Nexa Resources eyes expansion in Peru

Latin America-focused Nexa Resources (NYSE: NEXA), which operates the largest underground zinc mine in Peru, Cerro Lindo, is seeking to expand its footprint in the nation with its submitted exploration permit application in Cajamarca.

The area of interest covers 1,000 hectares and it is the second application in eight days submitted by the company targeting Cajamarca, one of the minerals-rich northern regions of Peru, local paper Gestión reported.

The move follows Nexa’s announcement in January in which it earmarked $58 million for exploration this year, as part of its long-term strategy to replace and increase mineral reserves and resources.

Nexa has nine operations distributed between Brazil and Peru – three of which are refineries and six mines. These include Cerro Lindo, which is among the 20 largest zinc mines in the world, and the largest zinc refinery in the Americas, Cajamarquilla.

Peruis the world’s no. 2 copper producer after Chile and an important producer of zinc.