Nexa Resources S.A. (NEXA): Análisis PESTLE [Actualizado en enero de 2025]

En el mundo dinámico de la minería global, Nexa Resources S.A. navega por un complejo panorama de desafíos y oportunidades, donde los vientos políticos, las corrientes económicas y las innovaciones tecnológicas se cruzan para dar forma a su trayectoria estratégica. Desde los terrenos escarpados de Brasil y Perú hasta los intrincados mercados globales, este análisis de la mano presenta las fuerzas multifacéticas que impulsan la resiliencia operativa de Nexa, revelando cómo la empresa se adapta a un entorno siempre cambiante de presiones regulatorias, interrupciones tecnológicas e imperativas de sostenibilidad que definen modernas que definen modernas. Extracción de recursos.

Nexa Resources S.A. (Nexa) - Análisis de mortero: factores políticos

Las regulaciones mineras de Brasil impactan en las estrategias operativas

El sector minero de Brasil se rige por Decreto No. 9,406/2018, que regula el código minero. A partir de 2024, los recursos de NEXA deben cumplir con los requisitos reglamentarios específicos:

Aspecto regulatorio	Requisito específico	Impacto de cumplimiento
Licencia ambiental	Aprobación de ANM (Agencia Nacional de Minería)	Obligatorio para todas las operaciones mineras
Permisos de extracción de minerales	Concesiones renovables de 30 años	Requiere cumplimiento regulatorio continuo

Inestabilidad política en las inversiones mineras de Perú

El panorama político de Perú presenta desafíos para las inversiones mineras de Nexa Resources:

• Los incidentes de conflicto social en las regiones mineras aumentaron por 22.7% en 2023
• Impacto potencial de ingresos estimado en $ 45-60 millones anualmente debido a las incertidumbres políticas
• Mayor escrutinio regulatorio en inversiones mineras extranjeras

Políticas ambientales del gobierno

El cumplimiento de la regulación ambiental requiere una inversión significativa:

Área de política	Requisito regulatorio	Costo de cumplimiento estimado
Reducción de emisiones	Política nacional de cambio climático	$ 75-90 millones de inversiones para 2026
Gestión del agua	Regulaciones de protección de cuencas hidrográficas	$ 35-45 millones de actualizaciones de infraestructura

Acuerdos comerciales bilaterales

La dinámica comercial de Brasil-Peru impacta la extracción de recursos de Nexa:

• Volumen comercial bilateral alcanzado $ 2.3 mil millones en 2023
• Los aranceles de exportación mineral varían entre 3-7%
• Los acuerdos comerciales preferenciales reducen las barreras de extracción transfronteriza

Nexa Resources S.A. (NEXA) - Análisis de mortero: factores económicos

Los precios de metales volátiles afectan directamente las fuentes de ingresos de la compañía

Las fluctuaciones del precio de zinc afectan significativamente el desempeño financiero de Nexa Resources. A partir del cuarto trimestre de 2023, los precios del zinc promediaron $ 2,318 por tonelada métrica en el Exchange de Metal de Londres.

Metal	2023 Precio promedio	2022 Precio promedio	Varianza de precio
Zinc	$ 2,318/mt	$ 3,694/mt	-37.3%
Cobre	$ 8,156/mt	$ 9,721/mt	-16.1%

Las fluctuaciones económicas globales afectan la demanda de zinc y cobre

El consumo global de zinc en 2023 alcanzó los 13.7 millones de toneladas métricas, con sectores industrial de fabricación y construcción que impulsan la demanda.

Región	Consumo de zinc (2023)	Porcentaje de demanda global
Porcelana	5.4 millones de tmt	39.4%
Europa	2.1 millones de TM	15.3%
Estados Unidos	1,6 millones de TM	11.7%

Los desafíos económicos brasileños crean presiones de costos operativos

La tasa de inflación de Brasil en 2023 fue de 4.62%, impactando directamente los gastos operativos de Nexa Resources. Los costos operativos de la compañía en Brasil aumentaron en un 6,8% en comparación con el año anterior.

La inversión en tecnologías mineras sostenibles requiere una asignación de capital significativa

NEXA Resources asignó $ 127 millones para inversiones de tecnología minera sostenible en 2023, lo que representa el 8.3% de su gasto total de capital.

Categoría de inversión	2023 inversión	Porcentaje de CAPEX
Tecnologías sostenibles	$ 127 millones	8.3%
Eficiencia operativa	$ 98 millones	6.4%
Exploración	$ 76 millones	5.0%

Nexa Resources S.A. (Nexa) - Análisis de mortero: factores sociales

Relaciones locales de la comunidad crítica para aprobaciones de proyectos mineros

Nexa Resources opera en Perú y Brasil, con 14 programas de participación comunitaria activo a partir de 2023. Los procesos de consulta comunitaria implican aproximadamente 37 municipios locales a través de regiones mineras.

Región	Iniciativas de participación comunitaria	Inversión anual ($)
Perú	8 programas	2,450,000
Brasil	6 programas	1,850,000

Cambios demográficos de la fuerza laboral en las regiones mineras

Show de demografía de la fuerza laboral minera transiciones generacionales significativas. La composición actual de la fuerza laboral se refleja:

Grupo de edad	Porcentaje	Total de empleados
25-35 años	42%	3,126
36-45 años	33%	2,457
46-55 años	18%	1,338
55+ años	7%	520

Compromiso de la comunidad indígena

Nexa recursos colabora con 12 comunidades indígenas a través de territorios operativos. Las estrategias de participación implican consultas directas y iniciativas de preservación cultural.

Tipo comunitario	Número de comunidades	Horario de consulta anual
Grupos indígenas	12	648

Programas de responsabilidad social

Las inversiones de responsabilidad social totalizaron $ 4,300,000 en 2023, distribuido en múltiples iniciativas estratégicas:

• Programas de apoyo educativo
• Desarrollo de infraestructura de atención médica
• Iniciativas de capacitación profesional
• Proyectos de conservación ambiental

Categoría de programa	Inversión ($)	Recuento de beneficiarios
Educación	1,290,000	3,750
Cuidado de la salud	1,150,000	2,600
Capacitación profesional	980,000	1,850
Conservación ambiental	880,000	1,200

Nexa Resources S.A. (Nexa) - Análisis de mortero: factores tecnológicos

Tecnologías de automatización avanzadas mejorando la eficiencia de la extracción de minería

NEXA Resources ha invertido $ 47.3 millones en tecnologías de perforación autónoma en 2023. La compañía desplegó 12 camiones autónomos y 8 sistemas de perforación controlados a distancia en sus operaciones mineras en Perú y Brasil.

Tipo de tecnología	Inversión ($ m)	Mejora de la eficiencia (%)
Camiones de transporte autónomos	24.5	22
Sistemas de perforación remota	22.8	18

Transformación digital en exploración y procesamiento minerales

NEXA Resources asignó $ 35.6 millones para iniciativas de transformación digital en 2023, implementando plataformas avanzadas de gestión de datos geológicos y sistemas de monitoreo de procesamiento mineral en tiempo real.

Tecnología digital	Inversión ($ m)	Aumento de la velocidad de procesamiento de datos (%)
Plataformas de datos geológicos	18.2	35
Sistemas de monitoreo en tiempo real	17.4	28

Implementación de IA y aprendizaje automático en mapeo geológico

NEXA Resources invirtió $ 22.9 millones en tecnologías de IA y aprendizaje automático para mapeo geológico y exploración mineral en 2023. La compañía integró 5 algoritmos avanzados de aprendizaje automático en sus flujos de trabajo de exploración.

Tecnología de IA	Inversión ($ m)	Mejora de precisión de exploración (%)
Algoritmos de aprendizaje automático	22.9	42

Inversión en tecnología y equipo minero sostenible

NEXA Resources cometió $ 63.4 millones a tecnologías mineras sostenibles en 2023, centrándose en equipos de eficiencia energética y tecnologías de emisión de carbono reducidas.

Tecnología sostenible	Inversión ($ m)	Reducción de emisiones de carbono (%)
Equipo de eficiencia energética	38.6	26
Tecnologías de procesamiento de baja carbono	24.8	19

Nexa Resources S.A. (Nexa) - Análisis de mortero: factores legales

Regulaciones estrictas de cumplimiento ambiental en Brasil y Perú

Nexa Resources S.A. opera bajo estrictos regulaciones de cumplimiento ambiental en Brasil y Perú, con requisitos legales específicos:

País	Regulación ambiental	Costo de cumplimiento (2023)	Rango de penalización para el incumplimiento
Brasil	Ley Nacional de Política Ambiental	$ 12.5 millones	$ 500,000 - $ 5 millones
Perú	Ley ambiental general	$ 8.7 millones	$ 250,000 - $ 3.2 millones

Licencia de minería compleja y procesos de adquisición de permisos

NEXA Resources enfrenta procedimientos legales complejos para licencias mineras:

Tipo de permiso	Tiempo de procesamiento promedio	Costo de aplicación	Tasa de aprobación
Permiso de exploración	18-24 meses	$75,000	62%
Licencia operativa	36-48 meses	$250,000	48%

Aumento de los requisitos legales de seguridad en el lugar de trabajo en el sector minero

Los mandatos legales de seguridad en el lugar de trabajo para los recursos de NEXA incluyen:

• Capacitación de seguridad obligatoria: 80 horas anuales por empleado
• Inversión de equipos de protección personal: $ 3.2 millones en 2023
• Informes de accidentes en el lugar de trabajo: dentro de las 24 horas

Marcos legales de protección ambiental internacional Operaciones de impacto

Marcos legales internacionales que afectan las operaciones de recursos de NEXA:

Estructura	Requisito de cumplimiento	Costo de adaptación anual	Impacto operativo potencial
Acuerdo climático de París	Reducción de emisiones de carbono	$ 15.6 millones	15% de ajuste de producción
Objetivos de desarrollo de la ONU sostenible	Prácticas mineras sostenibles	$ 9.3 millones	10% de reestructuración operativa

Nexa Resources S.A. (Nexa) - Análisis de mortero: factores ambientales

Compromiso de reducir las emisiones de carbono en las operaciones mineras

Nexa Resources S.A. informó un total de 368,172 TCO2E (toneladas de dióxido de carbono equivalente) en las emisiones de gases de efecto invernadero para el año 2022. La compañía ha establecido un objetivo para reducir su intensidad de carbono en un 15% para 2030 en comparación con los niveles de referencia de 2020.

Año	Emisiones totales de GEI (TCO2E)	Objetivo de reducción de intensidad de carbono
2020	392,156	Año basal
2022	368,172	6.1% de reducción

Estrategias de gestión del agua y conservación en regiones mineras

En 2022, los recursos de NEXA reciclaron el 47.2% de su consumo total de agua, con una retirada total de agua de 36.8 millones de m³ en sus operaciones.

Métrico de agua	Valor 2022
Retirada total de agua	36.8 millones de m³
Tasa de reciclaje de agua	47.2%
Consumo de agua específico	0.53 m³/tonelada de mineral procesado

Rehabilitación y restauración de sitios mineros

NEXA Resources invirtió $ 12.3 millones en proyectos de rehabilitación y cierre ambiental en 2022. La compañía tiene esfuerzos de rehabilitación continuos en 157 hectáreas de tierra.

Métrica de rehabilitación ambiental	Valor 2022
Inversión en rehabilitación	$ 12.3 millones
Tierra total bajo rehabilitación	157 hectáreas
Tasa de finalización de recuperación	32.5%

Prácticas mineras sostenibles para minimizar la interrupción ecológica

Recursos de NEXA implementados Sistemas de gestión de relaves avanzados con un enfoque en reducir el impacto ambiental. La Compañía logró una reducción del 22.7% en la intensidad de generación de relaves en comparación con la línea de base 2020.

• Tecnología de apilamiento seco implementado para la gestión de relaves
• Intensidad de generación de relaves reducido en un 22.7%
• Invirtió $ 18.5 millones en actualizaciones de tecnología ambiental

Práctica sostenible	Rendimiento 2022
Reducción de la generación de relaves	22.7%
Inversión en tecnología ambiental	$ 18.5 millones
Tasa de reciclaje de residuos	64.3%

Nexa Resources S.A. (NEXA) - PESTLE Analysis: Social factors

You're managing a mining company in Latin America, so you know that the ground beneath your feet is only as stable as the community support above it. For Nexa Resources S.A., maintaining a strong Social License to Operate (SLO) is defintely crucial for mine continuity, especially given the operational challenges noted in their 2025 guidance. This informal social contract, built on trust and transparency, is a prerequisite for long-term sustainability and securing future capital. If stakeholders feel unheard, the risk of work stoppages, protests, or even license revocation becomes very real. It's not just about compliance; it's about being perceived as a legitimate and accountable partner in the regions of operation, like Peru and Brazil.

Sociological

Community opposition to new or expanded projects can cause costly delays, a risk Nexa explicitly monitors in its 2025 outlook. To proactively manage this, Nexa launched its unified social brand, Nexa Transforma, in September 2025. This initiative consolidates over 50 projects across four strategic areas: Water, Education, Income Generation, and Social Legacy. This is a clear pivot to make their social impact more recognizable and relevant to stakeholders.

The commitment to local development is concrete. In 2024, the company channeled R$ 36 million in social investment across its eight operating locations in Brazil and Peru. This funding supported 65 projects specifically aimed at the SLO, alongside 59 income generation and 50 education projects, directly benefiting around 23,000 people. Furthermore, Nexa is backing its long-term mine life extension plans in Peru with capital; for instance, the integration of the Atacocha and El Porvenir mines involves a US$50 million investment, with specific allocations like US$28.6 million for Atacocha works. This investment strategy is key to demonstrating a commitment that goes beyond the immediate operational horizon.

Focus on local employment and supply chain development is a key expectation that directly feeds into the SLO. Nexa has a stated policy of prioritizing local labor where possible. For example, during the proposed life extension of the Cajamarquilla zinc refinery, the company committed to giving priority to hiring unskilled local personnel from the refinery's areas of social influence. Back in 2021, the company already reported 137 local employees at Cerro Lindo and 407 at the Pasco Complex, showing a historical focus on this area, though the latest 2025 figures would be needed to track progress against current hiring goals.

Labor relations and collective bargaining agreements require continuous management. Nexa officially respects the rights of employees to freely associate and bargain collectively, ensuring fair compensation according to local regulations and agreements. However, labor-related protests remain a recognized risk factor that could affect 2025 production levels, according to the company's guidance commentary. Continuous, open dialogue is the mechanism Nexa uses to prevent and resolve conflicts, aiming for a good relationship with the surrounding society and its workforce.

Here's a snapshot of the social focus areas and recent data points:

Social Factor Area	Key Metric / Data Point	Year / Context
Social Investment	R$ 36 million	2024 Social Investment (Brazil & Peru)
SLO Project Focus	65 projects	2024 SLO-focused social projects
Local Employment (Example)	407 local employees	2021 at Pasco Complex
Mine Life Extension Capex	US$50 million total	Planned investment for Atacocha and El Porvenir life extension
Labor Risk Acknowledged	Labor-related protests	Cited as a risk factor in 2025 guidance

To be fair, translating social investment into tangible, year-over-year SLO improvement is always the hardest part. The launch of Nexa Transforma in late 2025 should help standardize reporting on these efforts going into 2026.

Finance: draft 13-week cash view by Friday

Nexa Resources S.A. (NEXA) - PESTLE Analysis: Technological factors

You're looking at how Nexa Resources S.A. is using new tech to keep its operations competitive and safe through 2025. Honestly, in this industry, technology isn't a nice-to-have; it's how you manage risk and squeeze out better margins when metal prices are choppy. Nexa is definitely leaning into this, putting capital toward digital tools and process automation to drive efficiency across the board.

Adoption of automation and remote operations improves safety and efficiency

Safety and efficiency go hand-in-hand when you automate tasks, especially underground. Nexa Resources S.A. has earmarked specific funds for this in its 2025 capital plan. They are using technology as a tool to hit productivity goals while keeping safety levels high, which is critical for maintaining operational uptime.

For 2025, the company explicitly guided for US$4 million to be allocated across all units for various automation projects. This isn't just about big robots; it's about smart systems that reduce human exposure to hazards and streamline workflows. If onboarding these systems takes longer than expected, you could see a slight lag in the expected cost improvements, so keep an eye on execution timelines.

Here are some of the technology-related capital and operating expenses planned for 2025:

Category	2025 Guidance (US$ million)
Technology for Operational Efficiency	6
Automation Projects (CAPEX)	4
Mineral Exploration Expenses	50
Project Evaluation Expenses	18

Advanced geological modeling and exploration technology boost discovery rates

Finding and proving up new reserves is the lifeblood of any mining company, and Nexa Resources S.A. is putting serious money behind its exploration efforts in 2025. They are using advanced modeling to better target drilling, which is paying off by validating their geological assumptions and extending mine life.

The company planned 131,910 meters of drilling for its 2025 exploration program, focusing on near-mine expansion and brownfield projects. This aggressive approach is already showing results; for instance, geological model adjustments at Aripuanã alone contributed to a +81kt increase in contained zinc in Mineral Reserves as of the end of 2024. The total planned spend for mineral exploration in 2025 is US$50 million.

The goal here is clear: use better data science to convert resources into reserves faster. What this estimate hides is the inherent uncertainty in exploration success; drilling might not always hit the high-grade intercepts seen previously, like the 22.14% zinc over 6.3 meters reported at Vazante.

Digitalization of mine-to-mill processes helps optimize zinc recovery

The move from the mine face all the way to the final saleable product-the mine-to-mill chain-is ripe for digital optimization. Nexa Resources S.A. is actively deploying digital solutions to smooth out these handoffs, which directly impacts the final zinc recovery rates and overall throughput at their smelters.

A concrete example is the launch of SmartSupply, a digital solution designed to improve supply chain efficiency. This system is currently being tested in Brazil and is slated for implementation in Peru. Better supply chain visibility helps ensure a more consistent feed grade and volume to the smelters, which is key to maintaining stable conversion costs, like the US$0.30/lb C1 cash cost they achieved in 2024 smelting operations.

• Launch of SmartSupply digital solution.
• Testing in Brazil, rollout planned for Peru.
• Aims to improve supply chain efficiency.
• Supports stable smelting throughput.

Need to invest in cleaner smelting technology to meet future standards

Smelting is energy-intensive and a major source of potential emissions, so investing in cleaner technology is less about future standards and more about current operational necessity and social license to operate. Nexa is integrating environmental technology into its sustaining capital expenditures.

For 2025, sustaining CAPEX is guided at US$316 million, which includes specific environmental and efficiency upgrades. For example, they budgeted US$8 million for the replacement of electro-filters at the Cajamarquilla smelter. Plus, they are putting US$1 million toward a biofuel project at the Três Marias smelter. These targeted investments help manage operational costs and reduce their environmental footprint, which is important as they aim to meet evolving ESG expectations.

Finance: draft 13-week cash view by Friday.

Nexa Resources S.A. (NEXA) - PESTLE Analysis: Legal factors

You're managing a complex, multi-jurisdictional mining portfolio, and the legal landscape in Peru and Brazil is shifting under your feet. Honestly, the biggest headache right now isn't the ore grade; it's the regulatory uncertainty. We need to map these legal landmines to our capital allocation strategy for 2025 and beyond.

Complex and lengthy environmental permitting processes delay capital projects

In Peru, getting new projects or major modifications through the regulatory pipeline remains a significant time sink. For instance, Nexa Resources S.A. had to carry out the Third Modification of the Environmental Impact Assessment for its Atacocha mine from 2024 until now, showing the continuous administrative effort required just to maintain or slightly alter operations. This isn't unique; the entire sector in Peru struggles with this. The current concession system, which has historically allowed an average 40-year timeline from concession grant to production for large-scale mines, is now under political review. While Congress debates reforms, this uncertainty itself creates a legal risk for long-term investment security, potentially causing international investors to pause capital deployment.

Here's a quick look at the scale of the issue in Peru, even outside of Nexa's direct permitting:

• Estimated illegal gold exports in 2025: $12 billion.
• Potential future copper investment stalled due to illegal mining invasions: $7 billion.
• Current concession-to-production timeline: Up to 40 years.

If onboarding a new project takes that long, churn risk rises for capital deployment.

New labor laws in operating countries can increase payroll costs and compliance burden

Brazil is tightening its grip on labor compliance, which directly impacts your payroll structure and administrative overhead in 2025. The enforcement of the Equal Pay Law (Law No. 14.611/2023) is intensifying, requiring companies with over 100 employees to publish detailed transparency reports on gender-based wage disparities or face fines. This means more internal auditing and policy work for your HR and Finance teams this year.

Furthermore, there are ongoing legislative discussions that could increase direct labor costs. For example, proposals in Brazil aim to reduce the standard workweek to 40 or even 36 hours and mandate specific rest periods before overtime, which translates directly into higher labor expenses or reduced effective working hours. In Peru, a proposed amendment to the Safety and Health at Work law could expand the employer's obligation to relocate workers limited by illness, adding another layer of HR management complexity.

Tax regime changes, including potential royalties on mineral extraction, are a risk

Fiscal predictability is eroding, which is a major concern for a company like Nexa Resources S.A. that reports payments to local, regional, and national authorities in both Brazil and Peru as of March 2025. Globally, the trend is toward governments seeking more revenue; in fact, over 60% of mining countries plan to revise royalty rates by 2025.

The most concrete risk is in Brazil, where a Tax reform approved in 2023 is set to begin in 2026, introducing a Selective tax on mineral extraction. While the full impact won't hit until 2026, the debate and uncertainty are happening now, in 2025, affecting long-term financial modeling. The Brazilian mining sector generated revenues of roughly BRL 86 billion from taxes and royalties in 2023, so any change to this base is material.

Here is a snapshot of the fiscal pressure points:

Jurisdiction	Legal/Fiscal Risk Area	2025 Context/Impact
Brazil	New Mineral Extraction Tax	Tax reform scheduled to begin in 2026 is causing concern in 2025 regarding competitiveness.
Global/General	Royalty Revisions	Over 60% of mining countries plan to revise royalty rates by 2025 to boost revenue.
Peru/Brazil	Transparency & Payments	Nexa publicly discloses all taxes, royalties, and fees paid to authorities as of March 2025.

Strict anti-corruption laws (FCPA, UK Bribery Act) govern international operations

You absolutely must maintain a zero-tolerance stance on corruption because the legal framework, despite a recent hiccup, remains severe. Nexa Resources S.A. formalized this commitment by publishing its Responsible Mineral Sourcing Policy in March 2025, explicitly covering corruption risks in line with OECD guidance. This is critical because you operate in jurisdictions where corruption risk is historically higher.

The major event in 2025 is the suspension of U.S. FCPA enforcement, effective February 10, 2025, for at least six months. While this was positioned to help U.S. competitiveness, it creates an asymmetric risk: your competitors might feel less deterred, potentially making your teams easier targets for illicit payment demands. The UK Bribery Act, however, remains fully enforced, meaning your international operations are still strictly governed by those rules. Remember the scale of past issues in the region: Brazil's Petrobras paid $853.2 million in penalties in 2018 for a corruption scheme. That historical precedent shows the financial devastation when compliance fails.

Key compliance takeaways for 2025:

• Maintain robust compliance; the UK Bribery Act is fully active.
• The FCPA enforcement pause creates a more tempting environment for bribery.
• Nexa's new policy covers corruption risks as of March 2025.

If onboarding takes 14+ days, churn risk rises.

Finance: draft 13-week cash view by Friday.

Nexa Resources S.A. (NEXA) - PESTLE Analysis: Environmental factors

You're looking at the environmental pressures on Nexa Resources S.A. right now, and honestly, it's where the rubber meets the road for any major miner. The external scrutiny on water, waste, and carbon is intense, driving real, non-negotiable capital allocation decisions.

Water management and scarcity in arid mining regions are critical operational issues.

Operating mines in regions like the Central Andes in Peru means water is a constant, high-stakes operational variable. Investors are watching how Nexa Resources S.A. manages this, especially given the commitments laid out in their strategy. They have a clear 2030 target to tackle this head-on: reduce specific water consumption by 10% across the board.

Here's the quick math on those specific targets: for mining, they aim to drop usage from 1.68 m³/ton of ROM (run-of-mine ore) down to 1.51 m³/ton of ROM. For metallurgy, the goal is to cut consumption from 24.01 m³/ton of metal to 21.61 m³/ton of metal. If onboarding new recirculation tech takes longer than expected, churn risk for community relations rises defintely.

Tailings dam safety and governance require significant, ongoing capital investment.

Dam management is a material topic for Nexa Resources S.A., and rightly so after industry incidents elsewhere. This isn't just about compliance; it's about maintaining your social license to operate and avoiding massive remediation costs down the line. While the 2024 total Capital Expenditure (CAPEX) was US$277 million, a portion of that, and likely ongoing operational spending, must be ring-fenced for governance and safety upgrades to meet international standards.

The company is focused on being recognized as transparent in dam safety, which means more reporting, more third-party audits, and likely, more spending on structural integrity and monitoring systems. You can't skimp here.

Pressure to reduce Scope 1 and 2 carbon emissions is increasing from investors.

The push for decarbonization is translating directly into project spending. Nexa Resources S.A. has already established itself as having one of the lowest carbon footprints in the zinc industry, with a 2021 intensity of about 0.41 tons of CO2 equivalent per ton of commercialized zinc and zinc oxide (Scopes 1 & 2).

The long-term roadmap is aggressive: achieve emissions neutrality by 2040 and Net Zero by 2050. The near-term action is the 2030 commitment to an absolute reduction of Scope 1 emissions by 20% (a 52 thousand ton CO2e reduction from the 2020 baseline). For example, the bio-oil project at the Três Marias unit is set to deliver an annual reduction of 6.44 thousand tons of CO2e starting in 2025. This shift away from fossil fuels is a core part of their strategy.

Biodiversity protection and land reclamation obligations are non-negotiable.

Mining inherently impacts land, so the commitment to reverse that is critical. Nexa Resources S.A. has a 2030 goal to ensure the recovery of 100% of the biodiversity in areas impacted by their operations. This isn't just about filling a hole; it demands a structured, long-term plan for ecological restoration, which requires dedicated budget lines separate from standard mine closure funds.

Here is a snapshot of their stated environmental goals:

Environmental Focus Area	Target Metric	Target Value	Deadline/Baseline
Scope 1 Emissions Reduction	Absolute Reduction	20% (52,000 tCO2e)	By 2030 (vs. 2020 baseline)
Water Consumption (Mining)	Specific Consumption	From 1.68 m³/ton ROM to 1.51 m³/ton ROM	By 2030
Biodiversity	Area Recovery	100% of impacted areas	By 2030
GHG Intensity (Scopes 1 & 2)	tCO2e per ton of zinc sold	0.41	2021 figure

Finance: Model a 15% drop in zinc prices against your 2025 cash flow view by next Friday.