# Bismuth: Extraction

Why only two mines ever chased bismuth on purpose

Source page: https://www.materialinsights.org/commodities/bismuth/extraction/

What this tab covers How it is mined, drilled or grown, and processed into a tradeable form: the main methods compared, their unit economics, by-products, and the companies that do this work globally and in India.

Bismuth rarely forms ore worth mining on its own. USGS says only Bolivia's Tasna mine, idle since 1996, and one Chinese mine have produced it as the main product. Most comes as a by-product of lead ore processing. In China and Vietnam it also comes from tungsten ore, and in Japan and Korea from zinc. The metal is recovered from smelter residues and refined to 99.99% purity. Companionality is about 95%. A melting point of 271 °C makes bismuth useful in fusible alloys.

Bismuth is almost never mined for itself. It is recovered as a by-product when lead ores are smelted and refined, and in China and Vietnam also from tungsten ores, and in Japan and Korea from zinc processing. Refiners collect crude bismuth from lead-refinery drosses and slimes and refine it to 99.99% metal. Because output depends on lead, tungsten and zinc production, supply does not rise when bismuth prices rise, and China controls about 88% of refined output.

#### Methods compared

| Method | Share of supply | Typical scale | Recovery / efficiency | By-products | Unit cost |
|---|---|---|---|---|---|
| **By-product of lead smelting and refining** | the main source of world supply (USGS); exact share not published | China 14,000 t of world refinery output of 16,000 t in 2025 (USGS) | n/a | bismuth is itself the by-product; silver and antimony are also recovered in lead refining | n/a |
| **By-product or co-product of tungsten and other ores (China, Vietnam)** | not published; a feedstock shortage of crude bismuth and concentrates from tungsten, molybdenum, lead and zinc mines cut Chinese output below 1,200 t in February 2025 (Argus) | n/a | n/a | tungsten, molybdenum, fluorspar | n/a |
| **By-product of zinc processing (Japan, Korea)** | Korea 1,000 t and Japan 500 t in 2025, about 9% of world refinery output (USGS) | n/a | n/a | indium, silver, lead | n/a |

#### How each method works
**By-product of lead smelting and refining**

In pyrometallurgical refining, calcium and magnesium are stirred into molten lead to form a bismuth-rich dross (Kroll-Betterton process); in electrolytic refining, bismuth stays in the anode slimes. Dross or slimes are treated to crude bismuth and refined.

No mining cost of its own; supply is capped by lead refining and refinery choices.
 USGS MCS 2026 **By-product or co-product of tungsten and other ores (China, Vietnam)**

Complex tungsten-bismuth-molybdenum-fluorite ores are floated to separate concentrates; bismuth concentrate is smelted to crude bismuth.

Adds supply in China and Vietnam; tied to tungsten output and Chinese policy.
 USGS MCS 2026; Argus (Mar 2025) **By-product of zinc processing (Japan, Korea)**

Bismuth in zinc and lead concentrates collects in smelter residues and is recovered alongside other minor metals.

Non-Chinese supply; small and fixed by smelter feed.
 USGS MCS 2026 Unit economics are indicative ranges from the sources named; costs vary widely by deposit, region and year.

#### By-product supply

Companionality is about 95%: bismuth comes from lead and tungsten, and in Japan and Korea from zinc. Supply follows lead refining and tungsten mining, not the bismuth price, so a fourfold price rise in 2025 brought no quick supply response. Reserves are not reported by country (USGS 2026).

#### Share produced as a by-product
 About 95% of primary supply comes as a by-product of lead and tungsten (Nassar, Graedel & Harper 2015, approximate).

#### Who does it: global

| Company | Country | Activity | Volume | Year | Source |
|---|---|---|---|---|---|
| **Chinese lead and tungsten smelters (Hunan and others)** Company volumes not published; a Hunan smelter halted production in early 2025 (Argus). | China | by-product bismuth refining | 14,000 t Bi (China total) | 2025 | [USGS MCS 2026](https://www.usgs.gov/centers/national-minerals-information-center/bismuth-statistics-and-information) |
| **Korea Zinc** Company volume not published; Korea's 2025 output was 1,000 t. | Republic of Korea | zinc and lead smelting with bismuth recovery | not published | 2025 | USGS MCS 2026 (Korea 1,000 t) |
| **Japanese zinc and lead smelters** Company split not published. | Japan | by-product bismuth | 500 t Bi (Japan total) | 2025 | [USGS MCS 2026](https://www.usgs.gov/centers/national-minerals-information-center/bismuth-statistics-and-information) |
| **Lao producers** Company names not published. | Laos | bismuth refining | 500 t Bi (Laos total, reported) | 2025 | [USGS MCS 2026](https://www.usgs.gov/centers/national-minerals-information-center/bismuth-statistics-and-information) |
| **5N Plus** Volume not published. | Canada | refining and bismuth chemicals and alloys | not published | 2025 |  |

#### Who does it: India

India has no primary bismuth production (USGS). It imported about 475 t of HS 8106 bismuth worth $5.6 million in 2024, 6.6% of world imports by value, with negligible exports (Comtrade). Bismuth is on India's 2023 critical list.

## Other sections

- [Summary](https://www.materialinsights.org/commodities/bismuth/index.md)
- [Overview](https://www.materialinsights.org/commodities/bismuth/overview/index.md)
- [Correlation](https://www.materialinsights.org/commodities/bismuth/correlation/index.md)
- [Production](https://www.materialinsights.org/commodities/bismuth/production/index.md)
- [Stocks](https://www.materialinsights.org/commodities/bismuth/stocks/index.md)
- [Cycles](https://www.materialinsights.org/commodities/bismuth/cycles/index.md)
- [Trading](https://www.materialinsights.org/commodities/bismuth/trading/index.md)
- [Movement](https://www.materialinsights.org/commodities/bismuth/movement/index.md)
- [Criticality](https://www.materialinsights.org/commodities/bismuth/criticality/index.md)
- [Characteristics](https://www.materialinsights.org/commodities/bismuth/characteristics/index.md)
- [Emissions](https://www.materialinsights.org/commodities/bismuth/emissions/index.md)
- [Relationships](https://www.materialinsights.org/commodities/bismuth/links/index.md)