Five metals, one loop

02 · Copper

If the 21st century is to be the century of electricity, its metal will be copper. It is copper that conducts current in grids, motors, devices and vehicles – with an efficiency matched among industrial metals only by far more expensive silver. The red metal has accompanied humanity for more than ten thousand years, yet its most important role is only now unfolding: without copper there is no electrification, no renewable energy and no digitalisation.

Properties

Copper (Cu) is the benchmark for electrical conductivity. The International Annealed Copper Standard (IACS, 1913) sets the conductivity of standard annealed copper at 100% (58.0 MS/m at 20 °C); modern electrolytic (ETP) copper reaches about 100–101% IACS, and the highest-purity copper about 103%. Of all metals, only silver – many times more expensive – conducts electricity better. Add to this excellent thermal conductivity, exceptional ductility, corrosion resistance (a protective patina) and natural antimicrobial properties. Copper is also the basis of the most important alloys in the history of technology: bronze (with tin) and brass (with zinc).

Source: International Copper Study Group, The World Copper Factbook 2026, p. 7. The IACS standard (100% = 58.0 MS/m) refers to the annealed copper adopted in 1913; 59.5 MS/m is the value given by the ICSG for copper at 20 °C.

From the Copper Age to the age of electricity

Copper was one of the first metals mastered by humans – its use dates back more than ten thousand years, and the period of its dominance is known as the Copper Age (Chalcolithic). The very name – Latin cuprum – derives from Cyprus, an ancient mining centre. Combining copper with tin produced bronze and gave its name to the next age. Its true renaissance, however, came with electricity: from the times of Faraday and Edison, it was copper – as a conductor – that became the nervous and circulatory system of the industrialised world.

Market and production – geography and prices

According to the International Copper Study Group, world copper mine production reached about 23.2 million tonnes in 2025, and refined copper production about 28.7 million tonnes. The undisputed mining leader is Chile (5.4 Mt, about 23% of world output), ahead of the Democratic Republic of the Congo (about 15%) and Peru (about 12%); smelting and refining are dominated by China (about 56% of smelter and 48% of refined output). The U.S. Geological Survey estimates world reserves at about 980 million tonnes.

Copper is one of the most important barometers of the economy – because its price is so sensitive to the business cycle, it is nicknamed "Dr Copper". The average price on the London Metal Exchange (LME) in 2024 was about USD 9,000–9,200 per tonne, with a record of about USD 11,100/t in May 2024; in 2025–2026 prices set further records (above USD 12,000/t) amid supply tightness and rising energy-transition demand. According to the ICSG, the LME official price averaged a record USD 14,353/t in August 2026 – about 15% above its end-2025 level.

Applications – where copper works

Copper’s application profile reflects its nature as a conductor. According to the International Wrought Copper Council (2025 data cited by the ICSG), the largest end-use market is building construction (about 25%), followed by consumer and general products, cooling and electronics (22%), power and telecom infrastructure (18%), transport (15%), industrial equipment (11%) and other uses (9%). At the first-use stage wire dominates (63%), ahead of tube (12%), plate, sheet and strip (11%), rods, bars and sections (9%) and foil (5%). In construction it means electrical installations, plumbing and durable roofing; in electronics – circuit tracks and contacts; in transport – motors, wiring harnesses and charging systems. The more electrified the economy, the more copper it needs.

Copper in the energy transition

Every decarbonisation technology is "hungry for copper". An electric vehicle contains two to four times more copper than a combustion one (motor, battery, inverter, wiring, charger). Wind and photovoltaic installations need 2.5–7 times more copper than conventional sources, and whole renewables-based power systems – by some estimates up to 6–12 times more. The scale of the challenge is enormous: according to the International Energy Agency, by 2035 announced projects meet only about 70% of copper requirements, and some analyses point to the need to bring as many as 194 new mines on line by 2050 – making copper one of the "bottlenecks" of the global transition.

Recycling and the secondary loop

Copper is an almost ideal metal from a circular-economy perspective: it can be recycled indefinitely without loss of properties. More than 30% of global demand is already met by secondary material (ICSG recycling input rate: about 34% in 2025, i.e. about 11.8 Mt), and the copper stock accumulated in infrastructure, vehicles and devices – the "urban mine" – equals about 33 years of world production. Recycling uses far less energy than producing it from ore; as the wave of scrap grows, its role will rise rapidly – the IEA expects the secondary-supply share to head towards about 40% by 2050. This is an area directly linked to the activity of many of the Chamber's members.

Copper as a strategic raw material

Growing, structurally deficit-prone demand has made copper a matter of raw-material policy. The EU's Critical Raw Materials Act (CRMA, 2024) classified copper as a strategic raw material and set 2030 targets: at least 10% of EU demand from extraction in Europe, 40% from processing and 25% from recycling, while limiting dependence on any single non-EU supplier to a maximum of 65%. The European Commission explicitly identifies copper mined in Poland as an EU source of this raw material. Its strategic importance is reinforced by the strong concentration of supply (Chile, DR Congo, Peru) and the long, decade-plus lead time for bringing new mines on line.

Copper, the human being and everyday life

Copper's relationship with humans is also biological. Copper is an essential trace element: an adult body contains only about 80–120 mg of it, with a dietary reference value of about 1.3–1.6 mg/day. It takes part in cellular energy production, the formation of connective tissue and blood vessels, iron transport and the workings of the nervous and immune systems. Surfaces of copper and its alloys have documented antimicrobial properties – increasingly used where hygiene matters. In our everyday surroundings copper is ubiquitous: kilometres of wiring in every home, installations and pipes, motors in household appliances, tracks in electronics, contacts in chargers, as well as coins, instruments and cookware.

Source: U.S. Geological Survey, Mineral Commodity Summaries 2025; International Copper Study Group (2024 data, rounded).

Source: International Copper Study Group, The World Copper Factbook 2026, p. 46 (International Wrought Copper Council, IWCC data).

Source: International Copper Study Group, The World Copper Factbook 2026, pp. 46 and 56. Capacity in gross weight; remaining capacity: alloy wire 2%, castings and ingots 1.7%, powder 0.2%, not classified 1.1%.

From ore to cathode – how copper is produced

Most copper comes from sulphide ores, mined mainly in open pits. The ore is crushed, ground and concentrated by flotation (concentrates typically contain about 28% Cu, within a range of 20–40%). At the smelter, concentrate is turned into copper matte (50–70% Cu), which a converter turns into blister copper (98.5–99.5% Cu). After fire refining it is cast into anodes, and electrorefining yields cathodes of more than 99.99% purity. Oxide ores and some sulphide ores are processed hydrometallurgically: leaching, solvent extraction (SX) and electrowinning (EW) lead directly to cathodes. In 2025 SX-EW produced about 5.1 Mt, or about 22% of world mine output.

The second source is scrap. New scrap arises in the production of semis and finished products, old scrap from end-of-life products. Refined copper made from scrap (secondary production) accounted for about 19% of world refined output in 2025, and secondary feed provided about 17% of smelter output (4.2 Mt).

Source: International Copper Study Group, The World Copper Factbook 2026, pp. 8, 15, 16, 22 and 27.

The copper market in 2025 – ICSG figures

Source: International Copper Study Group, The World Copper Factbook 2026, pp. 10, 16–30, 41–45 and 54–57 (2025 data preliminary). Capacity means production capability, not a production forecast.

The shift of the copper industry to Asia

Geology decides where copper is mined, but processing follows industry and consumption. Since the 1960s and 1990s Asia’s share has risen at every stage of the chain, while Europe’s share – mining apart – has fallen markedly; in 2025 Europe produced about 8% of the world’s copper semis.

Source: International Copper Study Group, The World Copper Factbook 2026, pp. 17, 23, 28, 42 and 55 (shares of world production or usage).

Poland in ICSG statistics

The Głogów smelter (I and II), with two Outokumpu flash furnaces (230 and 310 kt), has a combined capacity of 540 kt – fourth among the world’s copper smelters in the ICSG ranking for 2026. The Głogów electrolytic refinery (468 kt) ranks 17th among the world’s refineries. In ICSG charts for 2025, Poland ranks 15th in copper mine production, 7th in smelter production and 10th in refined copper production, and in semis trade it is 10th among exporters and 14th among importers. Poland is a member of the International Copper Study Group.

Source: International Copper Study Group, The World Copper Factbook 2026, pp. 2, 18, 24, 26, 29, 31 and 37.

Resources: will we run out of copper?

According to the USGS, world copper reserves – deposits identified and economic to mine – stood at about 980 Mt in 2025. Resources are far larger: the USGS 2015 assessment of porphyry and sediment-hosted deposits (about 80% of world supply) identified about 1,500 Mt of identified, unextracted resources and about 3,500 Mt of undiscovered resources – some 5,000 Mt in total, excluding seabed deposits. Reserves are not a fixed stock: between 2000 and 2025 about 464 Mt of copper was mined while reserves grew by about 547 Mt – from 433 to 980 Mt. Since 1960 they have averaged about 40 years of production. The ICSG considers physical depletion of copper highly unlikely; the challenge is bringing sufficient economic supply to market in time.

In Europe the USGS identified about 130 Mt of copper in porphyry and sediment-hosted deposits and estimates about 270 Mt of undiscovered resources. Worldwide, mine projects with capacity above 100 kt a year together represent about 10 Mt of additional mining capacity. Seabed deposits (polymetallic nodules and sulphides) are another potential source, but according to the ICSG, as of September 2026 the International Seabed Authority (ISA) had not approved any commercial exploitation.

Source: International Copper Study Group, The World Copper Factbook 2026, pp. 11–14 (citing USGS, Mineral Commodity Summaries 2026; USGS, Assessment of Undiscovered Copper Resources of the World, 2015).

Why supply responds slowly

The constraint is not the amount of copper in the Earth’s crust but the time, cost and complexity of turning resources into reliable production. The ICSG identifies nine groups of constraints:

Source: International Copper Study Group, The World Copper Factbook 2026, p. 21 (summary).

Where copper demand is growing

Source: International Copper Study Group, The World Copper Factbook 2026, pp. 47–53 (IEA data cited by the ICSG).

Recycling in figures – what the indicators measure

In 2025 secondary materials – scrap melted directly by semis producers and refined copper produced from scrap – supplied about 11.8 Mt of copper, and the recycling input rate (RIR, the share of recycled inputs in total copper use) was about 34%, similar to 2005 (33.8% with 7.3 Mt). A stable rate does not mean stagnation: in 2005–2025 secondary refining grew by 4.6% a year on average and direct-melt scrap by 1.1%. Because copper stays in use for decades and the in-use stock keeps growing, recycling cannot fully replace mining. Nor is the RIR an end-of-life (EoL) recycling rate – that is measured separately:

Source: International Copper Study Group, The World Copper Factbook 2026, pp. 58–61; EoL indicators – Fraunhofer ISI model for the International Copper Association (as of 2020, 10-year averages).

Collection is frequently the weakest link: efficient metallurgical recovery cannot compensate for copper that is landfilled, dissipated or left for years in hibernating products. Future secondary supply will therefore depend on collection, sorting, product design and processing technology.

Exchanges, prices and stocks

Reference copper prices are set by three exchanges: the London Metal Exchange (25 t contract quoted in USD/t; the LME Official Settlement Price is the global reference for physical transactions), COMEX within the CME Group (25,000 lb, US cents per pound) and the Shanghai Futures Exchange (5 t, renminbi per tonne). When forward prices are above nearby prices the market is in contango; the reverse is backwardation. Exchange warehouse stocks are only part of global inventories. Since 2025, expectations of US copper tariffs have drawn large volumes of cathode into COMEX warehouses, tightening the availability of metal on the LME and in other regions.

Source: International Copper Study Group, The World Copper Factbook 2026, pp. 38–39.

Source: International Copper Study Group (2026), The World Copper Factbook 2026, Lisbon, Portugal (www.icsg.org). This translation/adaptation was independently created and is not endorsed by the International Copper Study Group. It should not be regarded as an official translation or adaptation by the International Copper Study Group, and the Group assumes no responsibility for any errors or inaccuracies in this translation/adaptation.

The Polish context and the role of the Chamber

Poland is among the world's leading copper producers – thanks to KGHM Polska Miedź and the Legnica-Głogów Copper Basin (LGOM, about 416 km²). The deposit is worked by the Lubin, Polkowice-Sieroszowice and Rudna mines, while processing is carried out by the Głogów I, Głogów II (with a pioneering flash smelter) and Legnica smelters and the Cedynia wire-rod plant. The result is Grade A cathodes of 99.99% purity (the HMG-S, HMG-B and HML brands listed on the LME), with silver, gold, lead and nickel as by-products. National reserves (about 34 Mt per USGS) place Poland among the world's largest holders, and KGHM Group payable copper output exceeds 700 thousand tonnes a year. The Chamber represents this potential at the national and European level.

03 · Aluminium

Aluminium is a metal of paradoxes. It is the most abundant metal in the Earth's crust, yet also a high-tech material; producing it from ore is among the most energy-intensive processes in industry, yet once made it can circulate in the economy indefinitely, using only a fraction of the original energy when recycled. It is precisely these tensions – between lightness and energy intensity, between the heavy footprint of primary production and near-perfect circularity – that make aluminium one of the most important and fascinating metals of the 21st century.

Properties

Aluminium combines features rarely found together in one metal. Its density (approx. 2.7 g/cm³) is about one-third that of steel, yet aluminium alloys achieve high strength. A thin, self-forming oxide layer provides corrosion resistance; the metal is non-magnetic, reflects light and heat well, is non-toxic, and its electrical conductivity (approx. 61% IACS) exceeds copper on a per-mass basis – which is why aluminium is used in overhead transmission lines. Its low melting point (660 °C) makes casting and recycling easier.

The value chain: bauxite → alumina → aluminium

The road from rock to metal is two-stage and energy-intensive. First the Bayer process converts bauxite into alumina, and then the Hall-Héroult process (developed in 1886) extracts pure aluminium by electrolysis of molten alumina. The proportions are telling: roughly 4–5 tonnes of bauxite yield 2 tonnes of alumina and 1 tonne of aluminium.

The geography of the chain is heavily concentrated. Guinea holds the largest bauxite reserves (about 7.4 billion t), alongside Australia and China as leading producers; China dominates both alumina refining and smelting. This concentration – of raw material, energy and processing capacity – is today one of the main risk factors for European industry.

Alloy families – from the 1xxx to the 8xxx series

Pure aluminium is soft; its usefulness is determined by alloys. The international designation system divides wrought alloys into the 1xxx to 8xxx series, according to the principal alloying element. The choice of additions makes it possible to "engineer" the metal for a specific application – from soft foil to aerospace alloys with the strength of steel.

Source: International aluminium alloy designation system (Aluminum Association).

Market and production – China's dominance and prices

Aluminium is – after steel – the world's second most produced metal. World primary production in 2024 was about 72.7 million tonnes, and production is led overwhelmingly by China (about 59%), which since 2017 has maintained an administrative capacity cap of about 45 million t a year.

Source: International Aluminium Institute; U.S. Geological Survey (2024 data, rounded; shares estimated).

The LME aluminium price in 2024 held around USD 2,400–2,600/t. Crucially, the profitability of smelting is determined above all by the cost of electricity – which is why smelters are sited where power is cheap, and increasingly where it is low-carbon.

Applications and the energy transition

Aluminium's application profile is defined by its two largest sectors – transport and construction – followed by packaging, electrical equipment and machinery. In transport, lightness counts: a lighter car, train or aircraft uses less energy throughout its life, which is why aluminium is a pillar of transport decarbonisation and electromobility. In renewable energy it forms the frames of photovoltaic modules and overhead transmission conductors; in construction – façades, joinery and roofing; in packaging – cans and foils with the highest recycling rates. The greener and more electrified the economy, the greater its appetite for aluminium.

Energy intensity and decarbonisation

The price of aluminium's properties is the energy intensity of primary production – about 186 GJ per tonne (in Europe about 140 GJ/t). The global average carbon footprint is about 14.8 t CO₂ per tonne of metal, but this figure hides a huge spread depending on the power source: from about 2–4 t with hydropower to about 16–20 t with coal. In the age of carbon pricing, the carbon footprint thus becomes a key competitive variable.

Source: International Aluminium Institute; producer data / CarbonChain (indicative figures).

Decarbonisation is advancing on two fronts. The first is "green" power in smelters (hydro, renewables). The second, a breakthrough, is the inert anode: in the ELYSIS technology (a Rio Tinto–Alcoa joint venture) the anode does not burn but releases oxygen instead of CO₂, eliminating direct process emissions from smelting. The technology is moving from demonstration to industrial scale at Rio Tinto smelters in Quebec, and Apple bought the first batch of aluminium produced this way in 2019. It is potentially the most important change in smelting technology since Hall-Héroult.

Recycling and the circular economy

Here aluminium reveals its second, almost ideal nature. Remelting scrap uses only about 5% of the energy needed for primary production (a saving of about 95%), and the metal loses none of its properties across successive cycles – it is sometimes called a "permanent material". The scale effect is spectacular: about 75% of all aluminium ever produced (out of about 1.5 billion tonnes) remains in use, and more than 30 million tonnes of scrap is recycled each year. The recycling input rate reaches about 32%, recovery from end-of-life vehicles about 90%, and from beverage cans about 75% (2023). This makes aluminium recycling one of the pillars of the European circular economy and a key area of activity for the Chamber's members.

CBAM and Europe's raw-material security

Energy intensity and exposure to "carbon leakage" have placed aluminium at the centre of EU climate-and-industrial policy. The CBAM mechanism (Regulation (EU) 2023/956) entered its definitive phase on 1 January 2026, under which importers of aluminium (among other goods) bear a real cost for the emissions embedded in the product – so as to equalise it with the carbon price paid in the EU under the ETS. Over the past two decades Europe has lost about two-thirds of its primary aluminium capacity, becoming a net importer. In parallel, the Critical Raw Materials Act (CRMA) classified aluminium as a critical and strategic EU raw material, setting 2030 targets (10% extraction, 40% processing, 25% recycling, ≤65% dependence on any single supplier).

Aluminium, the human being and everyday life

Unlike copper or zinc, aluminium is not an essential element for the body, and its inorganic forms have low toxicity at normal exposure – which is why they are safely used in food packaging, foil and cookware. In everyday surroundings aluminium is ubiquitous: cans and foil in the kitchen, window joinery and façades, electronics casings, wheels and body parts, bicycle frames, and power conductors.

The Polish context and the role of the Chamber

Poland does not today smelt primary aluminium at scale – energy intensity and electricity costs are decisive. It is, however, a significant European processor and recycler: in the extrusion of profiles, rolling, and the recovery of aluminium from scrap. It is precisely in these links – processing and recycling – that Poland's advantage in the value chain lies. Under CBAM and the CRMA, the importance of this potential is growing: low-carbon recycling is becoming a strategic asset, and Polish importers of aluminium products are subject to new obligations. The Chamber represents the industry at the national and European level.

04 · Zinc

Zinc is a metal that protects, heals and feeds – and does so almost invisibly. As a coating on steel it saves billions of euros' worth of infrastructure from corrosion every day; as a micronutrient it is essential to the life of humans and plants alike; and as an energy carrier it is now entering the world of safe batteries. The world's fourth most-used metal rarely makes headlines, yet its role – from a bridge to a cell of the human body – is fundamental.

Properties

Zinc (Zn) is a bluish-white metal with a moderate melting point (419.5 °C) and a density of about 7.14 g/cm³. Its most important "superpower" is electrochemical: zinc is more electronegative than iron, so in contact with steel it corrodes "first", sacrificing itself to protect the metal beneath. This is precisely the property behind galvanizing. Zinc is also a component of brass (an alloy with copper) and of zinc oxide (ZnO), which is ubiquitous in rubber, cosmetics and medicine.

From brass to galvanizing – a short history

Zinc accompanied civilisation long before it was named. Brass – an alloy of copper and zinc – was known in antiquity, and the metallurgical smelting of zinc was developed in India (c. 12th century) and China. In Europe, zinc was only isolated as a distinct metal in the 18th century, and industrial hot-dip galvanizing – crucial to the Industrial Revolution – was patented in the 19th century. From bells and ornaments, zinc thus moved into the role of the silent guardian of steel infrastructure.

Market and production – geography and prices

World zinc mine production is about 12 million tonnes a year. The leader is China (about 4 million t and reserves of about 46 million t), with Peru (about 1.3 million t) and Australia (about 1.1 million t) in the top tier; Australia holds the world's largest reserves (about 64 million t). World reserves reach about 230 million t and resources about 1.9 billion t – zinc supply is therefore relatively diversified.

Source: U.S. Geological Survey, Mineral Commodity Summaries 2025 (2024 data, rounded).

World refined zinc production in 2024 was about 13.7 million tonnes (down 1.8% amid limited concentrate availability), against consumption of about 13.8 million t – so the market closed in a deficit of about 164 thousand t. The average LME cash price in 2024 was about USD 2,780/t.

Applications – the use structure

Zinc's use profile is clearly dominated by a single application – galvanizing (about 60%). Next come zinc alloys (die-casting), zinc compounds (chiefly zinc oxide), brass and bronze, and semi-manufactures. It is a metal of dual nature: at once the "industrial guardian" of steel and a versatile chemical ingredient.

Galvanizing – the invisible anti-corrosion shield

Zinc's most important role is protecting steel from corrosion. In galvanizing (usually hot-dip), the zinc coating acts as a sacrificial anode: because zinc is more electronegative than iron, it corrodes first and protects the steel even where the coating is damaged (cathodic protection). Thanks to this, bridges, power-line towers, crash barriers and steel structures last decades longer. It is "silent" engineering of enormous value: a small amount of zinc extends the life of tonnes of steel and defers the cost of replacing it. In the automotive industry, the continuous galvanizing of sheet protects car bodies, and in construction and energy – all infrastructure exposed to the weather.

Zinc in health and agriculture – the element of life

Zinc is an essential micronutrient – a component of more than 300 enzymes, crucial for immunity, growth and neurological development, especially in children. An adult body contains only about 2–3 g of zinc (intake about 8–11 mg/day), yet its deficiency is one of the world's greatest nutritional problems: depending on the estimate, it puts between about 17% and one-third of the global population at risk, and the WHO calls it "a public-health problem". According to the IZA's "Zinc Saves Kids" campaign (with UNICEF), the consequences of deficiency are linked to about 450,000 deaths of children under five each year. The roots of the problem lie in the soil: according to the FAO, zinc is the most commonly deficient micronutrient in the world's soils – affecting more than 50% of agricultural soils. Zinc fertilisers are a simple and effective remedy.

Energy storage and new technologies

A forward-looking chapter of zinc's story is being written in energy. Zinc batteries – zinc-air, zinc-ion, nickel-zinc and zinc-bromine – are a promising, emerging technology for stationary energy storage. Their advantages are safety (an aqueous electrolyte, with none of the fire risk typical of lithium-ion cells), low cost, an abundant raw material and recyclability.

Source: U.S. Department of Energy; scientific reviews (emerging technologies, indicative characteristics).

As the share of renewables grows, so does demand for safe, multi-hour energy storage and non-flammable backup power (e.g. in data centres) – niches where zinc can complement, and in places replace, lithium. This is at once a new, strategic source of demand for a metal until now associated chiefly with protecting steel.

Recycling and the circular economy

Like all metals, zinc is 100% recyclable without loss of properties. About 30% of the zinc in use already comes from recycling, and it is recovered, among other sources, from galvanizing residues and – of particular importance for the industry – from electric-arc-furnace (EAF) dust generated in steelmaking. Recycling zinc closes the loop between the ferrous and non-ferrous industries and eases pressure on primary mining.

Zinc, regulation and raw-material security

Unlike copper and aluminium, zinc is not on the EU critical raw materials list – its supply is relatively diversified geographically. It nonetheless remains an economically important raw material, and the authoritative source of market data is the International Lead and Zinc Study Group (ILZSG); zinc compounds are covered by the EU REACH Regulation. A structural market deficit and the concentration of processing in China mean that the security of zinc supply remains significant for the European steel and automotive industries – hence the growing role of recycling and of domestic smelting capacity.

The Polish context and the role of the Chamber

Poland has a special, centuries-old relationship with zinc. Upper Silesia was a historic zinc-lead district, but ore mining (the Olkusz and Bukowno area) has largely ceased as the deposits were depleted. Today the Polish zinc industry rests on smelting and recycling: it comprises the ZGH „Bolesław" Group (within Stalprodukt) and Huta Cynku „Miasteczko Śląskie" – the only smelter outside Asia using the Imperial Smelting Process (ISP), producing both zinc and lead and recovering zinc, lead, cadmium and silver from steelmaking dusts. The Polish zinc group accounts for about 7% of the European market, and its profile – smelting plus recycling from steelmaking waste – fits squarely into the circular economy. The Chamber represents this potential at the national and European level.

05 · Lead

No other metal demonstrates the power of the circular economy as vividly as lead. The world uses about 13.5 million tonnes of refined lead a year, yet only about 4.3 million tonnes come from mines – the difference is covered by recycling. It is a metal with two faces: toxic and rightly phased out of petrol, paints and pipes, yet – in the form of the lead-acid battery – the most recycled consumer product in the world, operating in an almost perfectly closed loop.

Properties

Lead (Pb) is a heavy, soft and malleable metal of a bluish-grey colour. Its density (about 11.34 g/cm³) is among the highest of metals in common use, which – together with its high atomic number – makes it an excellent shield against ionising radiation (medicine, nuclear energy). A low melting point (327.5 °C), corrosion resistance and ease of forming have made it easy to work since antiquity. The Latin name for lead, plumbum, survives in the word "plumber".

From plumbum to the battery – a short history

Lead was one of the first metals smelted by humankind. In ancient Rome it was used to build water pipes, vessels and seals. For most of the 20th century lead was ubiquitous – in paints, solders, pipes and as an anti-knock petrol additive. Awareness of its toxicity, however, led to the systematic phasing-out of these uses, culminating in the global end of leaded petrol. Lead did not disappear from the economy, though – it moved into the safe, closed loop of batteries.

Market and production – geography and prices

World lead mine production is about 4.3 million tonnes a year. The leader is China (about 1.9 million t), while Australia holds the largest reserves (about 35 million t). World reserves reach about 96 million t, and identified resources more than 2 billion t – often in deposits shared with zinc, silver or copper.

Source: U.S. Geological Survey, Mineral Commodity Summaries 2025 (2024 data, rounded).

The most telling figure concerns refined production: about 13.5 million tonnes – more than three times mine output. The difference is covered by recycling, chiefly of spent batteries. In the USA the last primary smelter closed in 2013, and domestic supply now rests on secondary material. The average North American price in 2024 was about 110 cents per pound (about USD 2,400/t).

Applications – the use structure

Lead's use structure today is extremely concentrated: about 85% goes into lead-acid batteries. The remainder goes to radiation shielding and rolled products, alloys, pigments and compounds, and ammunition – with many former uses (solders, pigments) gradually being displaced. Lead has thus moved from a "versatile" metal to a specialised energy carrier.

The lead-acid battery – the flywheel of the economy

Invented in 1859, the lead-acid battery remains one of the world's most important energy technologies. It serves three main roles: starting (SLI) – in almost every combustion-engine vehicle; backup power – in telecommunications, data centres, UPS systems and hospitals; and motive power – in forklifts and low-speed vehicles. Despite the rise of lithium-ion cells, it is lead that underpins the starting and standby power of countless critical systems.

Source: International Lead Association; Battery Council International.

Recycling – the champion of the circular economy

Here lead is unrivalled. Lead-acid batteries achieve about a 99% recycling rate and are the most recycled consumer product in the USA – ahead of aluminium cans. A typical new battery is made of more than 80% recycled material, and secondary lead is chemically identical to primary and can be recovered indefinitely. This "manufacture-use-reuse" loop is cited by the World Economic Forum and MIT as the world's most successful example of a circular economy – a blueprint for newer battery technologies. It is also one of the pillars of the non-ferrous metals recycling industry represented by the Chamber.

Toxicity and regulation – the two faces of lead

Lead is a toxic metal, and its uncontrolled release harms health (the nervous system, child development) and the environment. That is why the use of leaded petrol ended globally in 2021 – the culmination of a roughly 20-year UNEP campaign, expected to prevent more than 1.2 million premature deaths a year – and earlier lead was removed from paints, pipes and solders. Lead and its compounds are subject to the rigours of the EU REACH Regulation. The key contrast: the threat is not lead in the controlled, closed loop of batteries (where it is safely collected and remelted), but its dispersed former uses and informal, uncontrolled recycling in some regions of the world. A modern, regulated recycling industry is therefore not the problem, but the solution.

Energy storage and new technologies

Although lithium attracts media attention, lead is still developing. Lead-carbon batteries and advanced lead designs are used in energy storage at renewables, backup power and start-stop systems that cut vehicle emissions. Lead's advantages are low cost, safety, a mature technology and – crucially – the lowest production carbon footprint and a fully developed recycling system among battery technologies. In many stationary applications lead remains a rational, complementary alternative to lithium.

Lead and raw-material security

Unlike copper and aluminium, lead is not on the EU critical raw materials list – its supply is diversified and largely based on recycling, which increases the resilience of the supply chain. It nonetheless remains an economically important raw material, essential for the automotive industry and the backup power of critical infrastructure. Basing supply on the secondary loop makes lead a model example of a "recycled raw material": a country with modern processing capacity becomes largely independent of ore imports.

The Polish context and the role of the Chamber

Polish lead has two sources. Primary lead is obtained as a by-product of zinc processing (Huta Cynku „Miasteczko Śląskie", the ISP process producing both zinc and lead) and copper (KGHM, Głogów/Legnica). The second, now dominant, pillar is battery recycling: Orzeł Biały S.A. of Piekary Śląskie is Poland's largest producer of refined lead and the leader in recycling spent lead-acid batteries, supplying lead and alloys to battery manufacturers. The profile of Polish lead – processing and, above all, recycling – fits squarely into the circular economy. The Chamber represents this potential at the national and European level.

06 · Silver

Silver is a metal of two worlds. For millennia it has been a synonym for money, bullion and luxury – and at the same time, thanks to the best electrical conductivity of any metal, it is today one of the most important raw materials of industry and the energy transition. This tension between its role as treasure and its role as the "workhorse" of electronics and photovoltaics makes silver unique: investment and industrial demand compete for the same limited stream of metal, most of which is produced not for silver's sake, but as a by-product of other mines.

Properties

Silver (Ag) is a lustrous, white precious metal with extreme properties. It has the highest electrical and thermal conductivity of any metal and the highest optical reflectivity – hence its role in electronics, contacts and mirrors. It is ductile, malleable and resistant to oxidation in clean air, and it shows strong antibacterial action. A density of about 10.49 g/cm³ and a melting point of 961.8 °C complete the picture. The symbol Ag derives from the Latin argentum.

From coinage to photography – a short history

Silver was one of the first metals known to humankind and for millennia served as money – it was struck into coins, hoarded as bullion, and worked into tableware and mirrors. An industrial turning point was classical photography, based on light-sensitive silver halides; today that use has almost vanished, giving way to electronics and photovoltaics. The history of silver is a story of a gradual shift from a symbol of wealth to a technological raw material.

Market and production – geography of supply

World silver mine production is about 820 million ounces (about 25,500 t) a year. Crucial to understanding the market, however, is the structure of supply: about 72–75% of silver is produced as a by-product of mining copper, lead, zinc and gold. This means supply responds weakly to price – when base-metal output falls, silver output falls with it. The leading producers are Mexico, China and Peru, with Poland (KGHM) also among the top producers.

Source: The Silver Institute / Metals Focus, World Silver Survey 2025; KGHM (indicative figures).

The dual nature of demand

Silver demand (about 1.16 billion ounces in 2024) splits into two streams. The first, dominant one is industry – a record 680.5 million ounces (about 58% of the total), chiefly electronics and photovoltaics. The second is monetary and investment demand (coins, bars) together with jewellery and silverware. This duality means the silver price is driven at once by the industrial cycle and by investor sentiment – which makes it more volatile than gold.

Source: The Silver Institute, World Silver Survey 2025 (shares indicative).

Silver in the energy transition

The most dynamic chapter of silver's story is now being written by photovoltaics. Every silicon solar cell uses silver paste to conduct electricity, and PV's share of industrial silver demand has risen from about 11% (2014) to about 29% (2024) – the fastest-growing segment of the market. Demand is also driven by electromobility, grid infrastructure and artificial intelligence (data centres). Although manufacturers reduce the silver per cell ("thrifting"), the pace of new installations is faster.

Source: The Silver Institute, World Silver Survey 2025.

Silver has thus become – alongside copper and aluminium – one of the "transition metals": the more photovoltaics, electronics and electric vehicles, the greater the structural demand for this precious metal.

The structural deficit – demand above supply

The combination of record industrial demand with inelastic, "by-product" supply produces a remarkable effect: the silver market has been in structural deficit for the fifth consecutive year. The 2024 deficit was about 149 million ounces, and the cumulative 2021–2025 figure is estimated at about 796 million ounces – almost equal to a full year of world mine production. The gap has so far been covered by above-ground stocks, but these are finite. Silver is not on the EU critical raw materials list; nonetheless, the persistent deficit and its key role in photovoltaics and electronics make it a focus of growing attention among raw-material security analysts.

Silver as an investment and monetary metal

Silver remains a classic investment asset – in the form of coins, bars and funds (ETFs). It is sometimes called "the poor man's gold" as a cheaper alternative, and the ratio of the gold price to the silver price (the gold-silver ratio) is a popular market indicator. The silver price is, however, highly volatile: after years in the range of about USD 20–30/oz it reached a nominal record of about USD 122/oz in late January 2026, and in mid-2026 trades around USD 68/oz. The above figures are for information only and do not constitute investment advice.

Recycling and the circular economy

Silver is fully recyclable, and recycling is an important supplement to supply. In 2024 it rose 6%, to about 194 million ounces – a 12-year high. Silver is recovered, among other sources, from spent catalysts (ethylene oxide production), electronics, jewellery and silverware. Under structural deficit, recycling gains importance as a stable, domestic source of the metal – and one of the pillars of the industry represented by the Chamber.

Silver and the human being – from medicine to antibacterial use

Silver has long been prized for its antibacterial properties: it is used in wound dressings, coatings for medical instruments, water treatment and hygienic coatings. It is not an essential element for the body, but its biocidal action has real health value. In everyday surroundings silver is present in electronics, contacts, mirrors and cutlery – often invisible, yet ubiquitous.

The Polish context and the role of the Chamber

Here lies a source of pride: KGHM Polska Miedź is among the world's largest silver producers. In 2024 the Group produced about 1,341 t of silver, and in 2025 about 1,347 t – placing it in the very top tier worldwide. Polish silver arises as a by-product of copper processing (the Lubin, Rudna and Polkowice-Sieroszowice mines) and is refined at the Głogów Copper Smelter, where the Precious Metals Plant has operated since 1993. KGHM bars (the KGHM HG brand) carry COMEX and LBMA Good Delivery certificates. Poland is therefore not only a significant copper producer, but also one of the pillars of the world's silver supply. The Chamber represents this potential at the national and European level.

07 · Tin

Tin is one of civilisation's oldest metals and, at the same time, a quiet foundation of the digital age. It is tin – as solder – that joins the components in every electronic circuit, from a smartphone to a photovoltaic panel and a car controller. It is often called the "conductive glue" of modern technology: inconspicuous, rarely visible, yet irreplaceable. Although in tonnage terms tin is one of the smaller non-ferrous metals (world mine production is about 300 thousand tonnes a year, against millions of tonnes of copper or aluminium), its strategic importance is disproportionately large.

Properties and quirks

Tin (Sn, from the Latin stannum) is a silvery-white metal with an exceptionally low melting point – 231.9 °C – which flows readily and forms durable bonds with other metals. This is precisely what makes it an ideal joining medium. Tin is soft, malleable, corrosion-resistant and – in its inorganic form – non-toxic, which is why it has protected food in tinplate for more than two centuries. The metal also harbours two curiosities: when bent it emits a characteristic crackle (the "tin cry"), caused by the twinning of its crystals; and below about 13.2 °C white tin (β) slowly transforms into a brittle, powdery grey form (α) – "tin pest", the historical explanation for the crumbling of tin buttons or organ pipes in frosty climates.

From the Bronze Age to the silicon era

Tin powered the first materials revolution in history. Added to copper it forms bronze – an alloy harder and more durable than pure copper, which gave its name to an entire age. The search for tin deposits (the ore is cassiterite) shaped ancient trade routes, and the tin mines of Cornwall were for centuries one of the pillars of the European economy. In the 20th century tin moved seamlessly from the Bronze Age to the age of electronics: the same metal that joined bells and vessels today joins microprocessors. Few raw materials combine such deep historical continuity with such a modern application.

Market and production – geography and supply concentration

World tin mine production is about 300 thousand tonnes a year. Supply is heavily concentrated geographically: the leader is China (about 69 thousand t and the largest reserves – about 1 million t), with Indonesia (about 50 thousand t), Myanmar (about 34 thousand t), Peru (about 31 thousand t), Brazil (about 29 thousand t), DR Congo (about 25 thousand t) and Bolivia (about 21 thousand t) in the top tier. World reserves exceed 4.2 million tonnes. This concentration – combined with the location of a significant share of deposits in areas of elevated geopolitical risk – makes the tin supply chain vulnerable. The United States has not mined tin since 1993 and is almost entirely dependent on imports.

World refined tin production reached about 371 thousand tonnes in 2024, with about 63% coming from just ten of the largest smelters – another sign of concentration. Tin is also one of the more expensive base metals: the average price on the London Metal Exchange (LME) in 2024 was about USD 30,800 per tonne, many times more than for zinc or lead.

Applications – from solder to glass and packaging

More than half of the world's tin (about 51%) goes into solders – alloys that join components on printed circuit boards. It is tin that physically and electrically bonds every circuit: without it, no smartphone, computer or controller would exist. Under environmental regulation, the industry has switched almost entirely to lead-free solders (about 92% in 2023), in which tin has replaced lead. A thin coating of tin on steel (tinplate) protects food and beverage cans from corrosion – a key advantage of tin is at work here: inorganic tin compounds are non-toxic.

Beyond solder, tin forms bronze (an alloy with copper), bearing alloys (babbitt) and additives to lead-acid batteries that improve their durability. Tin compounds stabilise plastics (PVC) and act as catalysts. A little-known but fascinating use is the production of flat glass by the float process: a hot sheet of glass spreads over a bath of molten tin, achieving a perfectly smooth surface – this is how most of the world's window glass is made.

New technologies and the energy transition

Although tin is an ancient metal, its future is decidedly modern. A widely cited MIT and Rio Tinto study identified tin as the metal most impacted by new technology – ahead of lithium or cobalt in that ranking. The reason is simple: tin is indispensable wherever conduction and joining are needed – in electromobility, photovoltaics (the so-called solar ribbon already accounts for about 20% of solder production), 5G technology and energy storage. The International Tin Association forecasts demand growth of about 25% by 2035, while years of underinvestment in new mines mean the market is heading towards structural deficits.

Recycling and the secondary loop

Like all metals, tin can be recovered repeatedly without loss of properties. The Recycling Input Rate is estimated at about 34% (2023), and secondary supply is setting records. Tin is recovered from, among other things, electronic scrap, the detinning of plate, and alloys; in the U.S., post-consumer scrap supplies an amount equivalent to about 27% of consumption. Recycling tin has a twofold significance: it reduces pressure on vulnerable, geographically concentrated primary mining and lessens dependence on supplies from high-risk areas – an area directly linked to the activity of recyclers of electronic and non-ferrous scrap, including the Chamber's members.

The ethical and regulatory dimension – conflict minerals (3TG)

Tin is a special metal in regulatory terms as well. It is one of the four so-called "conflict minerals" (3TG) – alongside tantalum, tungsten and gold. EU Regulation 2017/821, in force since 1 January 2021, imposes on importers of tin (and its ore, cassiterite) due-diligence obligations in the supply chain, aligned with OECD guidance. The aim is to ensure that the tin trade does not finance armed conflict or involve human-rights abuses, particularly in the African Great Lakes region and South-East Asia. Tin also appears on the United States critical minerals list, and the International Tin Association points to its recognition as critical or strategic in many jurisdictions. For companies this means that tin is not only a technical raw material but also subject to growing compliance and responsible-sourcing requirements.

Tin, the human being and everyday life

The human relationship with tin is paradoxical. Inorganic tin compounds are of low toxicity – which is why the metal has long protected food in cans. Organotin compounds, by contrast, can be highly toxic, and many of their uses (e.g. as biocides or stabilisers) have been restricted in the EU under chemicals law (REACH). This is a good illustration that safety is determined not by the element itself but by its chemical form. In everyday life tin is ubiquitous, though invisible: it joins the circuits in a phone, a computer and every electronic device; it protects food in cans; it creates the smooth surface of almost every pane of glass (the float method); it is present in bronze bells, sculptures and instruments.

Source: U.S. Geological Survey, Mineral Commodity Summaries 2025 (2024 data, rounded; "n/a" – no USGS data).

Source: International Tin Association (solder share ~51% confirmed; other shares indicative).

The Polish context and the role of the Chamber

Poland does not mine tin – it does not appear in USGS producer rankings – but it is an importer and processor of it. Tin is of indirect yet real importance to the Polish economy: as an indispensable raw material for the electronics industry (solders), packaging manufacturers (tinplate) and foundries. Recycling of tin from electronic scrap is also playing an ever greater role – an area of activity for many entities associated with the Chamber. The compliance dimension is especially important: Polish importers of tin and tin-containing products are subject to EU due-diligence obligations regarding "conflict minerals". The Economic Chamber of Non-Ferrous Metals and Recycling supports the industry in navigating these requirements and in building responsible, resilient supply chains.