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Nexa Resources sends all the zinc concentrate from its own mines to its smelters in Brazil and Peru, including Cajamarquilla in Peru, which turn it into zinc metal and zinc oxide for sale. It also buys substantial amounts of concentrate from outside suppliers. Most refined-metal buyers are industrial users in galvanizing, die casting and alloy production; international traders buy the rest. Zinc supplies most revenue, while copper and lead concentrate sales provide other important income.
Customers generally buy under supply contracts. Refined zinc prices follow London Metal Exchange quotations plus a negotiated premium, while concentrate buyers pay for metal content after deducting processing charges. For Nexa’s smelters, these charges reduce the price paid for purchased concentrate and help determine the margin earned from refining and selling it. Two major customers together provide a substantial share of revenue across mining and smelting.
The business depends on industrial demand, international metal prices—especially zinc—and access to outside concentrate supplies. Keeping the mines productive also requires replacing depleted reserves and continued investment in mine development and equipment. Operations require mining rights and environmental licenses in Brazil and Peru; Peru also requires approved mine-closure plans and financial guarantees before mining and processing can begin.
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Every company claims an edge. Each one is checked against hard numbers like margins and returns: which hold, and which line gives way first.
Watch Glencore as another rival to Nexa’s zinc business: Worthington Steel names it alongside Nexa and Teck among its major zinc suppliers.
Teck and Nexa share exposure to zinc and copper prices and compete to sell refined zinc to Worthington Steel, which uses it in steel galvanizing. Teck’s zinc revenue is the closer comparison for Nexa than its larger copper business.
Buenaventura and Nexa compete in Peru, mining deposits containing several metals and selling overlapping concentrates to smelters and traders. Buenaventura’s zinc, lead and copper concentrate sales offer a comparison for Nexa’s mine sales, with both companies’ prices subject to metal-market quotations.
Southern Copper and Nexa sell copper, zinc, lead and silver into industrial metal markets and both operate mines in Peru. News about regulation or operating conditions at Southern Copper’s Peruvian operations is worth watching for Nexa’s mines there, rather than treating its Mexican operations as the same exposure.
Silvercorp and Nexa share exposure to zinc, lead and silver prices because both mine deposits containing those metals. Silvercorp’s silver-lead-zinc production in China offers a metal-market comparison, not a read on conditions at Nexa’s Brazilian and Peruvian mines.
Americas Gold and Silver Corporation competes with Nexa to sell silver-bearing zinc, lead and copper concentrates to metal processors. Its concentrate sales provide a comparison for Nexa’s mining business, rather than Nexa’s separate business selling refined zinc from smelters.
Hudbay Minerals Inc. and Nexa share copper and zinc markets, produce silver as a by-product and both mine in Peru. Watch Hudbay’s Constancia mine for a Peruvian operating comparison, while remembering that copper is Hudbay’s main metal and zinc is Nexa’s.
Worthington Steel buys Nexa’s zinc to process steel for its customers, including coating steel with zinc through hot-dip galvanizing. Demand for that galvanizing work is the part of Worthington Steel’s business to watch for Nexa’s refined-zinc sales.
Triple Flag Precious Metals Corp. pays upfront and on delivery for specified silver from Nexa’s Cerro Lindo mine under a long-term streaming agreement. Watch deliveries toward the 19.5 million-ounce limit: afterward, the agreement covers 25% of the silver content in Nexa Peru’s concentrate sales for the rest of Cerro Lindo’s life.
Ero Copper Corp. and Nexa share exposure to copper prices and Brazilian mining conditions, selling copper concentrates into international metal markets. Ero’s concentrate sales from Caraíba and Tucumã are the relevant comparison for Nexa’s copper business, not its gold sales.
Freeport-McMoRan and Nexa both sell copper into industrial metal markets, so Freeport’s copper results help put Nexa’s copper revenue in context. Copper supplied 75% of Freeport’s 2025 consolidated revenue, making that revenue line more relevant than its gold or molybdenum sales.
Southern Copper Corporation earningsSCCO
Southern Copper's report offers a read on mine operations in Peru and may flag local conditions relevant to Nexa's Peruvian mines.
Focus on Southern Copper's Peruvian operations, not its Mexican mines. Smooth operations there do not prove that Nexa has no issues; reported disruptions or tighter operating conditions would make it worth checking whether similar constraints affect Nexa's Peruvian mines, but would not establish that both companies face the same problem.
Nexa Resources S.A. earningsThis company
Nexa's report will show whether earnings from zinc mining can offset low treatment charges and weaker sales volumes in its smelting business.
Read mining and smelting Adjusted EBITDA, a measure of segment operating performance, alongside zinc production and sales volumes and treatment charges. If mining earnings and output hold up or rise and smelting earnings also stabilize, zinc prices and mine performance are supporting both parts of the business. If mining earnings weaken as production or sales fall while low treatment charges continue to squeeze smelting, neither segment is providing much support.
Compania de Minas Buenaventura S.A. earningsBVN
Buenaventura's report shows how the Peru-based peer sells zinc, lead and copper concentrates, offering a comparison for Nexa's mine sales.
Compare Buenaventura's zinc, lead and copper concentrate sales with Nexa's mine output and concentrate sales. Stronger sales would show that this peer is moving more of similar metals, not prove that end demand is stronger; weaker sales would make the comparison less favorable for Nexa's mining business.
Teck Resources Limited earningsTECK
Teck's zinc business competes with Nexa's smelters in refined zinc, so its report offers a comparison with a rival supplier.
Focus on Teck's zinc business and compare it with Nexa's smelting revenue and sales volumes. Stronger zinc results would show a rival doing better in the shared refined-zinc market, though production or cost differences may explain the gap; weaker results would suggest less pressure from this competitor, not prove that Nexa's smelting margins will improve.
Triple Flag Precious Metals Corp. earningsTFPM
Triple Flag's report can show how much silver it receives from Nexa's Cerro Lindo mine under their long-term agreement and how close deliveries are to the limit.
Check Triple Flag's reported deliveries against the 19.5 million-ounce limit. The closer deliveries get to the limit, the nearer the agreement is to covering 25% of the silver content in Nexa Peru's concentrate sales; if deliveries remain well below it, that change is further away. For Nexa, the point is how silver deliveries affect the streaming agreement, not treating Triple Flag's revenue as Nexa's sales.
Worthington Steel, Inc. earningsWS
Worthington Steel uses Nexa's zinc to galvanize steel, and its report will show whether demand for that work supports this sales channel.
Focus on Worthington Steel's galvanizing work for customers, not all of its steel processing as a proxy for zinc demand. Stronger galvanizing activity would support demand in this customer channel for Nexa's refined zinc; weaker activity would mean less support here, but would not show that all Nexa customers are buying less.
