Sweden’s Boliden has confirmed it is in discussions to purchase Votorantim’s controlling stake in Nexa Resources, one of the world’s largest zinc producers.
The announcement validates widespread market speculation about a potential deal between the two mining groups and marks a significant expansion of Boliden’s footprint in Latin America.
Boliden shares fell in Stockholm trading as investors digested the implications of the confirmed acquisition talks.
The sell-off reflects caution over the execution risk and capital requirements associated with integrating a major Brazilian asset, despite the strategic appeal of Nexa’s zinc and copper operations.
The potential transaction tests foreign mining appetite in Brazil, where Votorantim has held the controlling interest in Nexa.
For Boliden, the move signals a shift toward securing critical mineral supply chains through large-scale M&A, aligning with broader industry trends of consolidation in the base metals sector.