[Lead-Zinc Ore Market Dynamics] Recently, Yunnan Chihong Zn & Ge Co., Ltd. responded to investor questions on an interactive platform, stating that the company is proceeding in an orderly manner with the third-phase exploration and boundary delineation exploration of the Xidong lead-zinc mine. The mining permit application and plan optimization for the Jinxin molybdenum mine are being actively advanced, and the matter has received great attention from leaders at the Ministry of Natural Resources and relevant authorities in Heilongjiang and Inner Mongolia.

[No Impact on Lead-Zinc Mine Production in Hunan for Now] Due to the fireworks factory explosion in Liuyang, Hunan Province, the market paid close attention to local mine production. According to SMM, all fireworks producers in Hunan suspended production, while lead-zinc mines mainly conducted self-inspections, with no significant impact on production for the time being. SMM will continue to follow up on subsequent developments.

[Lead-Zinc Ore Market Dynamics] A project advancement meeting for the Feihushan lead-zinc mine was held this week in Huzhong District, Heilongjiang, chaired by Guan Jingjun, Deputy Secretary of the District Party Committee and District Governor. The total investment for the Feihushan lead-zinc polymetallic mine development project is expected to be 396.7111 million yuan, with all required funds to be self-raised by the enterprise. Upon completion, the project will have an annual capacity of 300,000 mt of raw ore (including 200,000 mt of lead-zinc ore and 100,000 mt of iron ore). The mineral processing products will be lead concentrates, zinc concentrates, and iron ore concentrates, with a service life of 14 years (excluding a 4-year construction period).

[Lead-Zinc Ore Market Dynamics] It was reported that in April 2025, Western Mining Co., Ltd. obtained the mining permit for the Youre lead-zinc mine in Baiyu County, Sichuan Province. The mine holds lead-zinc ore resources of 6.792 million mt, including lead metal content of 297,100 mt and zinc metal content of 431,200 mt. Associated resources include silver metal content of 405 mt and copper metal content of 21,900 mt. The mine has a designed processing capacity of 600,000 mt/year, and upon completion, the project will boost the production of ore-derived lead and ore-derived zinc.

[Smelters Show High Production Enthusiasm, Domestic TCs Declined MoM in April]: Looking at weekly data, the SMM Zn50 domestic weekly average TC remained flat WoW at 1,350 yuan/mt Zn, while the SMM imported zinc concentrate index fell $4.75/dmt WoW to -$19.25/dmt...

[Lead-Zinc Miner Updates] Yesterday, Luoping Zinc & Electricity (002114) responded to investor questions on its interactive platform, stating that the capacity of the Jinpo lead-zinc mine under its subsidiary Guizhou Derong Mining had not changed before and after the production resumption, and the actual production status would be publicly disclosed in the company's annual report.