentum into sustained copper growth while zinc and diesel cost pressures remain manageable.

Glencore's 3Q Metals Output: Copper, Zinc, and Cobalt Decline, Ferro-Chrome Surges

Glencore

Global mining giant Glencore reported a mixed performance in its base metals production for the third quarter of 2024. While the company saw a decline in the output of several key metals, its ferro-chrome production experienced a sharp rise.

Base Metals Production Declines

• Copper: Glencore produced 242,600 tonnes of refined copper in Q3 2024, marking a 2% decline compared to the same quarter last year. This brings the total for January-September 2024 to 705,200 tonnes, down 4% year-on-year, though the decrease was somewhat mitigated by the sale of the Cobar mine in Australia in June 2023.

• Cobalt: Cobalt production also saw a 2% decline in Q3, totaling 10,600 tonnes. For January-September 2024, the total cobalt output fell by 18% to 26,500 tonnes, primarily due to reduced run rates at the Mutanda mine in the Democratic Republic of Congo, which adjusted operations in response to the challenging cobalt pricing environment.

• Zinc: Zinc output decreased by 5% to 226,400 tonnes in Q3, and by 4% for the January-September period. Contributing to the decline was lower output from the Antamina mine in Peru, caused by mining sequences with lower zinc grades and higher copper grades, as well as operational disruptions due to a tropical cyclone at the McArthur River operation in Australia.

• Nickel: Glencore's nickel production also saw a significant decrease of 18% to 18,100 tonnes in Q3. This was primarily driven by the transition of the Koniambo operation in New Caledonia into care and maintenance starting in February 2024. Despite a slight increase in output from the Murrin Murrin mine in Australia, total nickel production for January-September 2024 fell 9% year-on-year to 62,300 tonnes.

Ferro-Chrome Production Surge

In a positive development, Glencore's ferro-chrome production surged by 89% in Q3 2024, reaching 295,000 tonnes. This helped bring the total for January-September to 894,000 tonnes, up 2% compared to the same period in 2023. This increase is especially notable after a 16% decline in ferro-chrome production during the first half of 2024, attributed to the continued idling of the Rustenburg smelter. Glencore did not specify whether the surge in Q3 ferro-chrome production was due to the restart of the Rustenburg smelter, but the company indicated that higher production rates and fewer offline days at its other smelter complexes in South Africa may have contributed to the positive results.

Sibanye-Stillwater PGM Production Falls as Stronger Precious Metals Prices Lift Revenue

Sibanye-Stillwater

Sibanye-Stillwater PGM production declined in 2025, but stronger precious metals prices lifted revenue and earnings across the group. The result shows how price recovery can offset operational pressure in the platinum group metals market, especially when supply remains constrained and downstream demand stays uneven.

The South African mining group reported a 14pc increase in revenue to R129.7bn, equal to about $7.3bn. The improvement came despite lower production from both its South African and US PGM operations. Higher basket prices, especially in the second half of the year, provided the main earnings support.

Sibanye-Stillwater PGM production from its South African operations reached 1.7mn oz of 4E PGM in 2025. This was down by 0.8pc from the previous year. However, the company achieved an average South African 4E basket price of $1,740/oz, up sharply from $1,322/oz in 2024.

Higher PGM Basket Prices Offset Lower Mine Output

Stronger PGM prices helped Sibanye-Stillwater protect profitability despite weaker production volumes. Adjusted earnings before interest, taxes, depreciation, and amortisation at the South African PGM operations rose by 125pc to R16.7bn. This reflects the operating leverage that miners can achieve when prices recover faster than costs increase.

The production decline also highlights the broader challenge facing mature PGM operations. South African mines continue to operate in a difficult environment shaped by cost inflation, ageing assets, electricity risk, and labour intensity. In that context, higher prices are important, but they do not remove the need for disciplined restructuring and productivity gains.

Meanwhile, Sibanye-Stillwater’s US 2E PGM production fell by 33pc year on year. The decline was significant, but stronger palladium prices improved the sales picture. The company achieved an average US 2E basket price of $1,195/oz in 2025, compared with $988/oz a year earlier.

Palladium Trade Action and Battery Metals Add Strategic Context

Palladium remains a strategic factor for Sibanye-Stillwater because the company has direct exposure through its US operations. The company highlighted preliminary US anti-dumping duties on Russian palladium, following petitions filed by Sibanye-Stillwater and the United Steelworkers Union. The move could support domestic and allied palladium producers if it reshapes import economics.

The company’s US operations also returned to profitability after restructuring. This matters because North American palladium supply carries strategic value in a market exposed to Russian material, automotive demand uncertainty, and changing emissions technology. Any policy support that reduces unfair price pressure could improve the outlook for non-Russian producers.

At the same time, Sibanye-Stillwater continues to broaden its portfolio beyond PGMs. Its Australian Century zinc operation produced 101,000t of zinc, up by 22pc on the year. Its Keliber lithium project also advanced toward production as construction neared completion and the first mining blast took place this month.

The Metalnomist Commentary

Sibanye-Stillwater’s 2025 results show that PGMs remain a price-sensitive business where earnings can recover before volumes do. The bigger question is whether stronger palladium and PGM prices can support long-term reinvestment in assets that still face structural cost and demand uncertainty.

Ivanhoe QIA $500mn funding strengthens African critical minerals pipeline

Ivanhoe Mines

The Ivanhoe QIA $500mn funding will inject fresh capital into one of Africa’s most important critical minerals portfolios. Ivanhoe Mines plans to raise $500mn from the Qatar Investment Authority through a 57.5mn share issue. As a result, the Ivanhoe QIA $500mn funding will support exploration, development and mining across copper, zinc, PGMs and other critical minerals in southern Africa.

Ivanhoe QIA $500mn funding underpins growth after Kamoa-Kakula setback

The Ivanhoe QIA $500mn funding gives the Canadian miner balance sheet strength at a sensitive moment. Ivanhoe will issue new shares at C$12 each, equal to about 4pc of its total equity. Therefore, the QIA secures a meaningful strategic foothold in a multi-asset African growth story.

Capital will help offset the impact of weaker guidance at the flagship Kamoa-Kakula copper complex in the DRC. The project now expects 370,000–420,000t of copper in concentrate this year. This range is almost 30pc below the initial 520,000–580,000t outlook, after Ivanhoe suspended mining in some areas because of seismic activity. However, Kamoa-Kakula remains one of the world’s lowest-cost, largest-scale copper growth engines.

Funding supports broader African critical minerals portfolio

The Ivanhoe QIA $500mn funding will not only stabilise Kamoa-Kakula but also advance other key assets. Ivanhoe intends to channel part of the proceeds into exploration and development of “critical minerals” across its portfolio. This portfolio includes copper, zinc, lead, germanium and platinum group metals.

In the DRC, the Kipushi mine has restarted as a zinc-copper-lead-germanium operation. The asset offers high-grade feed into markets sensitive to supply disruptions and ESG performance. Meanwhile, in South Africa, the Platreef project is moving toward first production in the fourth quarter. Platreef will add large-scale PGM, nickel and copper output, reinforcing Ivanhoe’s exposure to energy transition and automotive catalysts.

By backing this broader platform, the QIA diversifies beyond a single copper asset. Therefore, the Ivanhoe QIA $500mn funding represents a long-term bet on Africa as a core supplier of critical minerals. It also highlights the growing role of Gulf sovereign wealth in shaping mining capital flows.

The Metalnomist Commentary

QIA’s entry confirms Ivanhoe’s position as one of the most strategically important miners in the African copper and critical minerals space. The funding cushions near-term production setbacks while keeping long-dated projects like Platreef and Kipushi on track. Market participants should watch how quickly Ivanhoe converts this capital into stable output growth, especially as copper markets tighten and geopolitical competition for African resources intensifies.

Glencore's Base Metals and Cobalt Output Dips in 2024

Glencore

Glencore's 2024 production of copper, zinc, and cobalt saw slight declines, while nickel production experienced a more significant drop. Ferro-chrome output remained relatively stable.

Copper, Zinc, and Cobalt Production Declines

Glencore's copper output fell 6pc to 951,600t, hitting the lower end of its guidance. This decline resulted from planned lower production at Antapaccay and Collahuasi, alongside unplanned downtime and reduced grades at KCC. Zinc production decreased 1pc to 905,000t, primarily due to lower Antamina output. This was partially offset by increased production at Zhairem. Cobalt production dropped 8pc to 38,200t, attributed to expected lower grades at Mutanda.

Nickel Production Significantly Reduced

Nickel production saw a 16pc decrease to 82,300t. This was largely due to the Konaimbo operation transitioning to care and maintenance. Higher production at Murrin Murrin partially mitigated the impact. Ferro-chrome production remained nearly unchanged, with a slight increase to 1.2mn t. Glencore will provide its 2025 production guidance on February 19th.

MMG copper output 2025 hits seven-year high on Las Bambas surge

MMG

MMG copper output 2025 hit a seven-year high as the Chinese miner leveraged strong performance at Las Bambas in Peru. MMG copper output 2025 reached 506,899t, with growth underpinned by record ore mined, processed and recovered across its global portfolio. As a result, MMG copper output 2025 highlights how Chinese-backed assets are reshaping global copper supply and treatment charge dynamics.

Las Bambas and Khoemacau anchor MMG’s copper growth

Las Bambas drove most of the increase in MMG copper output 2025. The Peruvian mine produced 410,834t of copper in concentrate, up 27pc year on year. Higher ore mining rates, improved plant throughput and stronger recovery combined to lift site performance.

MMG set a 400,000t production target for Las Bambas in 2026, signalling confidence in the mine’s stability. However, community risks and logistics in Peru will remain key watchpoints for traders and smelters. Higher sustained output from Las Bambas will reinforce Peru’s position as a core supplier to Asian and Atlantic copper markets.

Khoemacau in Botswana added new growth momentum to MMG’s profile. The mine delivered 42,120t of copper concentrate in 2025, up 36pc from 2024. MMG plans to expand Khoemacau’s capacity to 130,000 t/yr by 2028, with longer-term potential to reach 200,000 t/yr after further studies.

DRC expansion and tightening treatment charges

MMG’s Kinsevere operation in the Democratic Republic of the Congo contributed to the stronger MMG copper output 2025. Copper cathode production at Kinsevere rose 18pc to 52,791t. An expansion project, which delivered its first cathode in late 2024, should push annual output to 65,000–75,000t in 2026. This reinforces the DRC’s role as a key growth hub for refined copper supply.

Meanwhile, MMG reported a mixed picture in other base metals. Zinc output increased by 6pc to 232,060t, while lead production slipped 5pc to 39,608t. However, the broader copper concentrate market remained the tightest stress point for smelters. Concentrate supply lagged new smelting capacity, pushing treatment and refining charges (TC/RCs) deep into negative territory.

Smelter TC/RC benchmarks turned sharply lower through 2025, reflecting a continued shortage of clean copper concentrate. The Metalnomist smelter purchase index fell from slightly positive levels in early 2025 to significantly negative by year-end. Trader purchase indices weakened even further as competition intensified for spot tonnes. This environment favours well-positioned miners like MMG with scalable, low-cost concentrate streams.

Strategic implications for global copper supply

The step-up in MMG copper output 2025 underscores the influence of Chinese state-linked capital in strategic copper regions. Las Bambas, Khoemacau and Kinsevere together form a diversified platform across Peru, Botswana and the DRC. This geographic spread reduces single-asset risk while deepening China’s indirect exposure to offshore copper units.

For smelters, MMG’s growth slightly eases concentrate tightness but does not fully resolve structural deficit. New Asian and European smelting projects continue to outpace mine supply growth, keeping downward pressure on TC/RCs. As a result, smelters face margin squeeze unless by-product credits or premiums can offset weaker treatment terms.

Downstream, strong MMG copper output 2025 supports long-term energy transition demand. Additional tonnes from Las Bambas and future Khoemacau expansions will feed wiring, renewables, EVs and grid investments. However, the aggressive project pipeline also depends on stable permitting, local community relations and predictable fiscal regimes in host countries.

Focus keyphrases: MMG copper output 2025, Las Bambas copper, Khoemacau Botswana copper, Kinsevere DRC copper, copper concentrate TC/RCs, global copper supply growth

The Metalnomist Commentary

MMG copper output 2025 reinforces the miner’s position as a pivotal supplier into a structurally tight copper concentrate market. While rising volumes from Las Bambas, Khoemacau and Kinsevere are welcome news for smelters and traders, they arrive in a world where new refining capacity still outstrips mine growth. Expect continued pressure on TC/RCs and a premium for diversified, scalable copper producers like MMG as the energy transition accelerates.

Metal Source Acquires Imperial Aluminum Facility in Alabama

Metal Source, a subsidiary of Indiana-based Gebhart Holdings, has acquired Imperial Group's aluminum facility in Scottsboro, Alabama, effective August 1. This marks Metal Source's first operation outside of Indiana.

The Scottsboro facility is equipped with two rotary furnaces and a reverberatory furnace, producing sow, ingot, and deox cone. This acquisition significantly enhances Metal Source's recycling capabilities, allowing it to process over 100 million pounds of scrap aluminum per year and manufacture aluminum alloys, zinc alloys, and aluminum deox cone.

Imperial Aluminum, known for manufacturing aluminum alloys and offering tolling services for aluminum scrap, will see its assets integrated into Metal Source's operations. This strategic expansion follows Gebhart Holdings' acquisitions of Bedford Recycling's facilities in Bedford and Mitchell, Indiana earlier in 2023.

Ben Gebhart, CEO of Gebhart Holdings, stated, "This acquisition allows our company to better serve our customers in the South while expanding our customer base and product capabilities."

Metal Source now operates three aluminum melting locations, two in Indiana and one in Alabama, along with five scrap yards in Indiana. The company has filed for an operating permit for the Scottsboro location but has not yet announced the start date for operations or expected production volumes.

MMG Copper Output Reaches a Seven-Year High on Las Bambas Strength

MMG

MMG copper output reached a seven-year high in 2025 as Las Bambas delivered much stronger operating performance. The Chinese miner produced 506,899t of copper last year, up 27pc from 2024. Record ore mined, ore processed, and recovery rates lifted Las Bambas copper production sharply. As a result, MMG copper output now reflects both better mine execution and stronger asset contribution across its portfolio.

Las Bambas remained the main driver of group copper growth in 2025. The Peruvian mine produced 410,834t of copper in concentrate, also up 27pc year on year. MMG has set a 400,000t target for 2026, which suggests management expects stable, high-volume performance rather than another major jump. Therefore, Las Bambas copper production will remain central to MMG’s near-term copper strategy.

MMG’s broader base metal portfolio also showed mixed momentum in 2025. Copper cathode production at Kinsevere in the Democratic Republic of the Congo rose 18pc to 52,791t. Meanwhile, zinc production increased 6pc, while lead output fell 5pc. That mix shows MMG is growing copper fastest while keeping broader polymetallic exposure.

Las Bambas and Khoemacau Are Expanding MMG’s Copper Growth Platform

Khoemacau is becoming MMG’s next major copper growth engine. The Botswana mine produced 42,120t of copper in concentrate in 2025, up 36pc from a year earlier. MMG aims to lift capacity to 130,000 t/yr, compared with projected 2026 output of 48,000-53,000t. Consequently, the operation could become one of the company’s most important medium-term expansion assets.

Exploration upside could make Khoemacau even more strategic. MMG sees potential to raise output further to 200,000t/yr of copper in concentrate. The company plans to start a pre-feasibility study for that next phase in 2026. Meanwhile, Kinsevere’s expansion should support higher cathode output of 65,000-75,000t this year. Together, these projects give MMG a more diversified copper growth profile.

Copper TC/RC Decline Shows Concentrate Supply Still Looks Tight

The copper TC/RC decline shows that rising mine output has not solved concentrate market tightness. The Metalnomist weekly TC/RC index for smelter purchases fell to negative territory by 31 December 2025. It dropped to -$44.60/t and -4.46¢/lb from positive levels at the start of the year. Therefore, copper concentrate supply still looks structurally tight despite MMG’s stronger volumes.

New smelting capacity is intensifying that pressure across the supply chain. The trader purchase index fell even more sharply to -$102.30/t and -10.23¢/lb. That move suggests smelters are competing aggressively for limited concentrate availability. As a result, MMG copper output growth matters not only for its own earnings, but also for a market still short of feedstock.

MMG’s 2025 performance highlights an important copper market reality. Large producers can lift output, but downstream tightness can still worsen. That combination supports miners with growing copper units, especially those with expansion options already in motion.

The Metalnomist Commentary

MMG’s copper growth story is no longer just about Las Bambas. It is becoming a multi-asset expansion case supported by Botswana and the DRC. However, the deeper market signal is that concentrate remains tight, which keeps quality copper growth strategically valuable.

Australia Aid for Glencore Copper Smelter Reshapes Mount Isa’s Future

Glencore Copper

Australia aid for Glencore copper smelter is redefining the future of Mount Isa and Townsville’s processing chain. The A$600mn Australia aid for Glencore copper smelter and refinery will keep loss-making assets running while a long-term transformation plan is assessed. The package, funded jointly by Canberra and Queensland, buys time for critical decisions on domestic copper smelting capacity, sulphuric acid supply and regional employment.

Australia aid for Glencore copper smelter protects jobs and downstream links

The support package for Glencore copper assets directly protects more than 600 jobs at Mount Isa and Townsville. In addition, Australia aid for Glencore copper smelter indirectly secures around 500 roles at Dyno Nobel’s Phosphate Hill fertilizer complex, which relies on Mount Isa sulphuric acid. Without this linkage, Phosphate Hill would face sharply higher acid import costs, making a sale or continued operation far harder. As a result, the package operates as an integrated industrial-policy tool, stabilising both metals and fertilizer value chains in Queensland.

Glencore had warned that Mount Isa and Townsville could incur A$2.2bn in losses between 2025 and 2031. Therefore the Australia aid for Glencore copper smelter functions as a bridge, allowing upgrades, process optimisation and a formal “transformation study” instead of immediate closure. However, the support does not remove underlying structural issues such as high energy prices, ageing assets and global competition from lower-cost smelters. The long-term viability of these plants will still depend on cost reductions, technology upgrades and robust concentrates supply.

Australia’s metals policy turns to targeted rescue packages

The Glencore deal sits within a broader pattern of targeted aid to struggling metallurgical assets in Australia. Earlier this year, federal and Tasmanian authorities assembled a A$135mn package for Nyrstar’s zinc and lead smelters at Port Pirie, after the facilities entered strategic review. By contrast, Alcoa’s ageing Kwinana alumina refinery recently shut permanently, underscoring that not every plant will be rescued. This mix of closures and bailouts highlights a more selective approach to industrial policy.

Policy makers appear willing to support assets that underpin broader strategic value chains rather than purely stand-alone plants. In this case, the Glencore copper smelter is critical not only for refined copper output but also for sulphuric acid used in domestic fertilizer production. Consequently, the Australia aid for Glencore copper smelter aligns with food security, regional development and critical minerals objectives. But it also raises questions over competitive neutrality and whether long-term subsidies risk delaying necessary restructuring in the smelting sector.

The Metalnomist Commentary

The Mount Isa package confirms that smelters with strong downstream linkages will receive preferential treatment in Australia’s evolving industrial strategy. For Glencore, the aid buys time to redesign its copper footprint, but it also comes with public expectations on decarbonisation, productivity and regional benefits. Investors should watch whether this becomes a template for future “strategic” support across base metals and critical mineral processing.

Southern Copper Resumes Tia Maria Project in Peru with Revised Investment

Southern Copper

Southern Copper, a subsidiary of Grupo Mexico, is moving forward with its Tia Maria copper mining project in Peru after a delay of several years due to community opposition. The company has revised its initial investment estimate to $1.8 billion, up from the original $1.4 billion, signaling a renewed commitment to this controversial project.

Tia Maria: A Controversial Project Set to Boost Copper Production

The Tia Maria project, located in the Arequipa region of Peru, is expected to produce around 120,000 metric tonnes of copper annually. Despite its potential, the project has faced significant opposition due to concerns over its environmental impact, which were raised in its original 2014 environmental impact statement. In response to these concerns, Southern Copper has made several changes, including updating the environmental study. This update was approved in November 2023 and includes the decision to abandon plans for a desalination plant as the primary source of water for the project.

The project’s first phase of construction, scheduled for this year, will focus on developing essential infrastructure such as roads, access points, railways, and temporary encampments. A 59km enclosure has already been established around the main property.

Economic Impact and Future Prospects

Once fully operational in 2027, Tia Maria is projected to generate significant economic benefits. The project will create 764 direct jobs and an additional 4,800 indirect jobs. Southern Copper expects to export $17.5 billion worth of copper over the first 20 years of the project’s operation. This production boost comes at a time when Peru continues to be one of the world’s top copper producers.

Southern Copper's commitment to the Tia Maria project follows a positive year for the company. In 2024, the company reported a record $11.4 billion in net sales and a profit of $3.4 billion. This growth was driven by higher copper prices and increased sales of molybdenum, zinc, and silver.

Challenges at Los Chancas

In addition to Tia Maria, Southern Copper is developing the Los Chancas project in the Apurimac region, which is expected to produce 130,000 tonnes of copper and 7,500 tonnes of molybdenum annually once operational in 2031. However, the project has been delayed due to illegal mining activities in the area. Southern Copper is working closely with Peruvian authorities to address this issue and plans to restart environmental impact, hydrogeological, and geotechnical studies once the situation is resolved.