Boliden’s $1.3B Nexa acquisition: production, capex and risk notes for mine planners
Reviewed by Joe Ashwell

First reported on MINING.com
30 Second Briefing
Boliden is acquiring Votorantim’s 65% stake in Nexa Resources for $1.3 billion in shares, implying $15.29 per Nexa share and valuing the zinc‑silver producer at about $3.7 billion including debt, with a follow‑on cash tender planned for the remaining 35%. The deal adds five polymetallic mines including Cerro Lindo and Aripuanã plus three zinc smelters such as Cajamarquilla, boosting Boliden’s 2027 mined zinc, copper and silver output by an estimated 62%, 14% and 64% respectively. Boliden expects EPS accretion above 8% but net debt‑to‑equity to rise to roughly 33%, with a $2‑billion bridge facility secured.
Technical Brief
- Consideration to Votorantim is 21.4 million newly issued Boliden shares, giving it ~7% ownership.
- Share exchange ratio is fixed at 0.25 Boliden share per Nexa share for the 65% stake.
- Follow-on cash tender for the remaining 35% must launch within 30–60 days of closing.
- Tender price will mirror the share exchange ratio, using Boliden’s 20‑day pre‑closing average share price.
- Deal values Nexa at ~$2 billion equity and ~$3.7 billion including debt and obligations.
- Implied $15.29 per Nexa share equates to a 14% premium to the 20‑day VWAP on 1 July.
- BMO estimates the purchase multiple at ~3.2× 2027–28 EV/EBITDA versus Boliden at ~5×.
- Nexa’s EBITDA is forecast by BMO at $1.1 billion in 2027 and $1.3 billion in 2028.
- Bridge facility of $2 billion covers the tender, minority mandatory offers in Peru and Nexa refinancing.
- Transaction closing targeted for Q1 2027, subject to Boliden shareholder and regulatory approvals; Nexa remains NYSE‑listed.
Our Take
The implied 3.2x 2027–28 EV/EBITDA multiple for Nexa versus about 5x for Boliden suggests the group is effectively arbitraging its higher Nordic valuation multiple into discounted Latin American zinc and silver capacity, a pattern not seen in most other base-metals M&A items in our database, which tend to be priced closer to the acquirer’s own multiple.
Our recent copper-price coverage, where Boliden appears alongside majors like Freeport-McMoRan and BHP, indicates that adding 14% to mined copper output via Nexa could be strategically important for keeping Boliden relevant in the global copper peer set as Aitik and other European assets mature under tighter environmental constraints.
Prepared by collating external sources, AI-assisted tools, and Geomechanics.io’s proprietary mining database, then reviewed for technical accuracy & edited by our geotechnical team.
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