Nexa values the highest standards of ethics and integrity. Moreover, to support this particularly important principle, we have a Compliance Program that guides the conduct expected of all employees and service providers.
The Board of Directors and Audit Committee are responsible for promoting and ensuring Nexa’s compliance program.
One of the main pillars of the Compliance Program, the Code of Conduct, is distributed to all employees along with a course made available via e-learning.
There is also a version for Suppliers that aims to formalize Nexa’s expectations regarding the conduct of its service providers in the work performed for the company.
The Nexa Code of Conduct is based on the centenary values of the Votorantim Group and guides the internal behavior of employees and the way they interact with different stakeholders.
Learn more about our Policies and Documents.
Aiming to maintain the appropriate communication channels to report misconducts, we provide the Ethics Hotline. Created to be impartial and transparent, this channel is prepared to receive reports from the internal and external audience of possible violations of the Code of Conduct or any policy, procedure, law, or regulation.
Ethics Hotline is committed to ensuring the information confidentiality, safeguarding the identity of anyone who accesses it and promoting the best work environment for everyone. Through this, it is possible to report, in a totally anonymous manner, any suspicion of financial crime, fraud, corruption, discrimination, harassment or other types of ethical violations.
The channel is managed by a specialized, globally recognized outside company, which performs the initial screening of all reports received to ensure that there is no conflict of interest in the handling of complaints. The entire process is monitored by the Conduct and Audit Committees and by the organization’s leaders, supported by the Internal Audit and Legal Department.
Ethics Hotline service is available in Portuguese, English and Spanish, and can be accessed through the link
0800-800-1245 (portuguese)
0800-70888 (spanish)
1-800-723-8163
1-800-723-8163
800-22-925 (english and french)
Business conduct involves challenges and opportunities related to corporate integrity. Nexa maintains whistleblowing mechanisms and awareness initiatives, with continuous improvements in whistleblower protection. Institutional and political engagement requires clear governance and alignment with ESG commitments. In the supply chain, we adopt responsible business practices and contractual terms to preserve resilience, mitigate risks, and strengthen stakeholder trust through transparency and ethics.
| Incidents of discrimination and corrective actions taken | |||
| 2023 | 2024 | 2025 | |
| Reports received by our Ethics Hotline during the reporting period | 224 | 237 | 183 |
| Incidents during the reporting period | 61 | 38 | 27 |
| Incidents investigated and deemed unsubstantiated | 69 | 80 | 66 |
| Incidents investigated and deemed substantiated | 94 | 119 | 90 |
| Breakdown of identified cases by factor¹ | |||
| 2023 | 2024 | 2025 | |
| Race | 2 | 0 | 0 |
| Color | 0 | 0 | 0 |
| Gender | |||
| Age group | 0 | 0 | 4 |
| Religion | 0 | 0 | 0 |
| Political opinion | 0 | 0 | 0 |
| National ancestry | 0 | 0 | 1 |
| Social origin | 0 | 1 | 0 |
| Harassment and Abuse of Power | 39 | 102 | 174 |
| Others | 53 | 16 | 4 |
| Total number of reported cases of discrimination | 94 | 119 | 183 |
| ¹ In 2025, we began analyzing every case received by our Ethics Hotline. Until 2024, only cases deemed admissible were reported in detail. |
|
Non-compliance with Environmental Laws and Regulations¹ |
|||
| Variables | 2023 | 2024 | 2025 |
| Total number of penalties¹ | 94 | 144 | 45 |
| Total monetary amount of significant fines (US$) | 3.000.476,03 | 5.870.296,44 | 4.517.656,10 |
| Cases brought through arbitration proceedings | 0 | 0 | 0 |
| Cases related to waste management SASB 150a.9² | 12 | 10 | 2 |
| In 2025, we revised the scope of this indicator to include regulatory and mining processes. In previous years, only environmental measures were taken into account. With this update, we have adjusted the historical data to ensure consistency and avoid compromising the historical analysis of the indicator. GRI 2-4 ¹ The main administrative penalties received in 2025 relate to operations or units that are no longer under Nexa’s management, as the assets were acquired by other companies in the past. Violation notices were also issued regarding the former Morro Agudo unit, sold by Nexa in 2024 to Grupo Casa Verde Holdings. Of these sanctions, 2 are related to water. SASB EM-MM-140a.2 ² The report complies with the criterion for environmental incidents. In doing so, controls that exceeded or did not meet the criteria of local standards or legislation have been taken into account. |
| Entities included in the consolidated financial statements | ||
| 2023 | 2024 | 2025 |
| Subsidiaries | ||
| L.D.O.S.P.E. Geração de Energia e Participações Ltda. – “L.D.O.S.P.E” | L.D.O.S.P.E. Geração de Energia e Participações Ltda. – “L.D.O.S.P.E” | L.D.O.S.P.E. Geração de Energia e Participações Ltda. – "L.D.O.S.P.E" |
| L.D.Q.S.P.E. Geração de Energia e Participações Ltda. – “L.D.Q.S.P.E” | L.D.Q.S.P.E. Geração de Energia e Participações Ltda. – “L.D.Q.S.P.E” | L.D.Q.S.P.E. Geração de Energia e Participações Ltda. – "L.D.Q.S.P.E |
| L.D.R.S.P.E. Geração de Energia e Participações Ltda. – “L.D.R.S.P.E” | L.D.R.S.P.E. Geração de Energia e Participações Ltda. – “L.D.R.S.P.E” | L.D.R.S.P.E. Geração de Energia e Participações Ltda. – "L.D.R.S.P.E" |
| Mineração Dardanelos Ltda. – “Dardanelos” | Nexa Recursos Minerais S.A. – “NEXA BR” | Mineração Dardanelos Ltda. - "Dardanelos" |
| Nexa Recursos Minerais S.A. – “NEXA BR” | Mineração Santa Maria Ltda. | Nexa Recursos Minerais S.A. – “NEXA BR” |
| Mineração Santa Maria Ltda. | Pollarix S.A. – “Pollarix”² | Mineração Santa Maria Ltda. |
| Pollarix S.A. – “Pollarix” 10 | Karmin Holding Ltda | Pollarix S.A. – "Pollarix" ² |
| Karmin Holding Ltda. | Mineração Rio Aripuanã Ltda. | Karmin Holding Ltda. |
| Mineração Rio Aripuanã Ltda. | Votorantim Metals Canada Inc | Mineração Rio Aripuanã Ltda. |
| Votorantim Metals Canada Inc. | Nexa Resources El Porvenir S.A.C. | Votorantim Metals Canada Inc. |
| Nexa Resources El Porvenir S.A.C. | Minera Pampa de Cobre S.A.C. | Nexa Resources El Porvenir S.A.C. |
| Minera Pampa de Cobre S.A.C | Nexa Resources Cajamarquilla S.A. – “NEXA CJM” | Minera Pampa de Cobre S.A.C. |
| Nexa Resources Cajamarquilla S.A. – “NEXA CJM” | Nexa Resources Perú S.A.A. – “NEXA PERU” | Nexa Resources Cajamarquilla S.A. – "NEXA CJM" |
| Nexa Resources Perú S.A.A. – “NEXA PERU” | Nexa Resources Atacocha S.A.A. – “NEXA ATACOCHA” | Nexa Resources Perú S.A.A. – "NEXA PERU" |
| Nexa Resources Atacocha S.A.A. – “NEXA ATACOCHA” | Nexa Resources UK Ltd. – “NEXA UK” | Nexa Resources Atacocha S.A.A. – "NEXA ATACOCHA" |
| Nexa Resources UK Ltd. – “NEXA UK” | Nexa Resources US. Inc. | Nexa Resources UK Ltd. – "NEXA UK" |
| Nexa Resources US. Inc. | Exploraciones Chimborazo Metals & Mining | Nexa Resources US. In |
| Exploraciones Chimborazo Metals & Mining | Exploraciones Chimborazo Metals & Mining | |
| Joint-Operation | ||
| Campos Novos Energia S.A. – “Enercan” | Campos Novos Energia S.A. – “Enercan” | Campos Novos Energia S.A. – “Enercan” |
| Cia. Minera Shalipayco S.A.C | Cia. Minera Shalipayco S.A.C. | Cia. Minera Shalipayco S.A.C. |
| Total employees who have been informed about Anti-Corruption Policies | |||||
| 2023 | 2024 | 2025 | |||
| Total employees informed about anti corruption policies | Total employees who received anti corruption training | ||||
|
BRAZIL
|
Governance body | — | — | 9 | 9 |
| Diretor/President | 5 | 5 | 7 | 7 | |
| Manager | 117 | 99 | 124 | 124 | |
| Coordinator/Consultant | 204 | 389 | 224 | 224 | |
| Technician/Analyst/Supervisor | 675 | 712 | 1.434 | 1.434 | |
| Operational | 2.520 | 2.040 | 1.923 | 1.923 | |
| Intern | 145 | 135 | 165 | 165 | |
| Apprentice | 104 | 112 | 105 | 105 | |
| Total | 3.770 | 3.492 | 3.991 | 3.991 | |
| Contractors¹ | — | — | — | — | |
|
PERU |
Governance body | — | — | — | — |
| Diretor/President | 2 | 2 | 3 | 3 | |
| Manager | 61 | 46 | 71 | 71 | |
| Coordinator/Consultant | 228 | 180 | 61 | 61 | |
| Technician/Analyst/Supervisor | 422 | 503 | 801 | 801 | |
| Operational | 1.355 | 1.274 | 1.081 | 1.081 | |
| Intern | 102 | 99 | 119 | 119 | |
| Apprentice | — | 0 | 0 | 0 | |
| Total | 2.170 | 2.104 | 2.136 | 2.136 | |
| ¹ Todos os novos fornecedores e clientes da Nexa, no momento de serem cadastrados como terceiros habilitados da empresa, devem dar seu aceite às diretrizes do nosso Código de Conduta. Nesse momento, recebem um link de acesso ao documento em que existe um capítulo específico para o tema de Política Anticorrupção. ² A gestão do dado de treinados é viva, de forma que não é possível rastrear os treinados em dezembro de 2025. Por isso, alguns cargos contêm mais pessoas treinadas do que comunicadas, devido às flutuações existentes nesses cargos entre dezembro e janeiro. Normalizamos para 100% quando isso ocorreu. A comunicação é feita para todos os colaboradores de forma constante através do Código de Conduta e de comunicação de compliance. |
List of material topics 2025:
| Stakeholder relations and environmental stewardship | |
| Stakeholder | Channel of communication |
| Shareholder & investors | Investor meetings | Industry conferences | Site visits | corporate website and investor relations website | Social media | Market announcements | Sustainability Report | 20-F filings | Quarterly earnings reports | Investor Day | E-mail alerts & newsletters | Earnings call/webcasts | Shareholder assemblies/AGMs | Capital markets updates |
| Suppliers | Social and environmental criteria for supplier selection and contracting | Ethics Hotline | Annual Report | Plural Chain |
| Costumers | Support from commercial staff | Customer satisfaction surveys | Ethics Hotline | Annual Report | Industry events |
| Banks and financial institutions | Meetings | Conference calls | Industry events | Sponsored events | Quarterly earnings reports | Ethics Hotline | Annual Report | 20-F filings |
| Employees, contractors, interns and apprentices | CEO Talks | Leadership Talks | Strategic & Operational Meetings | What’s Nexa | Biweekly Safety Talks | Performance & Development Reviews | Career Planning & Development Programs | Ethics Hotline | Annual Report | Workplace | Go Nexa | Rolando na Nexa |
| Industry associations | Meetings | Industry events | Ethics Hotline | Annual Reports | Active participation in governance committees |
| Government organizations | Government meetings | Interactions | Corporate website | Social media | Ethics Hotline | Annual Reports |
| Regulators | Government meetings | Written communications | Corporate website | Social media | Ethics Hotline | Annual Reports |
| Third-sector Organizations | Meetings | Social & environmental programs | NGO capacity-building | Corporate website | Social media | Ethics Hotline • Annual Reports • Field visits to Nexa’s social initiatives | Networking events |
| Media | Press releases | Interviews | Corporate website | Social media | Annual Reports |
| Communities | Social and environmental programs | Local stakeholder meetings | Volunteering | Community social and economic impact assessments | Corporate website | Social media | Ethics Hotline | Annual Reports | Social agenda | Public meetings | Livestreams |
| Production of metal ores and finished metal products | |||
| Zinco (thousand tons) | |||
| 2023 | 2024 | 2025 | |
| Vazante | 145,6 | 140,7 | 128,0 |
| Morro Agudo* | 23,1 | — | — |
| Cerro Lindo | 78,2 | 86,2 | 87,0 |
| Atacocha | 8,1 | 10,4 | 12,0 |
| El Porvenir | 55,8 | 50,6 | 53,0 |
| Aripuanã | 22,1 | 31,6 | 35,0 |
| TOTAL | 311,056 | 319,5 | 316,0 |
| Production of Metal Ores and Finished Metal Products | |||
| Cupper (thousand tons) | |||
| 2023 | 2024 | 2025 | |
| Vazante | — | — | — |
| Morro Agudo* | — | — | — |
| Cerro Lindo | 28,5 | 29,8 | 27,0 |
| Atacocha | — | — | — |
| El Porvenir | 0,3 | 0,2 | 0,3 |
| Aripuanã | 4,4 | 5,5 | 6,0 |
| TOTAL | 28,943 | 35,5 | 33,0 |
| Production of metal ores and finished metal products | |||
| Lead (thousand tons) | |||
| 2023 | 2024 | 2025 | |
| Vazante | 1,4 | 0,9 | 0,8 |
| Morro Agudo* | 8,3 | — | — |
| Cerro Lindo | 13,0 | 13,8 | 10,0 |
| Atacocha | 11,1 | 12,2 | 14,0 |
| El Porvenir | 24,9 | 26,8 | 25,0 |
| Aripuanã | 6,3 | 13,1 | 13,0 |
| TOTAL | 58,864 | 66,8 | 63,0 |
| Production of metal ores and finished metal products | |||
| Silver (thousand onces) | |||
| 2023 | 2024 | 2025 | |
| Vazante | 575,6 | 470,0 | 414,0 |
| Morro Agudo* | — | — | — |
| Cerro Lindo | 3.540,9 | 4.270 | 4.000 |
| Atacocha | 1.399,6 | 1.210 | 1.000 |
| El Porvenir | 4.270,4 | 4.640 | 4.000 |
| Aripuanã | 513,9 | 1.100 | 1.000 |
| TOTAL | 9.786 | 11.690 | 11.000 |
| Production of metal ores and finished metal products | |||
| Gold (thousand onces) | |||
| 2023 | 2024 | 2025 | |
| 2023 | 2024 | 2025 | |
| Vazante | — | — | — |
| Morro Agudo* | — | — | — |
| Cerro Lindo | 3,4 | 4,9 | 4,0 |
| Atacocha | 7,5 | 9,1 | 10,0 |
| El Porvenir | 8,6 | 7,9 | 8,0 |
| Aripuanã | 7,9 | 14 | 16,0 |
| TOTAL | 19,5 | 35,9 | 38,0 |
| (*) OBS: In 2024, Nexa signed a definitive sale agreement for the Morro Agudo Complex, which encompasses the Morro Agudo and Ambrósia mines in the state of Minas Gerais. |
| Legal actions for anti-competitive behavior, anti-trust, and monopoly practices | |
| 2023 | Ninguna |
| 2024 | Ninguna |
| 2025 | Ninguna |
|
Nexa Recursos Minerais S.A. is not party, either as defendant or plaintiff, to any legal actions related to anti-competitivebehavior, anti-trust, or monopoly practices. |
| Confirmed Cases of de Corruption | |
| 2023 | No complaints were received, nor were any cases of corruption identified |
| 2024 | No complaints were received, nor were any cases of corruption identified |
| 2025 | No complaints were received, nor were any cases of corruption identified |
| Direct economic value generated and distributed (miles de dólares) | |||
| 2023 | 2024 | 2025 | |
| 1) Revenue | |||
| 1.1) Sales of products and services (less returns and sales discounts) | 2.837.212,00 | 3.015.683,00 | 3.284.433 |
| 1.2) Other Operating Income (Expenses) | -3.734,00 | -33.558,00 | -79.530,00 |
| 1.3) Assets constructed by the company for its own use | -2.235,00 | 50.401,00 | 91.222,00 |
| 1.4) Estimated loss on doubtful accounts | 330,00 | 928,00 | |
| 1.5) Total Revenue | 2.831.243,00 | 3.032.856,00 | 3.297.053,00 |
| 2) Supplies purchased from third parties | |||
| 2.1) Cost of goods sold and services rendered | -1.740.596,00 | -1.187.542,00 | -1.748.027 |
| 2.2) Expenses for materials, third-party services, and other | -132.356,00 | -568.285,00 | -190.635,00 |
| 2.3) Reversal (recognition) of asset impairment | -114.643,00 | -32.870,00 | 91.706,00 |
| 3) Gross value added | 774.050.00 | 1.234.426.00 | 1.450.097.00 |
| 3.1) Depreciation, amortization, and depletion | -310.475,00 | -330.198,00 | -288.996,00 |
| 4) Net value added | 463.575,00 | 904.228,00 | 1.161.101,00 |
| 5) Valor agregado recibido por transferencia | |||
| 5.1) Resultado de participaciones societarias | 23.536,00 | 21.223,00 | 21.143,00 |
| 5.2) Ingresos financieros y variaciones cambiarias activas | 281.678,00 | 160.246,00 | 254.755,00 |
| 5.3) Ingresos por alquileres | 40,00 | 47,00 | 47,00 |
| 5) Value added received via transfer | 305.939,00 | 182.093,00 | 275.945,00 |
| 6) Total value added to be distributed | 769.514,00 | 1.086.321,00 | 1.437.046,00 |
| 7) Distribution of value added | |||
| 7.1) Personnel and Related Expenses | 250.325,00 | 257.772,00 | 279.918 |
| 7.1.1) Direct compensation | 200.005,00 | 223.646,00 | 222.909 |
| 7.1.2) Benefits | 39.585,00 | 23.482,00 | 46.137 |
| 7.1.3) Severance Indemnity Fund - FGTS | 10.735,00 | 10.644,00 | 10.872 |
| 7.2) Taxes, fees and contibutions | 306.253,00 | 424.123,00 | 449.010 |
| 7.2.1) Federal | 296.522,00 | 416.527,00 | 442.104 |
| 7.2.2) State | 10.547,00 | 10.255,00 | 10.453 |
| 7.2.3) Municipal | -816,00 | -2.659,00 | 3.547 |
| 7.3) Interest on Borrowed Capital | 504.746,oo | 591.833,00 | 484.974 |
| 7.3.1) Financial expenses | 447.112,00 | 527.749,00 | 440.633 |
| 7.3.2) Rent and leases | 57.634,00 | 64.084,00 | 44.341 |
| 7.4) Return on equity | -291.810,00 | -187.407,00 | 223.144 |
| 7.4.1) Net income (loss) for the year | -291.968,00 | -205.030 | 132.626,00 |
| 7.4.2) Dividends | - | - | - |
| 7.4.3) Retained earnings/ Loss fot the year | - | - | - |
| 7.4.4) Non-controlling interest in retained earnings | 158,00 | 17.623,00 | 90.518,00 |
| 8) Distributed value added | 769.514,00 | 1.086.321,00 | 1.437.046,00 |
|
Non-compliance with Labor and Tax Laws and Regulations¹ |
||||
| 2023 | 2024 | 2025 | ||
| Labor¹ | Total number of significant cases | 244 | 73 | 101 |
| Total value of significant fines (USD) - taxes | 11.244.333,51 | 4.960.685,69 | 6.028.801,95 | |
| Non-monetary sanctions² | – | – | 1 | |
| Tax Laws³ | Total number of significant cases | 38 | 87 | 231 |
| Total value of significant fines (USD) - taxes | 21.008.552,99 | 76.693.114,44 | 219,023,061.94 | |
| Non-monetary sanctions² | – | – | – | |
| ¹ Significant labor cases are considered following a materiality analysis of proceedings (US$ 25 million), in addition to civil investigations with reputational implications and Nexa claims (moral harassment). ² As a result of the fatal accident that occurred at the Vazante facility in May 2024, we received a draft Conduct Adjustment Agreement (TAC) from the MPT containing various obligations. Nexa will submit evidence to the MPT by February 5, 2026. In addition, there is an ongoing TAC involving the third-party company ENAEX, which is the subject of an administrative proceeding by the MPT related to allegations of workplace bullying. Because the incidents allegedly occurred on Nexa’s premises, the company was included in the proceeding and has fully complied with all recommendations issued, as evidenced on Nexa’s corporate website. ³ For reporting purposes, we consider only cases that have become tax litigation, i.e., those against which Nexa filed an administrative challenge with direct support from the legal-tax team. We also excluded lawsuits or administrative proceedings initiated by Nexa, i.e., when Nexa takes the lead in disputing the applicability of a specific tax. |
| New suppliers that were screened using social criteria | |
| 2023 | 98,8% |
| 2024 | 99% |
| 2025 | N/A |
| N/A: Non data has been reported |
| Proportion of spending on local suppliers | |||
| 2023 | 2024 | 2025* | |
| Total amount spent on suppliers (millions of US$) | 1.617,62 | 1.712,94 | 47,94 |
| % of spending with local suppliers¹ | 6,48% | 6,81% | 3,44% |
|
(*) The decline between 2024 and 2025 is due to limited availability of information on company size, which affects the scope of the indicator. This has contributed to a decrease in the reported volume of local purchases in recent years, without necessarily reflecting an equivalent decline in the share of local suppliers in domestic procurement. ¹ Person or organization that provides a product or service to the reporting organization and is geographically based in the same market as the reporting organization (i.e. no transnational payment to the supplier is made). The geographic definition of "local" can include the community surrounding the operations, the region within a country, or a country. According to VID's Local Supplier Development Policy, local suppliers are defined as those located within the area of influence of Votorantim Industrial's operations, using local labor, collecting taxes and generating jobs in the region. |
To strengthen a culture focused on Ethics and Transparency, we carry out actions and activities to reinforce our values to employees and partners, highlighting the following:
Support tool for six documents – Code of Conduct, Compliance Policy, Anti-Corruption Policy, Donations, Government Relations, Conflicts of Interest and Sponsorships – aiming to answer questions about these topics, helping the Compliance team to interact with other areas of the company.
We constantly train our employees on the Ethics and Transparency topic. In 2021, 1,912 employees were trained in anti-corruption policies, 1,378 in Brazil and 534 in Peru.
Provides online forms for recording several transactions such as donations, sponsorships, receiving or offering gifts and hospitality, conflicts of interest and government relations. The portal makes it possible to document these transactions, as well as the approval process, in addition to generating reports for KPIs.
Annual event for directors, managers and general managers with the purpose of engaging leadership and stressing the importance of their participation in the Compliance Program.
Our aspiration is to gradually increase the awareness of Nexa’s ecosystem (employees, suppliers, customers, merchants, competitors and communities) about good business conduct practices and Human Rights.
In 2017, we also signed a commitment to the global agenda consisting of 17 goals and 169 targets to be achieved by 2030.
Learn more about Nexa at the links below
