As the market enters the second half of 2026, most major miners have released their half-year reports, highlighting a sharp fall in zinc concentrate production.
The Shanghai Metals Market (SMM) reports that based on the production data disclosed so far, the 17 sampled companies produced 2.4578 million tonnes (Mt) of zinc (Zn) in H1 2026. This represents an 8.9% year-on-year decrease, indicating a considerable decline in overseas zinc concentrate production for H1 2026.
By mine, Boliden’s (STO:BOL) Tara operation in Ireland produced 35,100 tonnes of Zn, representing a 16% decrease year-on-year.
Meanwhile, the company’s Garpenberg mine in Sweden produced 21,300 tonnes, down 56% year-on-year. This is largely due to an earthquake in March that halted operations.
Other major miners have also experienced declining zinc production, including Glencore (LSE:GLEN), which reported its own-sourced zinc production totalled 365,600 tonnes in H1 2026. This represents a 21% year-on-year decrease.
As a result, Glencore has lowered its 2026 production guidance to 700,000–740,000 tonnes.
Newmont’s (ASX:NEM) zinc concentrate production also decreased 19% year-on-year, totalling 102,000 tonnes in H1 2026. The company’s 2026 production guidance is 220,000 tonnes.
Companies striving to fill the gap
This news follows SMM revealing that zinc concentrate output is expected to decline by 1,000 tonnes month-on-month in September, as a mine in North China began maintenance at the end of August.
As this news service reported, this anticipated decline highlights a broader challenge facing the global zinc market — maintaining adequate mine supply at a time when smelters are competing for scarce concentrate. Now, the challenge extends further as major miners’ zinc production is declining.
Despite the declining output in H1 2026 and a Chinese mine entering maintenance, SMM reveals some new capacity in China has continued to ramp up.
As such, SMM expects global zinc concentrate production to increase by around 70,000 tonnes of contained zinc this year.
Looking at the overseas mining market in H2, Volcan Compañia Minera’s (BVL:VOLCAAC1) Romina Zinc Project in Peru began production in Q2 2026 and is expected to continue ramping up in H2 2026.
In June, Volcan completed upgrade works at the Alpamarca concentrator plant, a key infrastructure for processing ore from the new mining operation. The plant has an installed capacity of 2,500 tonnes per day and is being adapted to progress ‘high-grade’ ore from Romina.
Meanwhile, Kipushi — a joint venture between Ivanhoe Mines (TSX:IVN) and a Democratic Republic of the Congo state-owned company — is expected to continue ramping up in line with its production plan in the Central African Copperbelt.
Over 69 years, Kipushi has produced 6.6Mt of Zn and 4Mt of copper (Cu) from 60Mt of ore grading 11% Zn and approximately 7% Cu.
Developers contributing
Companies are also developing assets to deliver the next generation of zinc mines to meet demand. For example, Altoro Metals (ASX:ARO) owns the Novales-Udias Project in Spain, a former operational asset in a historical mining district.
Novales-Udias is an advanced-stage zinc-lead asset, anchored around the historically producing San José and Udias underground mines, offering a district-scale landholding with multiple granted mining tenements and extensive exploration upside.
The company recently received systematic channel sampling results from the historical Emilia mine, strengthening targets ahead of a planned drilling program at Novales-Udias.
Some of the results include 2.65m @ 21.1% Zn and 0.14% Pb, 2.60m @ 18.55% Zn and 0.18% Pb, and 1.70m @ 15.40% Zn and 3.24% Pb.
Altoro plans to integrate the results with historical drilling, underground sampling, and geological mapping to refine targets for its upcoming surface drilling program.
Altoro Metals also recently brought on Myles Campion as non-executive director. Campion was previously involved with the Toral Zinc Project in northern Spain, providing extensive knowledge of the European zinc sector.
Overall production declines from mines across the world are expected to become more pronounced in H2 2026, and developers such as Altoro Metals are set to help fill the supply gap that has formed in H1 2026.
Write to Aaliyah Rogan at Mining.com.au
Images: Boliden
