Mining comeback in Europe: Solid returns with Group Eleven Resources, Boliden, and Glencore

Boliden sets standards in European mining

The Swedish group Boliden is considered an integrated mining and metals company along the entire value chain and thus sets standards. The Tara mine near the Irish town of Navan is the absolute jewel in Boliden's portfolio and is considered one of the largest zinc mines on the entire continent. After the mine was temporarily put into maintenance mode due to extremely high energy costs, the current year will see a full operational ramp-up. Boliden plans to grind 1.8 million tonnes of ore with a high zinc content of 5.6% in Tara in 2026. This ambitious production ramp-up is crucial for supplying the group's own smelters in Norway and Finland and ensures the company a stable balance sheet with a net debt ratio of only 20% despite record investments. The results for the fourth quarter of 2025 also showed a strong operating profit of SEK 4.06 billion. For investors looking to bet on European mining, Boliden is therefore a classic core investment that also offers a reliable dividend.

Glencore as a strategic force in the background

Glencore is similarly strong, but with a much more global presence. While Boliden scores points in Ireland with its local presence, Glencore is considered the global navigator in the zinc market. The company combines a comprehensive industrial portfolio with a world-leading marketing department that cleverly exploits arbitrage opportunities in global supply chains. In the past year, Glencore almost completely achieved its production targets and increased its own zinc production by 7% to 969,400 tonnes. Even more interesting for Ireland, however, is Glencore's targeted strategic commitment as a supporter of promising junior players. The commodities giant holds a 13.6% stake in Group Eleven Resources and also sits actively on the board of directors. For Glencore, this is a smart and cost-effective option for the future consolidation of the regional market, as Group Eleven's exploration areas are directly adjacent to Glencore's own million-tonne Pallas Green deposit.

Group Eleven Resources and the spectacular Ballywire discovery

Group Eleven Resources is positioning itself in precisely this geological hotspot. The up-and-coming exploration company has succeeded in developing the PG West project into one of the most significant new discoveries in Europe in over a decade. Systematic drilling has revealed the Ballywire deposit to be a complex system with excellent zinc, lead, and silver grades. A spectacular drill hole recently expanded the already promising data to a total of 52.3 m with a grade of 10.3% zinc and lead and an extremely high 330 g/t silver. Such grades are exceptional by global zinc mining standards and significantly increase the expected profitability of the project.

The Ballywire discovery also offers a real strategic wildcard for the European Union: germanium. After China heavily restricted exports of this metal - critical for the semiconductor and defense industries - in 2025, policymakers have been urgently searching for domestic alternatives. Group Eleven has confirmed strong germanium grades and therefore stands to benefit directly from the possibility of accelerated permitting through EU funding programs. To further expand the system, which remains largely open along a 6 km trend, both along strike and at depth, the company is planning a 20,000-meter drilling program with four active drill rigs for the current year.

Group Eleven Resources as a rare opportunity for investors

The current phase in the Irish commodities sector offers excellent opportunities for investors. While Boliden and Glencore represent established core investments with reliable cash flows, Group Eleven Resources is positioning itself as an attractive opportunity for more risk-tolerant investors. The young company combines the exploratory flexibility of an agile junior with the strategic security provided by the prominent participation of a global market leader such as Glencore, which drastically reduces the investment risk for investors. In addition, Group Eleven operates in the direct shadow of Boliden's existing infrastructure, suggesting future synergies or even a takeover.

Prominent insiders and major investors such as Michael Gentile, who holds around 13.8% of the shares, underscore the high level of confidence in the management and geology. With zinc prices supported by falling smelter costs and demand for silver rising rapidly due to the construction of new AI data centers, the fundamental market conditions are nearly perfect. Investors who want to get in early on European commodity autonomy and the next world-class asset in Ireland will find Group Eleven Resources to be a company that is fully financed through next year and is likely to reveal its true value on the stock market as the supercycle begins.