Swedish miner Boliden agreed to buy a majority stake in Nexa Resources for around $1.31 billion, acquiring Votorantim's near 65% stake in the New York Stock Exchange-listed zinc producer. The deal positions Boliden as one of the world's leading zinc providers and significantly increases its silver output. Nexa Resources operates in Brazil and Peru, accounting for approximately 4% of global zinc production, and also produces silver, copper, lead, and gold through two underground mines and an open-pit mine in Peru, two underground mines in Brazil, and three zinc smelters.

As payment, Votorantim will receive 21.4 million newly issued Boliden shares, representing around 7% of shares and votes, plus board representation. The transaction values Nexa shares at $15.29 each, a 27% premium to the $12.04 closing price before talks were disclosed, implying a total equity value of around $2.03 billion. Closing is expected in the first quarter of 2027, subject to shareholder and regulatory approvals, after which Boliden will make a cash offer for remaining Nexa shares.

Boliden and Nexa had combined revenue of around 136 billion Swedish kronor ($14.27 billion) in the 12 months ending June 30, with EBITDA of 38 billion kronor. Boliden's dividend policy and financial targets remain unchanged.