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Can NEXA's Aripuana Mine Sustain Record Zinc Production?
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Key Takeaways
Nexa Resources' Aripuana mine produced a record 13,000 tons of zinc in Q3.
Higher throughput and the fourth filter boosted plant utilization to 84%, reaching 90% last month.
Aripuana targets 60,000-70,000 tons of zinc production in 2027, up 24% from 2026.
Nexa Resources S.A.’s (NEXA - Free Report) Aripuanã mine recorded a zinc production of 13,000 tons in the third quarter, matching its record output from the first quarter of 2026. The production marked a 48% sequential increase from the 8,800 tons produced in the second quarter.
The solid performance was driven by higher throughput and better grades. The recently installed fourth filter is delivering solid results, handling 61% of all the tailings output in the third quarter. Consolidated plant utilization climbed to an average of 84% from 71% in the second quarter, hitting 90% last month.
The company expects higher utilization and improved recoveries in the fourth quarter. It is accelerating its mine development efforts at Aripuanã to open more mining fronts and support higher throughput in 2027.
The Aripuanã mine is a long-life, tier-one asset for Nexa Resources that has been delivering steady performance. The mine began its ramp-up and achieved first commercial sale in July 2022, reaching full operational status by July 2024. In the second half of 2025, the company commenced the fourth filter's arrival and installation. Installation of the fourth filter concluded in the first quarter, which is expected to reduce the mine's reliance on weather conditions for tailings management.
The company expects the Aripuanã mine’s zinc production to increase 49% from the 2025 reported level to 45,000-60,000 tons. This will be driven by stable plant operations, the installation of the fourth filter and higher mining volumes. Zinc production is expected to increase 24% in 2027 to 60,000-70,000 tons, while it is expected to increase a further 7% in 2028, reaching 65,000-74,000 tons.
Nexa Resources expects consolidated zinc production for 2026 to increase 6% from that reported in 2025. The company expects zinc production to increase 8% in 2027 from the 2026 reported level. The upside will be driven by higher production from Aripuanã, along with solid performances from Atacocha and Cerro Lindo mines.
Nexa Resources Peers’ Outlook
Hudbay Minerals Inc. (HBM - Free Report) expects zinc production of 16,000-21,000 tons in 2026, indicating an increase of 5% at the midpoint. Zinc production in 2026 is expected to be flat with that reported in 2025.
Hudbay Minerals expects zinc production to increase to 29,000-36,000 tons by 2028, suggesting a 76% increase from the 2026 reported figure at the midpoint. The upside in Hudbay Minerals’ zinc production will be driven by higher production from the 1901 deposit.
Teck Resources Limited’s (TECK - Free Report) production of zinc in concentrate declined to 115.2 thousand tons in the third quarter of 2026, reflecting lower grades at Red Dog in line with the mine plan. Teck Resources maintains its 2026 copper production guidance of 455-530 thousand tons, whereas it produced 453.5 thousand tons in 2025. This will be driven by higher output at QB, Highland Valley Copper and Antamina.
Teck Resources’ long-term outlook for copper is positive as demand is expected to grow, partly driven by electric vehicles, renewable energy and infrastructure investments.
NEXA’s Price Performance, Valuations & Estimates
Nexa Resources’ stock has rocketed 113.6% in a year, outperforming the Zacks Mining - Miscellaneous industry’s 15.9% return. Meanwhile, the Basic Materials sector has risen 12.7% and the S&P 500 has rallied 9.3%.
Image Source: Zacks Investment Research
The NEXA stock is currently trading at a forward 12-month earnings multiple of 3.63X, which is a discount to the industry average of 14.32X.
Image Source: Zacks Investment Research
The Zacks Consensus Estimate for Nexa Resources’ 2026 sales is $3.73 billion, indicating a 24% year-over-year jump. The consensus mark for the year’s earnings is pegged at $2.69 per share, suggesting a year-over-year upsurge of 216%.
The Zacks Consensus Estimate for 2027 sales implies a 1.4% year-over-year rise. The same for earnings suggests a rise of 26.4%.
EPS estimates for 2026 and 2027 have moved up over the past 60 days.
View the Zacks #1 Rank List
Image: Bigstock
Can NEXA's Aripuana Mine Sustain Record Zinc Production?
Key Takeaways
Nexa Resources S.A.’s (NEXA - Free Report) Aripuanã mine recorded a zinc production of 13,000 tons in the third quarter, matching its record output from the first quarter of 2026. The production marked a 48% sequential increase from the 8,800 tons produced in the second quarter.
The solid performance was driven by higher throughput and better grades. The recently installed fourth filter is delivering solid results, handling 61% of all the tailings output in the third quarter. Consolidated plant utilization climbed to an average of 84% from 71% in the second quarter, hitting 90% last month.
The company expects higher utilization and improved recoveries in the fourth quarter. It is accelerating its mine development efforts at Aripuanã to open more mining fronts and support higher throughput in 2027.
The Aripuanã mine is a long-life, tier-one asset for Nexa Resources that has been delivering steady performance. The mine began its ramp-up and achieved first commercial sale in July 2022, reaching full operational status by July 2024. In the second half of 2025, the company commenced the fourth filter's arrival and installation. Installation of the fourth filter concluded in the first quarter, which is expected to reduce the mine's reliance on weather conditions for tailings management.
The company expects the Aripuanã mine’s zinc production to increase 49% from the 2025 reported level to 45,000-60,000 tons. This will be driven by stable plant operations, the installation of the fourth filter and higher mining volumes. Zinc production is expected to increase 24% in 2027 to 60,000-70,000 tons, while it is expected to increase a further 7% in 2028, reaching 65,000-74,000 tons.
Nexa Resources expects consolidated zinc production for 2026 to increase 6% from that reported in 2025. The company expects zinc production to increase 8% in 2027 from the 2026 reported level. The upside will be driven by higher production from Aripuanã, along with solid performances from Atacocha and Cerro Lindo mines.
Nexa Resources Peers’ Outlook
Hudbay Minerals Inc. (HBM - Free Report) expects zinc production of 16,000-21,000 tons in 2026, indicating an increase of 5% at the midpoint. Zinc production in 2026 is expected to be flat with that reported in 2025.
Hudbay Minerals expects zinc production to increase to 29,000-36,000 tons by 2028, suggesting a 76% increase from the 2026 reported figure at the midpoint. The upside in Hudbay Minerals’ zinc production will be driven by higher production from the 1901 deposit.
Teck Resources Limited’s (TECK - Free Report) production of zinc in concentrate declined to 115.2 thousand tons in the third quarter of 2026, reflecting lower grades at Red Dog in line with the mine plan. Teck Resources maintains its 2026 copper production guidance of 455-530 thousand tons, whereas it produced 453.5 thousand tons in 2025. This will be driven by higher output at QB, Highland Valley Copper and Antamina.
Teck Resources’ long-term outlook for copper is positive as demand is expected to grow, partly driven by electric vehicles, renewable energy and infrastructure investments.
NEXA’s Price Performance, Valuations & Estimates
Nexa Resources’ stock has rocketed 113.6% in a year, outperforming the Zacks Mining - Miscellaneous industry’s 15.9% return. Meanwhile, the Basic Materials sector has risen 12.7% and the S&P 500 has rallied 9.3%.
The NEXA stock is currently trading at a forward 12-month earnings multiple of 3.63X, which is a discount to the industry average of 14.32X.
The Zacks Consensus Estimate for Nexa Resources’ 2026 sales is $3.73 billion, indicating a 24% year-over-year jump. The consensus mark for the year’s earnings is pegged at $2.69 per share, suggesting a year-over-year upsurge of 216%.
The Zacks Consensus Estimate for 2027 sales implies a 1.4% year-over-year rise. The same for earnings suggests a rise of 26.4%.
EPS estimates for 2026 and 2027 have moved up over the past 60 days.
NEXA currently sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.