Boliden AB and Votorantim S.A. have entered into an all-share agreement in which Boliden will acquire all Votorantim’s shares in Nexa Resources S.A for approximately $1.3 billion. Under the terms of the transaction, Votorantim will receive 0.250x newly issued Boliden shares for each of its Nexa shares, resulting in Boliden becoming the owner of 64.68% of Nexa, and Votorantim becoming the owner of approximately 7% of Boliden.
“In addition to positioning Boliden as one of the leading zinc providers in the world, the transaction will reinforce our standing as a globally important base metal producer and bring a healthy addition to our precious metal business with a large increase to our output of silver in concentrate,” said Mikael Staffas, president and CEO of Boliden. He explained that the company would be entering two highly attractive mining and smelting jurisdictions in Latin America (Brazil and Peru) with an experienced partner, who will also become a significant Boliden owner.
Nexa Resources is one of the largest zinc producers. The company operates five polymetallic underground mines that produce zinc primarily, including Aripuaná (Brazil), Cerro Lindo (Peru), Vazante (Brazil), El Porvenir (Peru) and Atacocha (Peru); along with three zinc smelters: Cajamarquilla in Peru, and the Três Marias and Juiz de For smelters in Brazil. Nexa acquired the El Porvenir and Atacocha mines, which are set beside each other, from Milpo in 2010, and the company is in the process of integrating both as the Pasco Complex.
The mill at Aripuanã recently commissioned its fourth tailings filter and ended June at 86% average capacity utilization. At Cerro Lindo, Nexa started up block caving operations at the end of Q2 2026, reaching regular operation in July – the first application of this mining method for the company. Operations at Cajamarquilla have returned to normal levels after the smelter suffered a fire in May. Nexa said it expects to recover the affected volumes in H2 2026.
On a pro forma basis, Boliden would operate a portfolio of 12 mines and eight smelter units across Europe and Latin America. The transaction is expected to lead to a significant increase in Boliden’s production of finished metals as well as metals in concentrate.
Boliden said it will govern Nexa through Nexa’s board of directors, and existing Nexa management is expected to largely remain in place. Nexa will continue to exist as a separate legal entity organized under the laws of Luxembourg. The company said that closing is still subject to customary approvals, and is currently expected to close during Q1 2027.
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