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Investing.com-- Nexa Resources (NYSE:NEXA) is in talks with BHP Group Ltd (ASX:BHP) to buy some of the mining giant’s assets in Brazil, Valor Economico, Brazil’s biggest newspaper, reported on Monday.
The purchase will increase Nexa’s portfolio of copper and gold mines, the Valor report said, citing sources with knowledge of the matter. Santander (BME:SAN) is conducting the process.
Reports last year had shown that BHP was mulling a sale of its Brazilian copper and gold assets, which it had taken over as part of its recent buyout of Oz Minerals.
BHP had taken over Oz in May 2023 for A$9.6 billion ($6.3 billion) to gain access to materials that are integral to electric vehicles and the green energy transition.
But the miner had signaled that it would trim its portfolio by selling off some of its smaller holdings.
The company has also shown little interest in selling off its iron ore holdings in Brazil, which are a key part of its operations.
Nexa Resources is a Luxembourg-headquartered miner with operations chiefly in Brazil and Peru. The company primarily produces zinc and copper.