Nexa Resources S.A. (NEXA): Analyse du Pestle [Jan-2025 MISE À JOUR]

Dans le monde dynamique de l'exploitation minière mondiale, Nexa Resources S.A. navigue dans un paysage complexe de défis et d'opportunités, où les vents politiques, les courants économiques et les innovations technologiques se croisent pour façonner sa trajectoire stratégique. From the rugged terrains of Brazil and Peru to the intricate global markets, this PESTLE analysis unveils the multifaceted forces driving Nexa's operational resilience, revealing how the company adapts to an ever-changing environment of regulatory pressures, technological disruptions, and sustainability imperatives that define modern Extraction des ressources.

Nexa Resources S.A. (NEXA) - Analyse du pilon: facteurs politiques

Les réglementations minières du Brésil ont un impact sur les stratégies opérationnelles

Le secteur minier du Brésil est régi par Décret n ° 9 406/2018, qui réglemente le code minière. En 2024, les ressources NEXA doivent se conformer aux exigences réglementaires spécifiques:

Aspect réglementaire	Exigence spécifique	Impact de la conformité
Licence environnementale	ANM (National Mining Agency) Approbation	Obligatoire pour toutes les opérations minières
Permis d'extraction minérale	Concessions renouvelables de 30 ans	Nécessite une conformité réglementaire continue

Instabilité politique dans les investissements miniers du Pérou

Le paysage politique du Pérou présente des défis pour les investissements miniers de NEXA Resources:

• Les incidents de conflit social dans les régions minières ont augmenté 22.7% en 2023
• Impact potentiel des revenus estimé à 45 à 60 millions de dollars annuellement en raison des incertitudes politiques
• Examen réglementaire accru sur les investissements minières étrangères

Politiques environnementales gouvernementales

La conformité de la réglementation environnementale nécessite des investissements importants:

Domaine politique	Exigence réglementaire	Coût de conformité estimé
Réduction des émissions	Politique nationale sur le changement climatique	Investissement de 75 à 90 millions de dollars d'ici 2026
Gestion de l'eau	Règlements sur la protection des bassins versants	Amélioration de l'infrastructure de 35 à 45 millions de dollars

Accords commerciaux bilatéraux

La dynamique commerciale du Brésil-PERU a un impact sur l'extraction des ressources de Nexa:

• Le volume du commerce bilatéral atteint 2,3 milliards de dollars en 2023
• Les tarifs d'exportation minérale varient entre 3-7%
• Les accords commerciaux préférentiels réduisent les barrières d'extraction transfrontalières

Nexa Resources S.A. (NEXA) - Analyse du pilon: facteurs économiques

Les prix des métaux volatils ont un impact direct sur les sources de revenus de l'entreprise

Les fluctuations des prix du zinc affectent considérablement les performances financières de NEXA Resources. Au quatrième trimestre 2023, les prix du zinc étaient en moyenne de 2 318 $ par tonne métrique sur le London Metal Exchange.

Metal	2023 prix moyen	2022 prix moyen	Écart de prix
Zinc	2 318 $ / MT	3 694 $ / MT	-37.3%
Cuivre	8 156 $ / MT	9 721 $ / MT	-16.1%

Les fluctuations économiques mondiales affectent la demande de zinc et de cuivre

La consommation mondiale de zinc en 2023 a atteint 13,7 millions de tonnes métriques, avec les secteurs de la fabrication et de la construction industriels stimulant la demande.

Région	Consommation du zinc (2023)	Pourcentage de la demande mondiale
Chine	5,4 millions MT	39.4%
Europe	2,1 millions MT	15.3%
États-Unis	1,6 million de MT	11.7%

Les défis économiques brésiliens créent des pressions de coûts opérationnelles

Le taux d'inflation du Brésil en 2023 était de 4,62%, ce qui concerne directement les dépenses opérationnelles de NEXA Resources. Les coûts opérationnels de l'entreprise au Brésil ont augmenté de 6,8% par rapport à l'année précédente.

L'investissement dans les technologies minières durables nécessite une allocation de capital importante

Les ressources NEXA ont alloué 127 millions de dollars aux investissements en technologie minière durable en 2023, ce qui représente 8,3% de sa dépense en capital totale.

Catégorie d'investissement	2023 Investissement	Pourcentage de CAPEX
Technologies durables	127 millions de dollars	8.3%
Efficacité opérationnelle	98 millions de dollars	6.4%
Exploration	76 millions de dollars	5.0%

Nexa Resources S.A. (NEXA) - Analyse du pilon: facteurs sociaux

Relations communautaires locales critiques pour les approbations du projet minier

Nexa Resources opère au Pérou et au Brésil, avec 14 programmes d'engagement communautaire actif en 2023. Les processus de consultation communautaire impliquent approximativement 37 municipalités locales à travers les régions minières.

Région	Initiatives d'engagement communautaire	Investissement annuel ($)
Pérou	8 programmes	2,450,000
Brésil	6 programmes	1,850,000

Travail démographique de la main-d'œuvre dans les régions minières

Émission démographique de la main-d'œuvre minière transitions générationnelles importantes. La composition actuelle de la main-d'œuvre reflète:

Groupe d'âge	Pourcentage	Total des employés
25-35 ans	42%	3,126
36-45 ans	33%	2,457
46-55 ans	18%	1,338
Plus de 55 ans	7%	520

Engagement communautaire autochtone

Nexa Resources collabore avec 12 communautés autochtones dans tous les territoires opérationnels. Les stratégies d'engagement impliquent des initiatives directes de consultation et de préservation culturelle.

Type de communauté	Nombre de communautés	Heures de consultation annuelles
Groupes autochtones	12	648

Programmes de responsabilité sociale

Les investissements de responsabilité sociale ont totalisé 4 300 000 $ en 2023, distribué sur plusieurs initiatives stratégiques:

• Programmes de soutien à l'éducation
• Développement d'infrastructures de soins de santé
• Initiatives de formation professionnelle
• Projets de conservation de l'environnement

Catégorie de programme	Investissement ($)	Compte de bénéficiaire
Éducation	1,290,000	3,750
Soins de santé	1,150,000	2,600
Formation professionnelle	980,000	1,850
Conservation de l'environnement	880,000	1,200

Nexa Resources S.A. (NEXA) - Analyse du pilon: facteurs technologiques

Advanced Automation Technologies Amélioration de l'efficacité d'extraction minière

NEXA Resources a investi 47,3 millions de dollars dans les technologies de forage autonomes en 2023. La société a déployé 12 camions de transport autonomes et 8 systèmes de forage télécommandés à travers ses opérations minières au Pérou et au Brésil.

Type de technologie	Investissement ($ m)	Amélioration de l'efficacité (%)
Camions de transport autonomes	24.5	22
Systèmes de forage à distance	22.8	18

Transformation numérique dans l'exploration et le traitement des minéraux

Les ressources NEXA ont alloué 35,6 millions de dollars pour les initiatives de transformation numérique en 2023, mettant en œuvre des plateformes avancées de gestion des données géologiques et des systèmes de surveillance de traitement des minéraux en temps réel.

Technologie numérique	Investissement ($ m)	Augmentation de la vitesse de traitement des données (%)
Plateformes de données géologiques	18.2	35
Systèmes de surveillance en temps réel	17.4	28

Mise en œuvre de l'IA et de l'apprentissage automatique dans la cartographie géologique

Nexa Resources a investi 22,9 millions de dollars dans les technologies de l'IA et de l'apprentissage automatique pour la cartographie géologique et l'exploration minérale en 2023. La société a intégré 5 algorithmes avancés d'apprentissage automatique dans ses flux de travail d'exploration.

Technologie d'IA	Investissement ($ m)	Amélioration de la précision de l'exploration (%)
Algorithmes d'apprentissage automatique	22.9	42

Investissement dans la technologie et l'équipement des mines durables

Nexa Resources a engagé 63,4 millions de dollars dans des technologies minières durables en 2023, en se concentrant sur l'équipement économe en énergie et réduit les technologies d'émission de carbone.

Technologie durable	Investissement ($ m)	Réduction des émissions de carbone (%)
Équipement économe en énergie	38.6	26
Technologies de traitement à faible teneur en carbone	24.8	19

Nexa Resources S.A. (NEXA) - Analyse du pilon: facteurs juridiques

Règlement strict de la conformité environnementale au Brésil et au Pérou

NEXA Resources S.A. fonctionne en vertu des réglementations strictes de la conformité environnementale au Brésil et au Pérou, avec des exigences légales spécifiques:

Pays	Réglementation environnementale	Coût de conformité (2023)	Panne de pénalité pour la non-conformité
Brésil	Loi nationale sur la politique environnementale	12,5 millions de dollars	500 000 $ - 5 millions de dollars
Pérou	Droit de l'environnement général	8,7 millions de dollars	250 000 $ - 3,2 millions de dollars

Processus de permis d'extraction et de permis complexes

Les ressources NEXA sont confrontées à des procédures juridiques complexes pour les licences minières:

Type de permis	Temps de traitement moyen	Coût de la demande	Taux d'approbation
Permis d'exploration	18-24 mois	$75,000	62%
Licence opérationnelle	36-48 mois	$250,000	48%

Augmentation des exigences légales en matière de sécurité au travail dans le secteur minier

Les mandats légaux sur la sécurité au travail pour les ressources NEXA comprennent:

• Formation à la sécurité obligatoire: 80 heures par an par employé
• Investissement de l'équipement de protection personnelle: 3,2 millions de dollars en 2023
• Représentation des accidents du travail: dans les 24 heures

Cadres juridiques internationaux de la protection de l'environnement Impact opérations

Cadres juridiques internationaux affectant les opérations des ressources NEXA:

Cadre	Exigence de conformité	Coût d'adaptation annuel	Impact opérationnel potentiel
Accord de climat de Paris	Réduction des émissions de carbone	15,6 millions de dollars	Ajustement de la production de 15%
Objectifs de développement durable de l'ONU	Pratiques minières durables	9,3 millions de dollars	10% de restructuration opérationnelle

Nexa Resources S.A. (NEXA) - Analyse du pilon: facteurs environnementaux

Engagement à réduire les émissions de carbone dans les opérations minières

Nexa Resources S.A. a déclaré un total de 368 172 TCO2E (tonnes d'équivalent de dioxyde de carbone) dans les émissions de gaz à effet de serre pour l'année 2022. La société a fixé un objectif pour réduire son intensité de carbone de 15% d'ici 2030 par rapport aux niveaux de base de 2020.

Année	Émissions totales de GES (TCO2E)	Cible de réduction de l'intensité du carbone
2020	392,156	Année de base
2022	368,172	6,1% de réduction

Gestion de l'eau et stratégies de conservation dans les régions minières

En 2022, Nexa Resources a recyclé 47,2% de sa consommation d'eau totale, avec un retrait total d'eau de 36,8 millions de m³ dans ses opérations.

Métrique de l'eau	Valeur 2022
Retrait total de l'eau	36,8 millions de m³
Taux de recyclage de l'eau	47.2%
Consommation d'eau spécifique	0,53 m³ / tonne de minerai transformé

Réhabilitation et restauration des sites miniers

Nexa Resources a investi 12,3 millions de dollars dans des projets de réadaptation et de fermeture environnementaux en 2022. La société a des efforts de réadaptation en cours sur 157 hectares de terrain.

Métrique de réadaptation environnementale	Valeur 2022
Investissement dans la réhabilitation	12,3 millions de dollars
Total des terres en réadaptation	157 hectares
Taux d'achèvement de la récupération	32.5%

Pratiques minières durables pour minimiser les perturbations écologiques

Nexa Resources implémentées Systèmes de gestion des résidus avancés en mettant l'accent sur la réduction de l'impact environnemental. L'entreprise a réalisé une réduction de 22,7% de l'intensité de la génération de résidus par rapport à la ligne de base de 2020.

• Implémenté la technologie d'empilement à sec pour la gestion des résidus
• Réduction de l'intensité de la génération de résidus de 22,7%
• A investi 18,5 millions de dollars dans les améliorations des technologies environnementales

Pratique durable	2022 Performance
Réduction de la génération de résidus	22.7%
Investissement technologique environnemental	18,5 millions de dollars
Taux de recyclage des déchets	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.