2026 USGS Mineral Commodity Summary: Lead & Zinc

I. Lead (Pb)

Global Resources

Global identified lead resources currently exceed 2 billion tonnes. Significant lead resources have recently been identified within zinc, silver, or copper deposits in Australia, China, Ireland, Mexico, Peru, Portugal, Russia, and the United States (Alaska).

Global Production Landscape

• Production Status: The global lead mining sector is highly concentrated, with China serving as the absolute core. In 2024, total global mine production was approximately 4.6 million tonnes. For 2025, production is projected to contract slightly by 2.2% to 4.5 million tonnes.

• Regional Dominance: China remains the global leader, producing 1.94 million tonnes and accounting for 42% of the global total. Australia, Peru, and the United States form the second tier, with annual outputs ranging from 280,000 to 480,000 tonnes, while Mexico, India, and Russia maintain steady supplementary output.

• Production Dynamics: The 2025 production landscape shows significant structural shifts. Declining output in the U.S., Mexico, and Bolivia—driven by resource depletion and mine closures—has become the primary cause of the global downward trend. Modest growth in Turkey and Tajikistan has only partially offset these losses, exacerbating regional supply imbalances.

Resource Reserves

Global lead reserves total 95 million tonnes. Australia holds 34 million tonnes, representing over 35% of the global total, positioning it as the core reserve power for future supply. While China holds 22 million tonnes, its high extraction intensity is putting increasing pressure on resource sustainability. India’s low reserve-to-production ratio suggests it may face future bottlenecks in primary lead resources.

II. Zinc (Zn)

Global Resources

Global identified zinc resources are estimated at approximately 1.9 billion tonnes.

Production Growth and Resource Concerns

• Output Trends: In 2025, global zinc mine production showed robust growth, climbing from 11.9 million tonnes in 2024 to 13 million tonnes, a year-on-year increase of 9.2%. This surge is largely attributed to capacity expansion in major producing nations, including China, Peru, and Russia.

• Supply Security: Australia is the “ballast” for future supply, holding 64 million tonnes of reserves, or 26.7% of the global total. In contrast, China produces 4.1 million tonnes annually (31.5% of the global share, ranking first), yet its reserves account for only 25% of the global total, signaling potential future pressure regarding resource replacement.

Producer Differentiation and Structural Reshaping

The performance of major producing nations has diverged significantly, reflecting a dynamic adjustment in the global production center:

• Growth Leaders: Peru’s performance was particularly notable, with output surging 18.1% to 1.5 million tonnes, overtaking Australia to become the second-largest producer. Russia also saw a significant increase of 38.7% due to the recovery of large-scale mine capacity.

• Declining Producers: Production in the United States declined due to falling ore grades, while Bolivia experienced a downturn due to exploration uncertainties.

Summary Table: 2025 Global Market Highlights