Many base metals have been hit by weakened demand over the past year due to sticky inflation and higher interest rates, and zinc is no exception. Zinc supply has also faced pressure from higher mining and refining costs, causing some major zinc mines and smelters to suspend operations, with more possible if the current economic situation continues. Once demand rebounds along with the economy, stunted demand may once again push zinc prices higher.
For investors interested in zinc, the Investing News Network has gathered the biggest TSX- and TSXV-listed zinc stocks by market cap. The list below includes zinc miners and explorers, as well as companies pursuing zinc as a secondary metal.
Market cap: C$34.12 billion; share price: C$67.80
Teck Resources is a major global polymetallic mining company, as well as one of the top zinc producers in the world. It produced 644,000 metric tons (MT) of zinc in concentrate in 2023, with 539,800 MT coming from its Red Dog zinc mine in Alaska. The remaining 104,200 MT came from Teck’s 22.5 percent share of zinc production from the Antamina copper-zinc mine in Peru. Total production guidance for 2024 is set in a range of 565,000 MT to 630,000 MT.
The company also owns the Trail operations, which it describes as “one of the world’s largest fully integrated zinc and lead smelting and refining complexes.” Located in BC, Canada, the Trail operations produced 266,600 MT of refined zinc last year, with 275,000 to 290,000 MT of the material expected in 2024.
Market cap: C$10.77 billion; share price: C$13.94
Lundin Mining is a major base metals producer with mines in the Americas and Europe.
The company’s zinc production guidance for 2024 is set in a range of 195,000 to 215,000 MT.
Market cap: C$210.51 million; share price: C$1.25
Fireweed Metals is a critical metals company whose flagship Macmillan Pass zinc project is located in Canada’s Yukon. In 2023, the company acquired the Gayna River zinc project in the Northwest Territories and the Mactung tungsten project, which is adjacent to Macmillan Pass and straddles the border between Yukon and the Northwest Territories. According to the company’s website, Mactung “hosts the world’s largest high-grade tungsten deposit.”
Market cap: C$170.68 million; share price: C$0.67
Market cap: C$150.92 million; share price: C$0.93
Its most advanced zinc project is the Arctic copper-zinc-lead-gold-silver volcanogenic massive sulfide project, which is in the feasibility stage and has proven and probable reserves of 43.44 million MT grading 3.12 percent zinc. Trilogy is currently working to advance permitting at the project and is performing further exploration as well.
Securities Disclosure: I, Melissa Pistilli, hold no direct investment interest in any company mentioned in this article.
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