The zinc mining sector is experiencing a significant expansion phase, with multiple major projects reaching production or commissioning across Africa and the Americas. This wave of new supply is set to transform the market from its current state of near-term tightness toward a more balanced and eventually surplus position.
The Kipushi mine in the Democratic Republic of Congo is the most significant single project, ramping toward nameplate capacity of 280,000 tonnes per year in 2026. The mine, which restarted operations in 2025 after closing in 1993, represents one of the highest-grade zinc operations globally.
In the United States, the Bunker Hill mine in Idaho is scheduled for commissioning in early 2026. South Africa's Prieska mine is another restart project progressing toward production, with Orion Minerals having secured a non-binding finance and concentrate offtake deal with Glencore during September 2025.
Vedanta's Gamsberg expansion in South Africa is a major contributor, with additional capacity coming online toward mid-2026. In Europe, the Aljustrel mine in Portugal has restarted recently. This rising raw material supply is expected to support further appreciation in spot treatment charges in 2026, a positive signal for smelter margins.