The Zinc Players, page-50

There are a lot of bullish reports out there, but most seem to be mining companies talking their own book or linked broker reports, so independent analysis is a must really. The best looking independent analysis I have come across (and I have posted some previously) consider Chinese ramp up to < price to be very much a real concern. Here is another one from the Bank of Montreal around mid this year.

"But given that Chinese zinc production ballooned from 2009-12 with a surprisingly strong CAGR of 15%, it’s possible the country could again quickly ramp up production and tamp down zinc prices.
“At stronger zinc prices, BMO Research understands that there is potential for 1.2 million tonnes per year of incremental zinc mine capacity (8-8.5% of the global market) to start up quickly,” reads the note.
BMO forecasts that zinc will average US98¢ a lb. this year, increasing gradually to US$1.10 per lb. in 2018."

http://www.miningmarkets.ca/news/bmo-looks-for-leverage-to-soaring-zinc-price/1003164063/?&er=NA