Construction has started at the Volcan Romina polymetallic project in Peru following regulatory approval earlier in 2025. The project is reported to involve total investment of around US$555 million. Construction began in April 2025, shortly after approval was granted in March.
Progress has been described as rapid, with the project reaching approximately 50% completion by mid-2026. The stated target for first production is Q2 2026. The timeline reflects a short gap between approval and site works.
Zinc demand drivers amid tighter global supply
Zinc is described as a key industrial commodity, with its primary use in galvanizing steel to protect infrastructure from corrosion and extend material lifespan. Global consumption is linked to construction and infrastructure steel protection, automotive manufacturing and die-casting alloys, and electrical and consumer electronics applications. The metal is also used in chemical and rubber production through zinc oxide, along with emerging technologies including zinc-air battery systems.
Supply conditions are described as tightening due to structural pressures on existing operations. Many major zinc mines developed in the early 2000s are experiencing declining ore grades, which can raise production costs or lead to output reductions. This environment increases demand for new large-scale projects such as Romina.
Peru’s central Andes geology and mining infrastructure
Peru is identified as one of the world’s leading producers of zinc and polymetallic ores. Mineral deposits are concentrated across the country’s central Andes region. The project is positioned within a jurisdiction supported by established mining infrastructure and geological endowment.
The central Andes mining corridor includes proven polymetallic geological formations, transport and logistics infrastructure, an experienced mining workforce, and long-standing regulatory frameworks for mining operations. These factors are cited as reducing development risk relative to greenfield regions elsewhere.
Milestones from approval to construction at Volcan Romina
The project’s development schedule highlights a rapid transition from regulatory clearance to full-scale works. Milestones listed include March 2025 regulatory approval, April 2025 construction start, mid-2026 achievement of approximately 50% completion, and a target for first production in Q2 2026.
The source materials indicate that much of the pre-construction engineering, procurement, and financing work was completed before formal approval. Large mining projects typically require long lead times for equipment such as mills, flotation systems, and electrical infrastructure, often ranging from 12 to 24 months. Starting construction soon after approval suggests procurement processes were already underway.
Regulatory process for large polymetallic projects
The approval pathway for Romina is described as reflecting both complexity and maturity within Peru’s mining sector. Large polymetallic developments typically require environmental assessments, community engagement, and coordination with regional authorities. Historically, such processes can take several years.
In this case, the relatively efficient approval cycle is attributed to strong environmental and social planning by project developers, institutional capacity within Peru’s mining regulatory system, and the strategic importance of mining to Peru’s national economy. Peru is also described as ranking among the top global zinc producers alongside countries including China and Australia.
Glencore stake in Volcan Compañía Minera
The Romina project is linked to a corporate structure in which Glencore holds a controlling stake in Volcan Compañía Minera. Glencore is described as a major commodity trading and metals marketing company with global networks for zinc, lead, and silver concentrates.
The ownership structure is associated with financing support during construction and reduced funding risk. It also provides integration into Glencore’s global trading system for sales of zinc, lead, and silver concentrates. Additional benefits cited include access to Glencore’s mining and processing expertise for operational efficiency and benchmarking across assets within a multinational portfolio.
Zinc market sensitivity tied to long-term industrial trends
Zinc demand is described as connected to long-term structural trends including urbanization and infrastructure expansion, industrial steel consumption, automotive lightweighting, electrification of transport systems, and emerging energy storage technologies. Constrained supply growth is described as increasing market sensitivity to new supply additions.
Against this backdrop, new projects are presented as relevant for maintaining global balance in the zinc market. The materials state that Romina is positioned to contribute to global zinc supply as construction advances toward completion.
