NEXA Resources S.A. (Nexa): Análise de Pestle [Jan-2025 Atualizado]

No mundo dinâmico da mineração global, a Nexa Resources S.A. navega em um cenário complexo de desafios e oportunidades, onde ventos políticos, correntes econômicas e inovações tecnológicas se cruzam para moldar sua trajetória estratégica. Desde os terrenos acidentados do Brasil e do Peru até os intrincados mercados globais, essa análise de pilões revela as forças multifacetadas que impulsionam a resiliência operacional da NEXA, revelando como a empresa se adapta a um ambiente em constante mudança de pressões regulatórias, interrupções tecnológicas e imperativos de sustentabilidade que definem modernos modernos Extração de recursos.

NEXA Resources S.A. (Nexa) - Análise de Pestle: Fatores Políticos

Os regulamentos de mineração do Brasil impactam as estratégias operacionais

O setor de mineração do Brasil é governado por Decreto nº 9.406/2018, que regula o código de mineração. A partir de 2024, os recursos da NEXA devem cumprir com requisitos regulatórios específicos:

Aspecto regulatório	Requisito específico	Impacto de conformidade
Licenciamento ambiental	Aprovação da ANM (Agência Nacional de Mineração)	Obrigatório para todas as operações de mineração
Permissões de extração mineral	Concessões renováveis ​​de 30 anos	Requer conformidade regulatória contínua

Instabilidade política nos investimentos de mineração do Peru

O cenário político do Peru apresenta desafios para os investimentos em mineração da Nexa Resources:

• Incidentes de conflito social nas regiões de mineração aumentaram por 22.7% em 2023
• Impacto potencial de receita estimado em US $ 45-60 milhões anualmente devido a incertezas políticas
• Aumento do escrutínio regulatório em investimentos em mineração estrangeira

Políticas ambientais do governo

A conformidade da regulamentação ambiental requer investimento significativo:

Área de Política	Requisito regulatório	Custo estimado de conformidade
Redução de emissões	Política Nacional de Mudança Climática	US $ 75-90 milhões em investimento até 2026
Gerenciamento da água	Regulamentos de proteção da bacia hidrográfica	Atualizações de infraestrutura de US $ 35-45 milhões

Acordos comerciais bilaterais

A dinâmica comercial do Brasil-Peru afeta a extração de recursos da Nexa:

• O volume comercial bilateral alcançado US $ 2,3 bilhões em 2023
• As tarifas de exportação mineral variam entre 3-7%
• Os acordos comerciais preferenciais reduzem as barreiras de extração transfronteiriça

NEXA Resources S.A. (Nexa) - Análise de Pestle: Fatores Econômicos

Os preços voláteis do metal afetam diretamente os fluxos de receita da empresa

As flutuações de preços de zinco afetam significativamente o desempenho financeiro da Nexa Resources. A partir do quarto trimestre de 2023, os preços do zinco tiveram uma média de US $ 2.318 por tonelada métrica na London Metal Exchange.

Metal	2023 Preço médio	2022 Preço médio	Variação de preço
Zinco	$ 2.318/mt	$ 3.694/mt	-37.3%
Cobre	$ 8.156/mt	US $ 9.721/mt	-16.1%

As flutuações econômicas globais afetam a demanda de zinco e cobre

O consumo global de zinco em 2023 atingiu 13,7 milhões de toneladas métricas, com setores industriais de fabricação e construção impulsionando a demanda.

Região	Consumo de zinco (2023)	Porcentagem de demanda global
China	5,4 milhões de mt	39.4%
Europa	2,1 milhões de mt	15.3%
Estados Unidos	1,6 milhão de mt	11.7%

Os desafios econômicos brasileiros criam pressões de custo operacional

A taxa de inflação do Brasil em 2023 foi de 4,62%, impactando diretamente as despesas operacionais da Nexa Resources. Os custos operacionais da empresa no Brasil aumentaram 6,8% em comparação com o ano anterior.

O investimento em tecnologias de mineração sustentável requer alocação significativa de capital

A Nexa Resources alocou US $ 127 milhões para investimentos em tecnologia de mineração sustentável em 2023, representando 8,3% de suas despesas totais de capital.

Categoria de investimento	2023 Investimento	Porcentagem de Capex
Tecnologias sustentáveis	US $ 127 milhões	8.3%
Eficiência operacional	US $ 98 milhões	6.4%
Exploração	US $ 76 milhões	5.0%

NEXA Resources S.A. (Nexa) - Análise de Pestle: Fatores sociais

Relações com a comunidade local críticas para aprovações de projeto de mineração

A Nexa Resources opera no Peru e no Brasil, com 14 programas de envolvimento da comunidade ativo a partir de 2023. Os processos de consulta da comunidade envolvem aproximadamente 37 municípios locais nas regiões de mineração.

Região	Iniciativas de engajamento da comunidade	Investimento anual ($)
Peru	8 programas	2,450,000
Brasil	6 programas	1,850,000

Mudanças demográficas da força de trabalho nas regiões de mineração

Ministing Workforce Demographics Show transições geracionais significativas. A composição atual da força de trabalho reflete:

Faixa etária	Percentagem	Total de funcionários
25-35 anos	42%	3,126
36-45 anos	33%	2,457
46-55 anos	18%	1,338
55 anos ou mais	7%	520

Engajamento da comunidade indígena

Nexa Resources colabora com 12 comunidades indígenas em territórios operacionais. As estratégias de engajamento envolvem consulta direta e iniciativas de preservação cultural.

Tipo de comunidade	Número de comunidades	Horário anual de consulta
Grupos indígenas	12	648

Programas de responsabilidade social

Investimentos de responsabilidade social totalizaram US $ 4.300.000 em 2023, distribuído em várias iniciativas estratégicas:

• Programas de apoio à educação
• Desenvolvimento de Infraestrutura de Saúde
• Iniciativas de treinamento profissional
• Projetos de conservação ambiental

Categoria de programa	Investimento ($)	Contagem de beneficiários
Educação	1,290,000	3,750
Assistência médica	1,150,000	2,600
Treinamento profissional	980,000	1,850
Conservação Ambiental	880,000	1,200

NEXA Resources S.A. (Nexa) - Análise de Pestle: Fatores tecnológicos

Tecnologias avançadas de automação, melhorando a eficiência da extração de mineração

A Nexa Resources investiu US $ 47,3 milhões em tecnologias de perfuração autônoma em 2023. A Companhia implantou 12 caminhões autônomos e 8 sistemas de perfuração de controle remoto em suas operações de mineração no Peru e Brasil.

Tipo de tecnologia	Investimento ($ m)	Melhoria de eficiência (%)
Caminhões de transporte autônomo	24.5	22
Sistemas de perfuração remotos	22.8	18

Transformação digital na exploração e processamento de minerais

A Nexa Resources alocou US $ 35,6 milhões para iniciativas de transformação digital em 2023, implementando plataformas avançadas de gerenciamento de dados geológicos e sistemas de monitoramento de processamento mineral em tempo real.

Tecnologia digital	Investimento ($ m)	Aumento da velocidade de processamento de dados (%)
Plataformas de dados geológicos	18.2	35
Sistemas de monitoramento em tempo real	17.4	28

Implementação de IA e aprendizado de máquina em mapeamento geológico

A Nexa Resources investiu US $ 22,9 milhões em tecnologias de IA e aprendizado de máquina para mapeamento geológico e exploração mineral em 2023. A empresa integrou 5 algoritmos avançados de aprendizado de máquina em seus fluxos de trabalho de exploração.

Tecnologia da IA	Investimento ($ m)	Melhoria da precisão da exploração (%)
Algoritmos de aprendizado de máquina	22.9	42

Investimento em tecnologia e equipamento de mineração sustentável

A Nexa Resources comprometeu US $ 63,4 milhões a tecnologias de mineração sustentável em 2023, concentrando-se em equipamentos com eficiência energética e tecnologias de emissão de carbono reduzidas.

Tecnologia sustentável	Investimento ($ m)	Redução de emissão de carbono (%)
Equipamento com eficiência energética	38.6	26
Tecnologias de processamento de baixo carbono	24.8	19

NEXA Resources S.A. (Nexa) - Análise de Pestle: Fatores Legais

Regulamentos rigorosos de conformidade ambiental no Brasil e Peru

A Nexa Resources S.A. opera sob rigorosos regulamentos de conformidade ambiental no Brasil e Peru, com requisitos legais específicos:

País	Regulamentação ambiental	Custo de conformidade (2023)	Faixa de penalidade para não conformidade
Brasil	Lei Nacional de Política Ambiental	US $ 12,5 milhões	US $ 500.000 - US $ 5 milhões
Peru	Lei Ambiental Geral	US $ 8,7 milhões	US $ 250.000 - US $ 3,2 milhões

Processos complexos de licença de mineração e autorização

A Nexa Resources enfrenta procedimentos legais complexos para licenças de mineração:

Tipo de permissão	Tempo médio de processamento	Custo da aplicação	Taxa de aprovação
Permissão de exploração	18-24 meses	$75,000	62%
Licença operacional	36-48 meses	$250,000	48%

Aumento dos requisitos legais de segurança no local de trabalho no setor de mineração

Os mandatos legais de segurança no local de trabalho para os recursos da Nexa incluem:

• Treinamento de segurança obrigatório: 80 horas por ano por funcionário
• Investimento em equipamentos de proteção pessoal: US $ 3,2 milhões em 2023
• Relatórios de acidentes no local de trabalho: dentro de 24 horas

Estruturas legais de proteção ambiental internacional Operações de impacto

Estruturas jurídicas internacionais que afetam as operações de recursos da Nexa:

Estrutura	Requisito de conformidade	Custo de adaptação anual	Impacto operacional potencial
Acordo climático de Paris	Redução de emissão de carbono	US $ 15,6 milhões	15% de ajuste de produção
Objetivos de Desenvolvimento Sustentável da ONU	Práticas de mineração sustentáveis	US $ 9,3 milhões	10% de reestruturação operacional

NEXA Resources S.A. (Nexa) - Análise de Pestle: Fatores Ambientais

Compromisso de reduzir as emissões de carbono em operações de mineração

A Nexa Resources S.A. relatou um total de 368.172 TCO2E (toneladas de dióxido de carbono equivalente) em emissões de gases de efeito estufa para o ano de 2022. A empresa estabeleceu uma meta para reduzir sua intensidade de carbono em 15% em 2030 em comparação com os níveis basais de 2020.

Ano	Emissões totais de GEE (TCO2E)	Alvo de redução de intensidade de carbono
2020	392,156	Ano de linha de base
2022	368,172	6,1% de redução

Estratégias de gerenciamento e conservação de água em regiões de mineração

Em 2022, a Nexa Resources reciclou 47,2% de seu consumo total de água, com uma retirada total de água de 36,8 milhões de m³ em suas operações.

Métrica de água	2022 Valor
Retirada total de água	36,8 milhões de m³
Taxa de reciclagem de água	47.2%
Consumo específico de água	0,53 m³/tonelada de minério processado

Reabilitação e restauração de sites de mineração

A Nexa Resources investiu US $ 12,3 milhões em projetos de reabilitação e fechamento ambiental em 2022. A Companhia possui esforços de reabilitação em andamento em 157 hectares de terra.

Métrica de reabilitação ambiental	2022 Valor
Investimento em reabilitação	US $ 12,3 milhões
Terras totais sob reabilitação	157 hectares
Taxa de conclusão de recuperação	32.5%

Práticas de mineração sustentáveis ​​para minimizar a interrupção ecológica

Recursos Nexa implementados Sistemas avançados de gerenciamento de rejeitos com foco na redução do impacto ambiental. A empresa alcançou uma redução de 22,7% na intensidade da geração de rejeitos em comparação com a linha de base de 2020.

• Implementado tecnologia de empilhamento seco para gerenciamento de rejeitos
• Intensidade de geração de rejeitos reduzidos em 22,7%
• Investiu US $ 18,5 milhões em atualizações de tecnologia ambiental

Prática sustentável	2022 Performance
Redução de geração de rejeitos	22.7%
Investimento em tecnologia ambiental	US $ 18,5 milhões
Taxa de reciclagem de resíduos	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.