Nexa Resources has completed the sale of its Morro Agudo Complex in Minas Gerais, Brazil, to Casa Verde for 80m reais (approximately $16m).

The complex includes the Morro Agudo and Ambrósia mines, with the latter having ceased operations in late 2020. The Bonsucesso project remains with Nexa.

The deal was signed between the parties in April 2024.

Casa Verde has acquired all rights, titles and interests in the Morro Agudo Complex, excluding the Bonsucesso project.

The deal includes all related assets, rights, equipment and inventory.

Casa Verde will also take on responsibility for the future closure of the mine, including the decommissioning of tailings storage facilities and any necessary remediation plans.

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Furthermore, Casa Verde plans to transform the site into a limestone production facility.

In 2023, the Morro Agudo mine produced 23,000 tonnes (t) of zinc and 8,300t of lead, contributing to around 5% and 6% of Nexa’s total zinc and lead production respectively.

The divestment aligns with Nexa’s strategy to optimise its portfolio and improve free cash flow.

Nexa Resources CEO Ignacio Rosado earlier said: “The sale of our Morro Agudo Complex is another step in our journey to continually maximise value. Portfolio optimisation is a central part of our strategy to improve cash flow generation and returns.

“This focus allows us to concentrate our efforts on our most attractive businesses and mines, as well as strengthen our capital structure.”

Currently, Nexa owns and operates four long-life mines, including three in the central Andes region of Peru and one of in the state of Minas Gerais in Brazil.

The company also owns and operates three smelters, including two in the state of Minas Gerais in Brazil and one in Lima, Peru.