Ivanhoe Mines released its second-quarter 2026 results on July 30. Its Kipushi mine in the DRC produced a record 70,177 tonnes of zinc during the quarter at a cash cost of $0.90/lb. The concentrator processed a record 200,774 tonnes of ore, averaging 38.7% zinc, while recoveries averaged nearly 92%. The company maintained Kipushi’s 2026 zinc production guidance of 240,000–290,000 tonnes and expects the mine to rank among the world’s three largest zinc mines this year. At Kamoa-Kakula, quarterly copper production reached 64,328 tonnes, with inventory build and temporary constraints affecting performance; management plans to destock inventory in the second half. Further attention should be paid to Kipushi’s second-half delivery against guidance and cost trends.

As of July 28, LME zinc inventories (including off-warrant stocks) had fallen to 119,600 mt, down by approximately 45,000 mt from mid-June. As overseas inventories continued to decline, the LME zinc market structure shifted from contango to backwardation, with the backwardation widening further. By July 28, the LME zinc cash-to-3M spread had strengthened to US$61.09/mt.

【Zinc Concentrate Production Update】According to SMM, a zinc mine in Northwest China underwent maintenance in July, resulting in a month-on-month decline of nearly 500 tonnes of contained zinc in zinc concentrate production. The mine is expected to resume normal operations in August.

Glencore reported own-sourced zinc production of 365,600 tonnes for H1 2026, down 99,600 tonnes, or 21%, year on year. The decline mainly reflected the end of mine life at Australia’s Lady Loretta mine in late 2025, which accounted for about 51,000 tonnes, lower zinc grades at Peru’s Antamina mine under its higher-copper and lower-zinc grade sequencing, which accounted for about 39,200 tonnes, and the sale of Canada’s Kidd mine on June 1. Glencore maintained its 2026 zinc production guidance at 700,000–740,000 tonnes, despite the Kidd sale removing around 11,000 tonnes of zinc output for the remainder of the year. The company said this implies a like-for-like upgrade to the guidance midpoint after excluding the disposal. Q2 zinc output was higher than in Q1, although no quarterly absolute figure or mine-level increase was provided.

Silver Storm Mining has completed the first post-restart concentrate shipment from its wholly owned La Parrilla Silver Mine Complex in Durango State, Mexico. Produced through the sulphide processing circuit, the initial cargo comprised 105 dry tonnes of lead-silver concentrate and 70 dry tonnes of zinc concentrate, delivered under the company’s previously announced offtake prepayment agreement. La Parrilla operated from 2005 until September 2019 before being placed on care and maintenance. Silver Storm said the operation has now moved into a revenue-generating phase and is positioned for ongoing concentrate shipments. The company plans to raise sulphide processing throughput toward its 1,250-tonne-per-day nameplate capacity; actual throughput, zinc concentrate grade and contained-zinc output have not yet been disclosed.

Teck Resources reported on July 23 that Red Dog processed 1.13 million tonnes of ore in the second quarter, at average grades of 12.3% zinc and 3.8% lead, producing 112,000 tonnes of zinc and 21,900 tonnes of lead. Zinc output declined 18% year on year from 136,600 tonnes, mainly because of lower mill feed grades. Teck expects mining at Qanaiyaq to be completed this year, while Aqqaluk is expected to supply the mill until around 2031, with zinc output set to decline as grades diminish. Although first-half zinc production reached 218,200 tonnes, Teck expects full-year output to remain within guidance as grades continue to decline and the zinc and lead recovery circuits undergo a planned maintenance shutdown in the fourth quarter. Zinc guidance for 2026, 2027 and 2028 stands at 375,000–415,000 tonnes, 330,000–370,000 tonnes and 230,000–270,000 tonnes, respectively. The Red Dog Mine Life Extension PFS is progressing, supported by a substantially completed 12-mile access road, an awarded underground exploration-decline contract and C$200 million–C$250 million of 2026 budgeted spending.