Swedish mining group Boliden AB has agreed to buy Votorantim SA's controlling stake in Nexa Resources SA for $1.3 billion, according to the agreement. The transaction grants Boliden 64.7 percent of Nexa, a zinc and silver producer with operations in Brazil and Peru.
The deal expands Boliden's footprint in Latin America and adds significant zinc production capacity to its portfolio. Nexa operates mines and processing facilities across the two countries, where it is among the largest zinc producers by output volume. Votorantim, the Brazilian conglomerate that held the stake, is divesting amid a broader portfolio review.
Boliden, one of Europe's largest base metals producers, has historically focused on Swedish and European operations. The Nexa acquisition marks one of the company's largest geographic expansions outside Scandinavia and Finland in recent years. Zinc prices have climbed steadily since 2023 on supply concerns and demand from the power and renewable infrastructure sectors.
Nexa's Brazilian and Peruvian assets include the Vazante mine in Minas Gerais and the Cerro Lindo mine in Peru, both producing zinc concentrate alongside silver byproducts. The company reported annual zinc production volumes in the hundreds of thousands of tons. Boliden operates similar polymetallic mines in Sweden and plans to integrate Nexa's supply chain into its existing logistics and marketing networks.
The transaction is expected to close in the fourth quarter of 2026, subject to regulatory approvals in Brazil and Peru. Boliden is financing the purchase through a combination of cash and debt facilities.
Boliden now holds nearly two-thirds of Nexa through the acquisition, giving the company operational control and full consolidation rights on its financial statements. Other shareholders, including public float holders, maintain minority positions in the company. The valuation implies roughly $2 billion enterprise value for Nexa at full equity, based on the stake price and Votorantim's historical disclosures.
