Sweden’s Boliden Circles Votorantim’s Stake in Zinc Giant Nexa

Companies

Key Facts

—The talks. Sweden’s Boliden confirmed on July 2 it is in discussions to buy a stake in Nexa Resources.

—The seller. Brazil’s Votorantim would part with its controlling holding of about sixty-five percent.

—The target. Nexa is one of the world’s five largest zinc producers, with mines in Brazil and Peru.

—The price talk. Votorantim valued the stake at about seven billion reais ($1.3bn) in April.

—The caveat. Both sides warned no deal is certain and gave no timing.

—The pattern. It would be Votorantim’s second big mining exit after selling its aluminium arm.

One of Brazil’s oldest industrial dynasties is preparing to hand a prized metals business to a European buyer. The Votorantim Nexa talks would move a global zinc champion into Swedish hands.

Boliden, Europe’s third-largest zinc and copper producer, confirmed on July 2 that it is in discussions to acquire Votorantim’s stake in Nexa Resources. Nexa itself and Votorantim issued matching statements the same day.

The holding at stake is a controlling one, close to sixty-five percent. Both companies stressed the talks may lead nowhere, and neither gave a price or a timeline.

What the Votorantim Nexa deal would involve

Nexa is a serious asset, not a minor one. It ranks among the world’s five biggest zinc producers, running five mines and three smelters across Brazil and Peru.

Its smelter in Lima, known as Cajamarquilla, is the largest in the Americas. The company also mines copper, lead and silver alongside its main product.

Votorantim signalled its intention to sell earlier this year. In April it told a Brazilian newspaper that a deal for its stake would come in around seven billion reais, about one and a third billion dollars.

Investors liked the news. Nexa’s New York-listed shares rose almost three percent after hours, valuing the whole company at roughly one point eight billion dollars.

The business itself is in decent shape. Nexa reported net income of one hundred and eighteen million dollars in the first quarter, and its mine in the Brazilian state of Mato Grosso set a new quarterly zinc-production record.

Why Votorantim is stepping back

Votorantim is one of Brazil’s largest family-owned conglomerates, with roots stretching back nearly a century across cement, banking and metals. It has been reshaping that sprawling empire for years.

The Nexa talks fit a clear pattern of retreat from heavy mining. The group recently sold its aluminium producer to China’s Chinalco and Rio Tinto for about four and a half billion reais.

Selling the zinc business would mark a deeper shift. It would leave one of Brazil’s storied industrial names lighter in the very metals that built its fortune.

For Boliden, the logic runs the other way. Buying Nexa would widen its base-metals footprint and, for the first time, plant the Swedish group firmly in Latin American ground.

Why it matters beyond Brazil

The deal would be one of the year’s larger moves in the global metals industry. Zinc is a workhorse metal, used to galvanise steel and increasingly watched as part of the wider critical-minerals story.

The direction of ownership is the telling part. A European producer reaching into Brazil and Peru shows how far foreign capital will travel for reliable metal supply.

It also underlines Brazil’s shifting role. The country is both a magnet for foreign money and a place where its own champions are choosing to sell rather than expand.

The next marker is close. Boliden reports its second-quarter results on July 21, an occasion that could force more detail into the open if the talks have firmed up by then.

What are the Votorantim Nexa talks about?

Sweden’s Boliden confirmed on July 2 that it is in discussions to buy Votorantim’s controlling stake, about sixty-five percent, in Nexa Resources, one of the world’s largest zinc producers. Votorantim had earlier valued the holding at around seven billion reais, roughly one and a third billion dollars, though both sides say no deal is certain.

Why is Votorantim selling Nexa?

The sale would continue a long reshaping of the Brazilian conglomerate, which recently sold its aluminium arm to Chinalco and Rio Tinto. Stepping back from zinc would leave one of Brazil’s oldest industrial groups lighter in the base metals that built it.

Why does the deal matter for investors?

It would be one of the year’s biggest metals-industry deals and a sign of foreign appetite for Latin American mining, with a European producer buying assets in Brazil and Peru just as demand for critical minerals rises. Boliden reports second-quarter results on July 21, which could bring more detail.

Boliden is in talks to buy roughly 65% of Nexa Resources from Brazil's Votorantim, a stake the seller valued at about seven billion reais (around $1.3 billion) in April. Neither side has confirmed a final price or timeline, and both warned the deal may not happen.

Nexa is one of the world's five largest zinc producers, running five mines and three smelters in Brazil and Peru, including Cajamarquilla in Lima, the largest zinc smelter in the Americas. It also produces copper, lead, and silver.

Votorantim has been stepping back from heavy mining for years, and the Nexa sale follows its recent sale of its aluminium business to Chinalco and Rio Tinto for about 4.5 billion reais. Selling Nexa would mark a deeper shift away from the base metals that originally built the Brazilian conglomerate's fortune.