I'm pretty happy that zinc is not going to be in surplus this year. Even with 6% mine growth this year (550kt of metal), it's not enough to cover the annual 495kt deficit last year compounded by 2.5% demand growth this year.
If demand growth continues at 2.5%pa, estimates vary between 2 and 3%, there will only be a small surplus in 2019. From 2020 IBG (hopefully) and everyone else will be producing so there will be large surpluses for several years after that.
Citronen's position low down the cost curve mean we'll be profitable at any credible Zn price.
I think JD is going as fast as he can, starting site works this summer and beginning the portal for the underground mine. More positive news to come.
Zinc outputs, page-4
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