Nexa Resources S.A. (“Nexa Resources” or “Nexa” or the “Company”) (NYSE: NEXA) (TSX Symbol: NEXA) has published its 3Q19 Results.
According to Nexa’s CEO, Mr. Tito Martins, “the third quarter of the year proved to be very challenging. Zinc average price decreased 15% compared to 2Q19, directly affecting the results of our Company. Mine production, however, has recovered and had a positive effect on our costs. Our balance sheet remains strong and we were able to reverse the working capital cash burn we experienced over the past two quarters.
Our short-term capital allocation strategy is being revised. We are reducing the expenses in project development in order to prioritize investments in operating efficiency initiatives to preserve and improve our results.
In respect to the long-term scenario, our strategy remains unchanged. We are confident Nexa has a differentiated position and we continue to pursue value creation for all our stakeholders by improving our operations and delivering our growth projects.”
For full details, please visit our Investor Relations webpage at: http://ir.nexaresources.com/resultscenter
About Nexa Resources
Nexa is a large-scale, low-cost integrated zinc producer with over 60 years of experience developing and operating mining and smelting assets in Latin America. Nexa currently owns and operates five long-life underground mines - three located in the Central Andes of Peru and two located in the state of Minas Gerais in Brazil - and is developing the Aripuanã Project as its sixth underground mine in Mato Grosso, Brazil. Nexa was among the top five producers of mined zinc globally in 2018 and also one of the top five metallic zinc producers worldwide in 2018, according to Wood Mackenzie.
View source version on businesswire.com: https://www.businesswire.com/news/home/20191031005945/en/
Nexa Resources - Investor Relations
Roberta Varella
[email protected]