Yusheng zinc smelter began construction of 100kt/a capacity in February 2018 with total investment of RMB 978 million. The smelter commenced trial production in early October 2021 and produce the first batch of refined zinc in November 2021. Due to high operating costs and low profit margins, only one production line (50 kt/a) has been in operation by 2023. Wood Mackenzie’s asset reports are built from the bottom up, incorporating a number of granular data metrics to ultimately produce our industry standard cash operating costs. This report contains a detailed asset note giving you a holistic view of the asset, including an operational overview through to a timeline of events from inception to now. This qualitative analysis is supplemented by the associated Excel download which enables interrogation of a whole series of cost and production metrics over the life of the asset.