Nexa Resources SA Dossier
Qualitative Analysis
Business overview
Nexa Resources S.A. (NYSE: NEXA) is a leading global, large-scale, low-cost integrated polymetallic producer, with zinc as its primary product. Backed by over 65 years of experience in Latin America, the company is majority-owned by Votorantim S.A. (64.68% ownership stake). Nexa operates five polymetallic mines—four long-life underground mines (two in Peru and two in Brazil) and one open-pit mine in Peru. Downstream, the company operates three zinc smelters, including Cajamarquilla in Peru (the largest zinc smelter in the Americas) and two in Minas Gerais, Brazil (Três Marias and Juiz de Fora). In addition to zinc, Nexa recovers copper, lead, silver, and gold as valuable byproducts, which provide a natural hedge against zinc price volatility and lower cash costs through byproduct credits.
Research as of 19 Jun 2026
Strategic Initiatives
Growth programs, investments, and their expected impact
Ramping up the Aripuanã polymetallic underground mine in Mato Grosso, Brazil, to full nominal production capacity, supported by the installation and commissioning of a fourth tailings filter.
Expected impact: Unlocks full production capacity, increases zinc mining volumes, and serves as a central pillar of long-term cash flow generation.
Integrating the Cerro de Pasco and Atacocha mining assets in Peru to enable access to Atacocha's underground resources and optimize tailings management.
Expected impact: Extends the life of the mine complex by more than 15 years, lifts the average Net Smelter Return (NSR), and improves overall profitability.
Positioning Nexa as a low-carbon, high-tech supplier of certified green zinc by leveraging dry stacking of tailings, extensive water recirculation, and renewable energy procurement.
Expected impact: Secures long-term supply deals in steel decarbonization and renewable energy sectors, attracting ESG-conscious buyers and potentially commanding price premiums.
Mergers, Acquisitions & Partnerships
Recent deals and strategic collaborations
Strategic Partnerships
Votorantim S.A. is in advanced negotiations to sell its 64.7% controlling stake in Nexa Resources to a European company, reflecting a strategic shift by Votorantim to optimize its asset portfolio and reduce commodity exposure.
Terms: The transaction is valued at approximately 7 billion reais (US$1.41 billion), implying an enterprise value of approximately US$2.18 billion.