Eldorado Gold announced that its McIlvenna Bay underground copper and zinc project in Saskatchewan, Canada, achieved a major milestone by producing its first copper concentrate in June 2026. The site team is now focused on ramping up operations toward commercial production, which is anticipated in Q3 2026 with a nameplate processing capacity of 4,900 tonnes per day. As of June 2026, the volcanogenic massive sulphide (VMS) deposit hosts mineral reserves of 29.7 million tonnes, grading a significant 2.17% zinc and 1.21% copper, along with 0.44g/t gold and 14.4g/t silver. Once fully operational, the 18-year mine is projected to produce an average of 54 million lbs of zinc, 41 million lbs of copper, 20,000 oz of gold, and 444,000 oz of silver annually. Eldorado acquired the project via its C$3.8 billion acquisition of Foran Mining in April 2026. The modern underground operation utilizes battery-electric vehicles (BEVs) and conventional flotation circuits to produce separate premium copper and zinc concentrates for toll smelters.

Trafigura has committed US$570 million to Develop Global's mining projects, including the Sulphur Springs copper-zinc project, while securing future marketing rights for production. The deal highlights traders' growing efforts to secure long-term copper supply.

According to Mining.com, BMC Minerals has intersected high-grade massive sulphide mineralization in drilling at the Krakatoa zone of its Kudz Ze Kayah (KZK) copper-lead-zinc project in Canada's Yukon Territory, while government permitting has also made positive progress. BMC reported on Monday that the first hole to verify Krakatoa, K26-560, intersected 25.1 meters of mineralization at a depth of 327.5 meters, grading 180 g/mt silver, 9.7% zinc, 1 g/mt gold, 0.3% copper, and 3.4% lead. The Krakatoa zone is adjacent to the ABM main deposit of the KZK project, located approximately 260 kilometers southeast of Whitehorse. "The K26-560 intersection reinforces our confidence that the Krakatoa zone hosts thick, high-grade mineralization that extends beyond the limits of our current mineral resource estimate," said BMC CEO Michael McClelland in a press release. "This strengthens our conviction that Krakatoa has sufficient potential to add resources to the mine plan and extend the mine life of the KZK project." Government Green Light The company's 20,000-meter drilling program yielded significant results just one week after the Yukon territorial and federal governments announced positive decisions on the development of the KZK project. In 2020, the Yukon Environmental and Socio-economic Assessment Board recommended approval of the project, and this document carried forward the 2022 and 2024 decisions. Indigenous Opposition However, the KZK project now faces opposition from the Kaska Indigenous groups. According to the Canadian Broadcasting Corporation (CBC), last week the RRDC (Ross River Dena Council) expressed disappointment with the government's decision, stating that the project was in the wrong location and should not be allowed to proceed. In previous objections, the Indigenous peoples claimed that the federal and Yukon governments had not addressed their concerns about the mine's potential impact on wildlife — particularly caribou migration — and the environment. On April 13, BMC President Steven Michael stated in a release that the government decision allowed the company to continue advancing its permit applications. "We will continue to work toward our ultimate goal — to build and deliver a successful, long-life project that brings lasting, tangible benefits to the Kaska Nation while creating significant, long-term value for shareholders and all Yukon residents," he said. BMC plans to obtain a quartz mining license and a water license, and hopes to make a final investment decision on the project by the end of 2027. Confirming Historical Grades Hole K26-560 at the Krakatoa zone was drilled between two holes completed in 2016, both of which intersected similar grades. Hole K16-369 intersected 8 meters of mineralization at a depth of 385 meters, grading 102 g/mt silver, 12.2% zinc, 0.8 g/mt gold, 1.5% copper, and 0.5% lead. Hole K16-363 intersected 20.8 meters of mineralization at a depth of 323.2 meters, grading 218 g/mt silver, 8.6% zinc, 2 g/mt gold, 0.3% copper, and 3.7% lead. Although the Krakatoa zone is not included in the KZK reserves, the 2025 indicated mineral resource totaled 18.3 million mt grading 148 g/mt silver, 6.3% zinc, 1.4 g/mt gold, 0.9% copper, and 1.9% lead, representing 87 million ounces of silver, 1.1 million mt of zinc, 827,000 ounces of gold, 164,000 mt of copper, and 346,000 mt of lead; the inferred mineral resource totaled 800,000 mt grading 143 g/mt silver, 7.2% zinc, 1.2 g/mt gold, 1% copper, and 1.7% lead, representing 4 million ounces of silver, 58,000 mt of zinc, 30,000 ounces of gold, 8,000 mt of copper, and 13,000 mt of lead. Probable Reserves Based on the 2023 estimate, the ABM deposit had probable reserves of 15.7 million mt grading 138 g/mt silver, 5.8% zinc, 1.3 g/mt gold, 0.9% copper, and 1.7% lead, representing 70 million ounces of silver, 915,000 mt of zinc, 666,000 ounces of gold, 136,000 mt of copper, and 266,000 mt of lead. KZK could rank among the largest zinc mines in the Yukon. While Fireweed Metals' Macpass project has a larger resource base with an indicated mineral resource of 56 million mt grading 5.49% zinc, representing 6.7 billion pounds of zinc, the KZK project is more advanced. A 2023 feasibility study showed the KZK project had a net present value of $835 million (at a 7% discount rate), a pre-tax internal rate of return of 42%, and a mine life of 9 years. The pre-production capital cost for this open-pit project was $492 million, with a payback period of two years. This study was based solely on the reserve estimate of the ABM deposit.

Bolivia’s government recently terminated a $350 million Chinese-backed zinc refinery project in Oruro in January 2026. The decision reflects a wider effort to address problematics in the projects, including requiring improvements at the $546 million Mutún steel plant and responding to operational issues at the Huanuni tin facility, which is operating at only 13% capacity.

In 2025, the zinc industry embraced a new phase of comprehensive development. Domestically, resource security continued to strengthen, smelting technology achieved breakthroughs and upgrades, and policies precisely supported green transformation and stable growth. Overseas, ore supply steadily increased, supply chain structures underwent profound adjustments, and global market inventory and trade systems were simultaneously optimized. The domestic and overseas industry chains worked in synergy, driving mutual progress. The industry as a whole demonstrated a new development pattern characterized by quality improvement in the resource sector, upgrades in the smelting sector, policy support, and revitalization in the market sector.

[2025 Zinc Industry Chronicle: Strengthening Foundations at Home and Abroad, Zinc Ushers in a New Phase] In 2025, the zinc industry embraced a new trend of comprehensive development. Domestically, resource security continued to be strengthened, smelting technology achieved breakthroughs and upgrades, and policies precisely enabled green transformation and stable growth. Overseas, mineral energy was steadily released, and the supply chain landscape underwent deep adjustments. Global market inventory and trade systems were simultaneously optimized. The domestic and overseas industry chains exerted efforts in both directions and advanced collaboratively, presenting an entirely new development pattern for the industry as a whole—characterized by quality improvement on the resource side, upgrades on the smelting side, policy support, and revitalization on the market side.