Boliden buys a controlling stake in Nexa Resources as South32 sells its aluminium business
Swedish mining group Boliden agreed to buy a controlling 64.68 per cent stake in Latin American producer Nexa Resources for 1.31 billion dollars to expand its base-metals and silver platform. Australian miner South32 confirmed a deal to sell its aluminium operations to Alcoa for up to 5.6 billion dollars, after reporting a 55 per cent jump in full-year underlying earnings and a return to a net cash position.
Economics & Markets··Evening
Boliden expands in Latin America
Boliden signed a definitive agreement to acquire Votorantim's 64.68 per cent stake in Nexa Resources for 1.31 billion dollars. The transaction represents a 14.2 per cent premium to Nexa's 20-day volume-weighted average share price as of early July. Boliden expects the deal to boost its position as a global base-metals and silver producer, adding that the acquisition should lift its 2026 estimated earnings per share by more than 8 per cent while raising its net debt-to-equity ratio.[1]
South32 divests aluminium operations
Australian miner South32 confirmed an agreement to sell its aluminium assets to Alcoa. The deal is valued at up to 5.6 billion dollars plus assumed liabilities. The divestiture marks a strategic shift for South32, moving the company away from the aluminium business to focus on other commodities. At the same time, the company expects a fourth grinding line at its Sierra Gorda copper mine to lift production about 30 per cent from fiscal 2031.[2]
Earnings and shareholder returns
The miner reported that its full-year underlying earnings surged 55 per cent to 1 billion dollars, while underlying EBITDA rose 28 per cent to 2.5 billion dollars. This performance helped the company achieve a net cash position of 283 million dollars. South32 also declared a fully franked dividend of 5.4 cents a share, noting it returned 327 million dollars to shareholders during the year.[2]
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