Published on 20 Mar 2024 on Zacks via Yahoo Finance
Nexa Resources (NEXA) Halts Operations at Morro Agudo Complex
Nexa Resources NEXA announced that mining operations at its Morro Agudo Complex in the state of Minas Gerais in Brazil will be suspended, effective May 1, 2024, until further notice. This move is part of its portfolio optimization strategy, aimed at enhancing the free cash flow in line with its disciplined capital allocation framework and long-term value maximization for shareholders.
The Morro Agudo Complex consists of an underground and open pit polymetallic mine, as well as three deposits along the Ambrosia Trend (Ambrosia Sul, Ambrosia Norte and Bonsucesso). The Ambrosia Trend deposits are situated about 15-20 km northeast of Paracatu.
The Ambrósia mine reached the end of its mine life during the fourth quarter of 2020 and operations have since been suspended.