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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
Nexa Resources
Nexa Resources (NEXA) investor relations material
Nexa Resources Corporate presentation summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Corporate presentation summary11 Nov, 2026
Ownership and business profile
Votorantim held ~64.7% of equity; its Aug. 27, 2026 share-for-share agreement with Boliden would transfer the controlling stake, leaving Boliden with 64.7% and Votorantim with ~7% of Boliden.
A top-six global zinc producer with 5 polymetallic mines, 3 zinc smelters and 65+ years of experience, operating across Brazil and Peru.
Zinc metal market share exceeded 80% in Brazil and was 100% in Peru in 2025; 50% of sales went to high-premium markets.
Integrated platform combines mining, smelting and by-products; mining-smelting integration was ~50–55% currently, with 60–65% expected at Aripuanã full production.
Operations and growth projects
FY2025 production: 316kt zinc, 33kt copper, 63kt lead and 11Moz silver; 2026 guidance: 335kt zinc, 28kt copper, 64kt lead and 11Moz silver.
Aripuanã 3Q26 treated ore was 471kt and zinc output 13.0kt, up 48% QoQ; plant utilization averaged 84%, reaching 90% in September, as the fourth tailings filter stabilized.
Cerro Pasco Phase I mechanical completion was expected in Dec. 2026; MEIA approvals were expected Mar.–Apr. 2027, with pumping start in early 3Q27.
Mineral Reserves grew ~72% since 2012; exploration spans Peru, Brazil and Namibia, with >75km of drilling annually.
Cerro Pasco integration could enable access to ~12Mt of Atacocha underground resources; the base case plus upside could extend mine life to 15 years.
Financial position and priorities
FY2025 revenue was US$3,002M and Adjusted EBITDA US$772M; 9M26 revenue was US$2,733M and Adjusted EBITDA US$869M.
3Q26 gross debt was US$1,752M, net debt US$1,456M and net leverage 1.24x; liquidity was US$735M including the RCF.
2025 capex was US$352M; updated 2026 capex guidance was US$420M, up 10% from US$381M, including US$41M for Cerro Pasco integration.
Financial priorities include gross debt reduction, liquidity of at least US$500M and a target net leverage ratio of no more than 1.2x.
Strategic plans target copper growth from ~35kt to 80–100kt annually through inorganic growth, with geographic diversification and ROIC of at least 15%.
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Latest events from Nexa Resources
- Higher metal prices lifted earnings, while weather disruption and fatalities underscored operational risks.NEXA
Q4 2017 - Revenue edged higher, but costs cut adjusted EBITDA as Aripuanã growth investment advanced.NEXAQ4 2018
- Lower metal prices cut EBITDA as Aripuanã construction and efficiency plans advanced.NEXAQ4 2019
- Adjusted EBITDA rose 15% as lower costs offset weaker metals sales and pandemic disruption.NEXAQ4 2020
- Record adjusted EBITDA and Aripuanã’s startup marked a strong but pressured 2022.NEXAQ4 2022
- Higher zinc output was outweighed by lower prices and Aripuanã ramp-up costs.NEXAQ4 2023
- Record 2021 EBITDA of US$704m; 2022 volumes face supply constraints as Aripuanã nears startup.NEXAQ4 2021
- Q3 Adjusted EBITDA hit $300.8M; impairment drove a $47.3M net loss.NEXAQ3 2026
- Adjusted EBITDA up 78% year-over-year to $286M; net leverage improved to 1.4x.NEXAQ2 2026
Next Nexa Resources earnings date
Q4 202626 Feb, 2027
Nexa Resources
Next Nexa Resources earnings date
Q4 202626 Feb, 2027
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Frequently asked questions
Nexa Resources S.A., originally known as VM Holding S.A., is a Luxembourg-based global mining and smelting company with a significant presence in Brazil and Peru. The company specializes in the production of zinc, along with copper, lead, silver, and gold. Nexa Resources operates several units including polymetallic underground mines, zinc smelters, and projects in different phases of development ranging from mineral exploration to feasibility studies. Key operational sites include the Aripuanã mine in Brazil, known for its zinc production, and the Cajamarquilla smelter in Peru, the largest zinc smelter in Latin America and the fifth largest globally. The company is headquartered in Luxembourg, Luxembourg, and its shares are listed on the New York Stock Exchange.