Mining’s old guard needs strong medicine
A new report details subpar investor returns in the mining industry over the last decade, particularly big cap diversified companies which have not adapted to new realities.
Nexa ended the first quarter of 2022 with a financial performance above market expectations, mainly due to the increase in metal prices.
The company reported consolidated net revenue of $722 million, compared to $603 million in the same period of 2020, despite the lower production volume of zinc and copper, mainly due to the lower treated ore volume in Cerro Lindo (Peru) and the temporary stoppage of the underground mine at Vazante (Brazil) between mid-January and the end of March, caused by the record volume of rainfall for the period.
From January to March, zinc production reached 66,300 tonnes (-14%), 6,900 tonnes of copper (-13%), 12,400 of lead (+19%).
Sales of metallic zinc and zinc oxide, products with higher added value, reached 134,000 tonnes, accounting for a decrease of 9%, following the reduction of volumes produced.
Midday in New York, Nexa was trading at $9.53 per share, up 2.1%. The company has a market cap of $1.26 billion.
Related: Peru police carry out second day of evictions at halted Las Bambas mine
