Sanctions imposed by Western states on zinc mine Ozyorny located in Russia have made it attempting to substitute equipment necessary for ramping up output, implying that forecasts for 2025 supply of mined zinc are too high. A deficit of zinc concentrate used to produce zinc metal will persist, and concern over a deficit of supplies is one of the most significant factors, which has recently pushed zinc prices up.
Ozyorny started production in September, and representatives of this zinc mine stated that it would reach its full capacity in 2025, accounting for 2.5% of the global mined zinc market. The Russian zinc mine still has to produce material because it cannot find a significant replacement for the crucial components, turning rocks into concentrate, after having been damaged by a fire last year.
The components the Russian zinc mine is in need of are manufactured by Glencore Technology. However, this Swiss company cannot sell these components to Ozyorny because the US sanctioned the Russian zinc mine right after the fire. Representatives of Glencore Technology stated that the company would comply with all the sanctions imposed on Russian companies by the US.
