Nexa Resources S.A. Announces Q1 2024 Financial Results Highlighting Challenges and Strategic Adjustments

Nexa Resources S.A. disclosed its financial outcomes for the first quarter of 2024, ending March 31, reporting a net loss of US$11 million and an Adjusted EBITDA of US$123 million. Despite facing operational challenges, including fatal incidents at two of its mines and a volatile commodities market, the company has driven forward with strategic initiatives aimed at enhancing safety, increasing production, and improving financial metrics.

The company witnessed significant operational achievements, such as a 10% increase in Mineral Reserves year-over-year and progress in its Cerro Pasco Integration Project. Nexa also completed the divestiture of the Morro Agudo Complex, aligning with its strategy to focus on more productive assets and optimize its portfolio for better financial sustainability.

Despite these strides, the mining sector's challenges, such as lower zinc prices and seasonal impacts on metal demand, have pressured the company’s financial performance. Nevertheless, Nexa remains committed to its long-term growth strategies, which include meticulous capital allocation and enhancing operational efficiencies across its mining and smelting operations.