European Metals & Mining Weekly: New deals! BOL NEXA discussions. S32 ally sale to AA. TKA steel upside.

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European Metals & Mining Weekly: New deals! BOL NEXA discussions. S32 ally sale to AA. TKA steel upside.

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European Metals & Mining Weekly

New deals! BOL NEXA discussions. S32 ally

sale to AA. TKA steel upside.

Industry Overview

Boliden: Confirms discussions with Nexa & Votorantim 06 July 2026

Boliden confirmed that it is in discussions with Nexa Resources and Votorantim, majority Equity

owner of Nexa Resources, regarding a potential acquisition of Votorantim's shares in Europe

Nexa Resources. We are intrigued: A move into LatAm would be "off-piste" for Boliden, Non-Ferrous Metals,Mining &

which, at the moment, stands out vs. global peers for a purely European footprint. Minerals

Boliden fairly recently acquired mines from Lundin in Sweden and Portugal. We note Jason Fairclough >>

similarities between the businesses in terms of vertical integration between Mining & Research Analyst

Smelting. Nexa is net short concentrate to feeds its smelters. (See our reports: What’s MLI+44 (UK)20 7995 0225

Nexa for Boliden? Also from Nexa point of view, see: Nexa Resources) jason.fairclough@bofa.com

Kate McCutcheon >>

South32: Value crystallisation supports base metals focus ResearchMerrill LynchAnalyst(Australia)

S32 agreed to sell its Alumina/aluminium assets ex-Mozal to Alcoa. Headline EV is Lawson Winder, CFA >>

US$4.85bn excluding US$0.75bn pricing-linked contingent payments. Additional Research Analyst

Merrill Lynch (Canada)

US$1.2bn of rehab provisions, put this at a 12% premium to our US$5.4bn NAV. The

divestment enables S32 to focus on their growth projects (Hermosa, Ambler, Sierra ReinhardtResearch Analystvan der Walt >>

Gorda 4GL), provides a pathway for a "base metals pure-play" re-rate. (See report: MLI (UK)