In a robust trading session, Nexa Resources S.A. (NYSE:NEXA) stock soared to a 52-week high, reaching a price level of $8.67. With a market capitalization of $1.14 billion, the mining company appears undervalued according to InvestingPro analysis. The significant milestone reflects a bullish sentiment among investors, as the company's stock price has surged by 23.74% over the past year, including an impressive 20.45% gain year-to-date. This impressive year-over-year performance underscores the market's confidence in Nexa's strategic initiatives and its ability to navigate the volatile commodities market. The 52-week high represents a key indicator of the stock's momentum, as shareholders celebrate the company's strong position in the industry. InvestingPro subscribers have access to 8 additional key insights and a comprehensive Pro Research Report, offering deeper analysis of NEXA's financial health and growth prospects.
In other recent news, Nexa Resources reported a strong third quarter for 2024, with a 9% increase in total consolidated net revenues to $709 million and a notable rise in adjusted EBITDA to $183 million, up from $87 million the previous year. The company also made significant strides on several mining projects, improving its net leverage ratio and making a 64% reduction in its cash cost guidance for 2024 due to increased operational efficiencies.
Nexa Resources is on track to meet its full-year outlook, backed by rising metal prices, especially zinc. The company also announced progress on the Aripuanã project, which has seen positive adjusted EBITDA for three consecutive quarters, and the Cerro Pasco integration project, which is set to start in 2027 with an investment of $85 million to $90 million.
These are recent developments that also include the company's improved liquidity to approximately $845 million, with a net debt to adjusted EBITDA ratio of 2.2 times. Nexa Resources remains optimistic about zinc and copper prices, supported by solid market fundamentals. The company is planning to reduce debt while investing in the Pasco project and actively seeking copper acquisitions, targeting $800 million for copper assets with annual production of 50,000 to 60,000 tons.
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