The economic and strategic importance of multi-metals processing
27.05.2025 - 07:30
Mandala was commissioned by Nyrstar to provide an independent summary of the significance of lead and zinc refining in Australia. This report finds that Australia’s existing capabilities are a gateway to domestic critical minerals processing, but fundamental shifts in the global industrial policy landscape are undermining Australia’s current and future processing capabilities.
Australia has the largest reserves of lead and zinc globally and an established refining capability, ranking as the third largest exporter of refined and intermediate lead and the second largest exporter of refined zinc in the world.
Nyrstar is Australia’s major lead and zinc producer, with two multi-metals smelters: Nyrstar Port Pirie and Nyrstar Hobart. Both facilities are core pillars of the local industrial base and the Australian economy, contributing $1.7 billion gross value added in 2024 and supporting 6,648 full time equivalent jobs across the country.
Lead and zinc refining is an essential precursor to capturing and processing five critical minerals: antimony, bismuth, tellurium, germanium, and indium.
Nyrstar Port Pirie is Australia’s only producer of refined lead with critical minerals extraction capacity.
Lead and zinc smelters around the world are operating in challenging economic conditions. Maintaining lead and zinc refining capabilities outside of China will become increasingly challenging. If other countries exit lead and zinc smelting, China could achieve monopoly power in this market and maintain majority control of the global supply of associated critical minerals.
Australia’s lead and zinc smelting capabilities are fundamental to Australia’s ambition to leverage its high-quality mineral deposits and become a leading exporter of value-added critical minerals.
Maintaining a robust domestic industry has economic, strategic, security, industrial, and societal benefits.
Read the full report here.
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