Business Model

Our business model has been developed considering the capture, creation and value distribution 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 relationship publics.


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. Occasionally, strategic projects also are financed with funds raised in the capital markets. The production and sale of ore concentrate, by-products, metals and smelting 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. For this purpose, we rationally extract 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, derived from Votorantim S.A., 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 technology resources, managed with the objective of guaranteeing the operational stability of the units, maximizing productivity and greater 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 businesses and is part of a 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.


ico3Mineral 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 zinc and copper mining activities, in addition to the metals associated with these key minerals, such as gold, silver and lead, directing much of the zinc ore concentrate, the main metal in our portfolio, to our smelters for the production of metallic zinc. The five mine operations are differentiated in the market by their responsibility in managing social and environmental impacts and in the relationship with the surrounding communities.

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

We sell concentrates, metallic zinc, zinc oxide and by-products, and we invest in the development of products and applications with greater growth potential in the coming years, identifying new trends and market needs.


US$ 2.3 billion
net revenue

US$ 113 million
invested in mineral exploration and project development

US$ 1.9 billion
billion paid to suppliers

US$ 5.5 million
invested in the communities

US$ 89 million
allocated for the environment

contracted suppliers


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



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



Clients: We manufacture quality products and maintain partnerships with local and global customers, seeking new solutions and applications to perpetuate 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 the creation of indirect jobs in the communities in which we are present.



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