Boliden has entered into a definitive agreement with Votorantim to acquire all of Votorantim’s shares in Nexa Resources, a deal that would give Boliden a controlling 64.68% stake in the Latin American base-metals producer. The Nexa Resources acquisition implies a total equity value for Nexa of approximately $2.025 billion and marks a significant expansion of Boliden’s zinc mining and silver mining operations.
Boliden Agrees to Take Control of Nexa Resources
Under the terms of the definitive agreement, Votorantim will receive 0.250 newly issued Boliden shares for each Nexa share it holds. That translates to approximately 21.4 million newly issued Boliden shares, which would give Votorantim an ownership stake of around 7.0% in Boliden after closing. The implied consideration for Votorantim’s shares is approximately $1.31 billion, while Nexa’s implied enterprise value stands at roughly $3.666 billion.
The Nexa Resources acquisition is expected to close during the first quarter of 2027, subject to several conditions. These include Boliden shareholder approval, Nexa shareholder approval, regulatory approvals and other customary closing conditions. Until those requirements are met, Boliden does not yet control Nexa Resources.
Following the closing, Nexa would be fully consolidated in Boliden’s financial statements. Boliden has also agreed with Nexa to launch a voluntary tender offer for the remaining Nexa shares not acquired through the transaction with Votorantim. That tender offer would be initiated after the deal closes and is separate from the definitive agreement itself.
Deal Expands Zinc and Silver Mining Footprint
Boliden has stated that the Nexa Resources acquisition will strengthen its position as a zinc mining producer and add meaningfully to its silver mining business. The transaction is expected to broaden Boliden’s footprint in base metals across Latin America mining markets, complementing its existing operations in Europe.
Should the deal close as planned, Boliden would operate 12 mining units and eight smelter units spanning both Europe and Latin America. That expanded portfolio would position Boliden among the larger diversified base-metals producers globally, with zinc mining and silver mining forming the core of the combined operation.
The acquisition of Nexa Resources reflects ongoing consolidation in the metals sector, where producers are seeking scale and geographic diversification. Nexa operates mines and smelters primarily in Brazil and Peru, giving Boliden direct access to established Latin America mining assets and processing infrastructure.
For the broader mining industry, this Nexa Resources acquisition underscores continued appetite for zinc mining and silver mining assets at a time when supply-side constraints and long-term demand fundamentals remain central to base-metals strategy. The deal also highlights the role of Latin America mining as a key growth region for global producers.
Boliden has been clear that the transaction remains subject to the approvals and conditions outlined in the agreement. No operational changes or production increases have been confirmed ahead of closing. The voluntary tender offer for remaining minority shares would only proceed following completion of the primary transaction with Votorantim.
The Nexa Resources acquisition, if completed on the expected timeline, would reshape Boliden’s operational profile and extend its reach well beyond its traditional European base.