Mining News

Nexa Resources tumbles on news of CFO resignation

Shares in Latin America-focused Nexa Resources (NYSE: NEXA) fell almost 5% mid-morning in New York after the miner announced the departure of its chief financial officer Rodrigo Menck, who led the miner’s initial public offering and cemented its capital structure.

Menck joined Nexa in 2016, serving as head of treasury and investor relations prior to being nominated as CFO in January 2019.

The zinc producer, controlled by Brazilian holding company Votorantim SA, did not provide any information as per why Menck left, but noted it had initiated a search to identify a successor.

Peruvian Claudia Torres, head of Corporate Controller, is temporarily filling the vacant post, it said.

Nexa currently owns and operates five underground mines — three located in the Central Andes of Peru and two located in the Brazilian state of Minas Gerais.

The company is developing the Aripuanã project as its sixth underground mine in Mato Grosso, Brazil.

It also owns and operates three smelters, two located in Brazil and one in Peru, Cajamarquilla, which is the largest in the Americas.

Nexa was among the world’s top five zinc miners and was also one of the top five metallic zinc producers in 2021, according to Wood Mackenzie.

Shares in Nexa were last trading at $8.44, giving the company a market capitalization of $1.12 billion.

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