Intelligent and reliable GRI 103-1, 103-2, 103-3

We want to be globally perceived as an intelligent and reliable company that creates value for all stakeholders. This is part of our strategic objective, revised in 2018 by the Board of Directors and the Board, which will guide us for the next few years (more information on how the review process for our strategy was conducted is on page Strategic mandate).

Our core business is the extraction of ore and metal processing and production. By acting intelligently and reliably, we develop quality products that will be transformed into solutions to benefit millions of people. We have followed a very well devised path to bring the world of mining to the world of people, based on our strategy that defines who we are and guides us to continue growing in a competitive manner.

Being intelligent means innovating through transforming technologies and processes, keeping us connected to the world and its trends, carefully allocating human and financial resources and managing the risks inherent in our business. Acting jointly to find simple solutions to our challenges, we are moving towards becoming an increasingly improved company.

And being reliable means that we are committed to operating safely and sustainably, contributing in a material way to the development of the localities in which we operate. Furthermore, to be reliable is to be perceived as a company that plans what it does and fulfills what it plans.




Business model

Our business model has been established to take into account the capture, creation and distribution of value from the six capitals proposed by the International Integrated Reporting Council (IIRC): financial, manufactured, human, intellectual, natural and social and relationship. In the sector in which we operate, mining, the main elements of value capture involve the natural, financial and human capitals. Our mining, processing, smelting and marketing activities allow us to add and distribute value to the stakeholders.

Value Capturing

Financial Capital: We use our own financial resources, derived from operating cash generation, and also from third parties, to make the necessary investments to develop new projects and maintain operational excellence and competitiveness in the mines and smelters. Strategic projects sometimes are financed with funds raised in the capital markets. The production and sale of ore concentrate, by-products, metals and metallurgical alloys generate our revenues and, together with our ability to appropriately operate our assets, generate added value that is distributed among shareholders, employees, suppliers, governments and society.

Natural Capital: At the beginning of the chain, our activity depends on the prospecting of mineral resources. To do so, we rationally extract natural resources and seek innovative alternatives to reduce waste generation, atmospheric emissions and impacts on biodiversity, as well as recover areas impacted by our activities.

Human Capital: Our Values and Beliefs, our development and compensation policies and our organizational environment are key factors in attracting and retaining highly qualified people. We seek to maintain a safe and healthy working environment and invest so that people develop personally and professionally.

Manufactured Capital: Our mines, smelters, administrative buildings, exploration areas and logistic structures enable the generation of value through more efficient processes and equipment. Mining and smelting activities require the use of engineering and technological resources, managed to guarantee the operational stability of the units, maximizing productivity and ensuring and boosting competitiveness.

Social and Relationship Capital: Dialogue with the communities in which we operate is essential for the maintenance of the operations and the sustainability of the business and is part of the process for co-creating a legacy in the localities where we have a presence.

Intellectual Capital: We stimulate innovation and the development of technologies that create competitive differentials, carried out in partnership with universities, research centers and public institutions.

Value Creation

Strategic Guideline:

Strategic Guideline:
Operational Excellence

Mineral exploration

The discovery and development of economically viable mineral resources, as well as the extended life of our mines, are important competitive advantages that add value to the business.


We carry out mining activities, mainly zinc and copper, with an important percentage of the ore concentrates being sent to our own smelters for metal production. The five mine operations are distinctive for taking responsibility for the management of socio-environmental impacts and relationships with the communities.


We operate three smelters: two in Brazil and one in Peru, each with specific positioning parameters. In addition to metallic zinc, zinc oxide and alloys, the units are configured to make coproducts, such as silver concentrate, sulfuric acid and copper sulfate.


We sell concentrates, zinc metal and co-products, and invest in the development of products and applications with higher potential for growth in the coming years, identifying new trends and market needs

Value Created

US$ 2.5 billion
net revenue

US$ 126 million
invested in mineral exploration and project development

US$ 108 million
in taxes paid

US$ 1.3 billion
paid to suppliers

US$ 10 million
invested in communities

US$ 95 million
for the environment

new jobs created

contracted suppliers

Shared Value

Employees: We create direct and indirect jobs, develop, train and appreciate our employees, ensuring care for their safety and their intellectual and professional growth.

Investors: The efficient management of assets and resources, as well as a short-, medium- and long-term strategic vision, allows for creation of value, distribution of dividends and the increase in the company’s value.

Clients: We manufacture quality products, maintain partnerships with local and global customers in search of new solutions and applications to maintain the perpetuity of the zinc and copper value chain.

Governments: We pay taxes to federal, state and municipal governments, with the objective of improving the quality of the services offered to the communities in our activity areas.

Communities: We act to co-create a legacy in the localities where we operate. We seek an understanding of these localities through structured actions and continuous relationships, contributing to their development.

Suppliers: We hire many different materials, inputs and services companies and seek to train local suppliers, aiding in the creation of indirect jobs in the communities in which we are present.

Financial Institutions: Our market capacity and credibility lets us contract financing for investments and initiatives in projects that bring development and value creation to the company and its stakeholders.