Nexa Resources: Boliden in discussions to acquire majority stake in Nexa

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Nexa Resources: Boliden in discussions to acquire majority stake in Nexa

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Nexa Resources

Boliden in discussions to acquire majority

stake in Nexa

Reiterate Rating: UNDERPERFORM | PO: 12.00 USD | Price: 13.13 USD

Deal might help put floor under Nexa valuation 02 July 2026

Today Boliden confirmed that it is in discussions to acquire Votorantim’s majority Equity

interest in Nexa Resources (NEXA). If the valuations reported by mining.com are

Lawson Winder, CFA >>

accurate, we would view the process as positive for Nexa as it should provide a price Research Analyst

floor in the face of uncertainty from production guidance this year (and recent years) Merrill Lynch (Canada) +1 416 369 7592

that has been below market expectations. Adding uncertainty is the potentially expensive lawson.winder@bofa.com

Cerro Pasco project to integrate the El Porvenir and Atacocha mines into one complex, Jason Fairclough >>

with construction set to start in Q3’26. Our Underperform rating is largely a function of ResearchMLI (UK) Analyst

the BofA Commodities’ team cautious view of the zinc price vs. the current spot price, +44 20 7995 0225

and to an extent, the trend of production guidance missing expectations. jason.fairclough@bofa.com

Adam Smiarowski, CFA >>

Boliden confirms acquisition discussions ResearchMerrill LynchAnalyst(Canada)

This morning news outlets reported that Nexa parent Votorantim is close to selling its +1adam.smiarowski@bofa.com416 369 7780

64.7% stake in Nexa for $1.41 billion (bn), citing sources close to the talks, but noted Sathish Kasinathan

that an agreement is not imminent. Boliden also confirmed the talks in a press release Research Analyst

BofAS

while noting there is no certainty a transaction will take place. Shares in Nexa were up +1 646 855 2769