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The world’s largest zinc smelter has been caught up for months in a fight between its largest shareholders over strategy and direction.
Nexa Resources (NYSE: NEXA) has resumed operations at its Cerro Lindo zinc-copper mine in Peru after a suspension of almost two weeks due to unusually heavy rains that flooded several lower levels of the mine and compromised access roads.
While some drainage systems are still being repaired, Nexa said the plant is now operating according to its production plan of 17,000 tonnes per day. The underground mine dewatering process is near completion, which should happen within 15 days, the miner said.
The underground Cerro Lindo mine is expected to recover the lost production in the coming quarters. Nexa kept 2023 guidance unchanged at between 69,000 tonnes and 79,000 tonnes of zinc. The operation is also expected to produce 25,000-28,000 tonnes of copper and 11,000-13,000 tonnes of lead this year.
Nexa operates five low-cost mines in Brazil and Peru, is the only integrated zinc producer and smelter in Latin America and, in 2022, was among the world’s fifth largest zinc producers, according to Wood Mackenzie.
