LUXEMBOURG / ACCESSWIRE / October 30, 2023 / Nexa Resources S.A. ("Nexa Resources", "Nexa", or the "Company") announces today its results for the three and nine-month periods ended September 30, 2023.
CEO Message - Ignacio Rosado
"In 3Q23, there continued to be downward pressure on metal prices, mainly driven by the persistence of negative external factors, such as inflation in the U.S. leading to still high interest rates and uncertainties about the performance of key sectors of the Chinese economy (e.g., property). Consequently, the prices of our main metals remained at levels below our expectations for the period and slightly lower than the previous quarter.
Faced with this challenging metal price environment, we remain committed to our financial discipline, which includes a portfolio of initiatives focused on cost reduction, CAPEX, and working capital optimization. Some of these initiatives are still being implemented but have allowed us to improve some line items in our 2023 guidance. Furthermore, they also contributed to positive cash flow generation in 3Q23.
On the operational side, as disclosed a week ago, we have revised Aripuanã's production range downwards for the year, given primarily to the limitations related to the designed capacity of the flotation pumping system, which also resulted in the extension of the ramp-up phase. However, during 3Q23, we continued the ramp-up phase in a structured and disciplined manner, maintaining recoveries and improving the concentrate quality and grades. We are focused on ensuring safe and steady production by processing the zinc concentrate produced in our smelters while expanding sales of lead and copper concentrates.
With respect to our mineral exploration plan, we are moving forward with special attention to expanding the resource and mineral reserves base in our current mines. Additionally, on the growth front, we are making progress with the advanced studies related to the Pasco Integration Project. see & read more on
https://www.accesswire.com/797858/nexareportsthirdquarter2023netlossofus2463millionandadjustedebitdaofus2482million |
