Boliden: Eyeing up Nexa?

Research evidence excerpt

Boliden: Eyeing up Nexa?

Equity Research

European Metals & Mining

3 July 2026

Boliden

Eyeing up Nexa?

Any potential deal would globalise the business and create a

top 3 zinc player in both mining and smelting at an accretive

valuation given Nexa trades at 2.9x CY26E cons EV/EBITDA vs. BOL.ST/BOL SS OVERWEIGHT

European Metals & Mining NEUTRAL

BOL at 6.1x. However, risks are BOL is likely to need equity to Price Target SEK 650.00

fund any deal and no obvious synergies in our view. Price (02-Jul-26) SEK 525.20

Potential Upside/Downside +23.8%

Source: Bloomberg, Barclays Research

Boliden confirmed that it is in discussions with Votorantim, the majority owner of Nexa

Resources, regarding a potential acquisition of Votorantim’s 64.7% stake in Nexa. There is no

certainty that any transaction will take place, nor what the terms of any such transaction would European Metals & Mining

be. Amos Fletcher, CFA

+44 (0)20 7773 2225

What is Nexa? Nexa Resources (not covered) is a US-listed primarily zinc producer. Nexa owns amos.fletcher@barclays.com

Barclays, UKfour principally underground operating mines and three zinc smelters located in Peru and

Brazil. Its main commodity exposure is zinc, which contributed 40% of mining revenue in 2025, Ian Rossouw, CFA

alongside silver (22%), copper (21%), lead (11%) and gold (6%) by-products. We provide a +44 (0)20 3555 2620

summary of its asset base in the table below. According to Wood Mackenzie data, all of Nexa's ian.rossouw@barclays.com

Barclays, UKmines sit in the top half of the cost curve in CY25 and are expected to do so in CY26, although,

according to Nexa's reported numbers, the assets delivered an all-in sustaining cost of $0.21/lb Meet Mehta, CFA

zinc in CY25 and cash cost (pre-sustaining capex) of -$0.30/lb net of by-products.