[Zinc Concentrate Production Information] On April 28, Boliden released its Q1 2026 report. Data showed that its zinc concentrates production in the quarter was 89,200 mt, down 3% QoQ. By mine, Tara mine's Q1 zinc concentrates production was 17,400 mt, up 14% QoQ; Garpenberg's Q1 zinc concentrates production was 19,300 mt, down 26% QoQ, mainly due to an earthquake deep in the mine on March 14 that severely affected the Lappberget ore body; The Boliden Area's Q1 zinc concentrates production was 8,800 mt, up 4% QoQ; Zinkgruvan's Q1 zinc concentrates production was 17,500 mt, up 23% QoQ; Somincor's Q1 zinc concentrates production was 25,900 mt, down 5% QoQ, mainly due to the negative impact of heavy rainfall, with milling volume lower than the previous quarter.

As of April 3, the average domestic zinc concentrate TC dropped to 1,350 yuan/mt in metal content, and the imported zinc concentrate TC fell to -$14.5/dmt, with the import market once again entering negative territory. After Chinese New Year, domestic mines gradually resumed production — so why did zinc concentrate TCs decline again in April?

[Zinc Concentrate Production] According to SMM, a mine in Southwest China resumed production and operations in early March. As output increases in April, zinc concentrates output is expected to rise by more than 500 mt in metal content MoM.

[Zinc Concentrate Production] According to SMM, a mine in North China resumed production and operations in mid-March, and plans to continue ramping up production in April, which is expected to increase zinc concentrates output by around 1,000 mt in metal content MoM.

[Zinc Concentrate Production] According to SMM, a mine in Central China plans to suspend production for a short period for maintenance in April, which is expected to reduce zinc concentrates output by around 500 mt in metal content MoM.

[Garpenberg Zinc Concentrates Production Was Suspended Due to Seismic Activity] According to Boliden, production at the Garpenberg mine was temporarily suspended on March 14 due to seismic activity, and the beneficiation plant subsequently also halted production. Seismic activity has since eased, and preliminary inspections of the mine began on March 18. Mine production will gradually resume after inspections of the infrastructure and mining workplaces are completed. It is not yet possible to determine the timing of the production restart or the pace of ramp-up. In 2025, Garpenberg's zinc concentrate production was 101,700 mt in metal content.

After returning from the Chinese New Year holiday, Q4 reports from listed miners outside China have been released one after another recently. 2025 was a period of concentrated release of new capacity at mines outside China. What was the specific situation? What are the expectations for 2026? Let us analyze it by enterprise.

[Overseas Zinc Concentrate Production] Volcan released its 2025 Q4 report, which showed total zinc concentrate metal production of 59,500 mt for the quarter. Full-year 2025 zinc concentrate production totaled 235,500 mt, up 2.3% YoY.

[Overseas Zinc Concentrate Production] Nexa released its 2025 Q4 report. Zinc concentrate production for the quarter totaled 91,100 mt, up 9% QoQ and up 24% YoY, mainly driven by higher-grade ore and stronger performance at Vazante, Aripuanã, Cerro Lindo, and Atacocha, partially offset by a slight decline in quarterly production at El Porvenir. Full-year 2025 zinc concentrate production totaled 315,600 mt, down 3% YoY.

[Overseas Zinc Concentrate Production] Buenaventura released its 2025 Q4 financial report. Zinc production for the quarter was 8,400 mt, up 43%% YoY. Of this, Uchucchacua’s 2025 Q4 zinc concentrate production was 7,700 mt, and Tambomayo’s 2025 Q4 zinc concentrate production was 780 mt. Full-year 2025 Buenaventura zinc concentrate production totaled 29,000 mt, up 2% YoY.