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Nexa Resources (NEXA) Sells Morro Agudo Complex to Casa Verde
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Nexa Resources S.A. (NEXA - Free Report) stated that it has closed the previously announced sale of the Morro Agudo Complex in Brazil's Minas Gerais state to Casa Verde Holding Ltda. The deal marks a step forward in the company's portfolio optimization journey.
On Apr 5, 2024, Nexa announced that it inked a deal to divest its Morro Agudo Complex. The Morro Agudo Complex consists of the Morro Agudo mine and the Ambrósia mine.
The Morro Agudo mine produced 23kt of zinc and 8.3kt of lead in 2023 at a sustaining cash cost of 87 cents per pound, excluding by-products. Operations at the Ambrósia mine have been suspended since the fourth quarter of 2020 when it reached the end of its mine life.
The total purchase price of the deal was set at R$80 million (around US$16 million).
Casa Verde is a Brazil-based, family-owned mining company that has been in business for more than 50 years and operates in eight states in the country. It plans to turn the Morro Agudo Complex into a limestone-producing facility.
Nexa's successful divestment of assets aligns with its disciplined capital allocation framework and long-term strategy of maximizing value for shareholders and the company. It incurred a first-quarter 2024 loss of 15 cents per share, wider than the Zacks Consensus Estimate of a loss of 5 cents and a loss of 1 cent reported in the year-ago quarter.
It posted revenues of $579.8 million, down from year-ago figure of $667.3 million.
Price Performance
Nexa shares have gained 52.4% in the past year compared with the industry's 0.9% growth.
The Zacks Consensus Estimate for Ero Copper’s 2024 earnings is pegged at $1.66 per share. The consensus estimate for 2024 earnings has moved 20.3% north in the past 60 days. It has an average trailing four-quarter earnings surprise of 53.9%. ERO shares have gained 9.5% in a year.
The Zacks Consensus Estimate for Ecolab’s 2024 earnings is pegged at $6.59 per share, indicating an increase of 26.5% from the prior year’s reported number. It has an average trailing four-quarter earnings surprise of 1.3%. ECL shares have gained 34.5% in a year.
The Zacks Consensus Estimate for ATI’s 2024 earnings is pegged at $2.41 per share. The Zacks Consensus Estimate for ATI’s current-year earnings has been revised 3% north in the past 60 days. It has an average trailing four-quarter earnings surprise of 8.3%. The company’s shares have rallied 65.9% in the past year.
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Nexa Resources (NEXA) Sells Morro Agudo Complex to Casa Verde
Nexa Resources S.A. (NEXA - Free Report) stated that it has closed the previously announced sale of the Morro Agudo Complex in Brazil's Minas Gerais state to Casa Verde Holding Ltda. The deal marks a step forward in the company's portfolio optimization journey.
On Apr 5, 2024, Nexa announced that it inked a deal to divest its Morro Agudo Complex. The Morro Agudo Complex consists of the Morro Agudo mine and the Ambrósia mine.
The Morro Agudo mine produced 23kt of zinc and 8.3kt of lead in 2023 at a sustaining cash cost of 87 cents per pound, excluding by-products. Operations at the Ambrósia mine have been suspended since the fourth quarter of 2020 when it reached the end of its mine life.
The total purchase price of the deal was set at R$80 million (around US$16 million).
Casa Verde is a Brazil-based, family-owned mining company that has been in business for more than 50 years and operates in eight states in the country. It plans to turn the Morro Agudo Complex into a limestone-producing facility.
Nexa's successful divestment of assets aligns with its disciplined capital allocation framework and long-term strategy of maximizing value for shareholders and the company. It incurred a first-quarter 2024 loss of 15 cents per share, wider than the Zacks Consensus Estimate of a loss of 5 cents and a loss of 1 cent reported in the year-ago quarter.
It posted revenues of $579.8 million, down from year-ago figure of $667.3 million.
Price Performance
Nexa shares have gained 52.4% in the past year compared with the industry's 0.9% growth.
Image Source: Zacks Investment Research
Zacks Rank & Other Stocks to Consider
Nexa currently carries a Zacks Rank #2 (Buy).
Some other top-ranked stocks from the basic materials space are Ero Copper Corp. (ERO - Free Report) , Ecolab Inc. (ECL - Free Report) and ATI Inc. (ATI - Free Report) . ERO sports a Zacks Rank #1 (Strong Buy) at present, and ECL and ATI have a Zacks Rank #2. You can see the complete list of today’s Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for Ero Copper’s 2024 earnings is pegged at $1.66 per share. The consensus estimate for 2024 earnings has moved 20.3% north in the past 60 days. It has an average trailing four-quarter earnings surprise of 53.9%. ERO shares have gained 9.5% in a year.
The Zacks Consensus Estimate for Ecolab’s 2024 earnings is pegged at $6.59 per share, indicating an increase of 26.5% from the prior year’s reported number. It has an average trailing four-quarter earnings surprise of 1.3%. ECL shares have gained 34.5% in a year.
The Zacks Consensus Estimate for ATI’s 2024 earnings is pegged at $2.41 per share. The Zacks Consensus Estimate for ATI’s current-year earnings has been revised 3% north in the past 60 days. It has an average trailing four-quarter earnings surprise of 8.3%. The company’s shares have rallied 65.9% in the past year.