Top zinc miners boost Q3 output 12% on year to 1.4 million mt

The world's largest zinc producers increased output by 12.3% year over year in the third quarter, as rising prices incentivized more production, according to S&P Global Market Intelligence data.

The 20 largest zinc producers that report results booked an increase in production in the third quarter of 2025, with total output reaching 1.4 million metric tons, a 149,104 mt increase year over year.

The LME-Super High Grade 99.995% cash price of zinc rose 10.7% over the second quarter, ending the quarter at $2,984.90/mt.

The zinc price would keep rising in the fourth quarter, and the London Metal Exchange three-month zinc price surged to $3,100/mt on Nov. 3, the highest since December 2024, driven by persistent supply tightness outside China and critically low LME stocks, S&P Global CERA analysts said in a Nov. 14 report.

Ivanhoe recorded the greatest year-over-year percentage increase in third-quarter zinc production, with production jumping 201.9% to 57,200 mt. Production also increased quarter over quarter by 36.9%, due to record production at the Kipushi mine in the quarter.

"Kipushi sold almost 50,000 [metric tons] of payable zinc, recognizing a record quarterly revenue of $129 million. Kipushi's contribution to Ivanhoe Mines Ltd.'s EBITDA was $27 million for the quarter. I think a pretty good result," David van Heerden, CFO of the company said Oct. 30 on the third-quarter earnings call.

Boliden AB achieved the second year-over-year increase in zinc production, that rose 139.5% to 107,960 mt. The Swedish company also increased zinc production by 16% quarter over quarter, due the integration of the new units in Zinkgruvan and Somincor.

"These two [Zinkgruvan and Somincor] units are now operating as an integrated part of Boliden more or less in all aspects [...] we also, during the quarter, got the mining concession for the Laver mine," Mikael Staffas, CEO and president of the company, said Oct. 23 on a third-quarter earnings call.

Also, out of the top five zinc producers, Zijin Mining Group reported a significant year-over-year decline of 16.6%, Hindustan Zinc achieved a minimal year-over-year increase from 197,120 mt to 198,660 mt.

Teck Resources reported a year-over-year decrease of 7.9% and a quarterly decline of 13.7% attributed to Red Dog's production, which reflected lower grades as anticipated in the company's mine plan.

"Production reflected lower grades as expected in our mine plan. In the third quarter, Red Dog inventories were drawn down by approximately $200 million," Crystal Prystai, CFO of the company, said Oct. 22 on the third-quarter earnings call.

Out of the top 20 companies included in the analysis, 13 miners increased production year over year, five of this group reported a minor increase of less than 5%, and six reported lower output.

Smaller players like Pan American Silver and Minera Frisco showed modest year over year growth of 12.50% and 19.79%, respectively.