Compania Minera Atacocha S.A.A. B

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What it is

Nexa Resources Atacocha — formerly Compañía Minera Atacocha — is a Peruvian company primarily engaged in the exploration of mineral deposits and production of lead, zinc, and copper concentrates. It also generates electricity from two small hydroelectric plants, Marcopampa and Chaprín, with a combined installed capacity of 6.6 megawatts.

Its mine and processing plant sit in the districts of San Francisco de Asís de Yurusyacán and Yanacancha, in the province of Pasco — the central Andean highlands, more than 4,000 metres above sea level. Operations have run since 1936, making it a long-standing name in Peru’s polymetallic mining industry, dedicated to the exploration, extraction, processing, and sale of zinc, copper, and lead concentrates carrying silver and gold.

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Who owns it

The controlling owner is the Brazilian conglomerate Votorantim S.A., working through a chain of subsidiaries. Votorantim S.A. is the majority shareholder of Nexa Resources S.A., holding 64.68% of its capital, and Hejoassu Administração S.A. is the sole shareholder of Votorantim S.A. Nexa Resources in turn controls Atacocha through its subsidiary Nexa Resources El Porvenir S.A.C.

After a voluntary takeover offer that closed on 3 September 2025, Nexa El Porvenir’s indirect stake in Atacocha reached 99.36% of all Class A voting shares and 62.89% of all Class B non-voting shares. The Class B free float — the fraction available to outside investors — is therefore thin and shrinking; the ATACOBC1 ticker has very limited liquidity.

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Who runs it

The CEO of Nexa Resources Perú S.A.A., the immediate Peruvian parent, is José Carlos del Valle, who oversees all Peruvian polymetallic operations including Atacocha and El Porvenir in the Pasco region. At the group level, Ignacio Rosado serves as CEO of Nexa Resources S.A., the listed Brazilian-headquartered parent.

Atacocha’s board, as registered with the BVL in March 2025, comprises four directors: Jones Aparecido Belther (Brazil), José Agustín Eulogio de Aliaga Fernandini, Juan Ignacio Rosado Gómez de la Torre, and Lucía Cayetana Aljovín Gazzani. The independent director — unconnected to management or the main shareholders — is Pablo Moreyra Almenara.

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The money, in plain words

The company’s own audited report tells the sharpest story of 2023: the 2023 Memoria Anual and separate financial statements, covering the year ended 31 December 2023, were audited by PricewaterhouseCoopers. Net sales came in at US$77 million, a 19% drop from 2022, driven by a 24% fall in zinc prices and lower ore grades — a reminder of how tightly this mine’s income tracks global metal markets.

By trailing twelve months to end-2025, revenue had recovered to roughly US$135 million (our reading of Morningstar/Pitchbook data), implying a net margin of about 24% — meaning the company keeps around 24 cents of profit from every dollar of sales, healthy for a mid-size polymetallic miner. Its most recent balance sheet shows total assets of about US$176 million and total liabilities of roughly US$58 million — leaving owners’ equity of approximately US$118 million (our calculation), against a market value for the Class B shares alone of roughly US$59 million, so the stock trades at about half of book value.

Its price-to-earnings ratio stands at about 2.5 times trailing earnings, compared with an industry average of nearly 27 times — exceptionally cheap, but that discount reflects illiquidity and the near-complete ownership by the parent.

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What it is doing now

The defining move of 2025 is the push to physically merge Atacocha with its neighbour. Nexa Resources Perú is integrating the El Porvenir and Atacocha mines in Pasco to optimise processes, cut costs, and extend the useful life of both units — with a tunnel planned to carry ore from Atacocha directly to El Porvenir’s processing plant.

Alongside the tunnel, the parent ran voluntary buyout offers for Atacocha’s remaining outside shareholders. The Class A offer covered 11.2 million shares at PEN 0.108 (US$0.03)each; the Class B offer covered 548 million shares at PEN 0.064 (US$0.02)each.

By the offer’s close on 3 September 2025, very few shareholders tendered — just 0.01% of Class A shares and 1.96% of Class B shares — meaning Nexa’s grip is near-total but a small public listing persists. Late in 2024 the parent injected up to US$37 million of fresh capital into Atacocha to fund the integration project.

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What to watch

• Integration tunnel timeline: Nexa’s board approved Phase 1 of the Cerro Pasco Integration Project — a tailings pump-and-pipeline system — in Q4 2024, with detailed engineering complete and construction expected to begin in Q2 2025. Delays or cost overruns would weigh on both mines’ economics.
• Social licence risk: In early 2024, Nexa halted production at the San Gerardo open-pit zinc mine after community blockades; the company said operations were suspended until protests stopped and staff safety could be guaranteed. Community relations remain a live operational risk in Pasco.
• Metal prices: Zinc is the primary revenue driver; every move in the London Metal Exchange price flows directly to Atacocha’s margins, as the 2023 results showed.
• Delisting risk: With the parent holding 99%-plus of voting shares and over 62% of Class B shares, a full squeeze-out or voluntary delisting is a plausible next step — minority Class B holders should watch any further regulatory filings with the SMV.

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This is news, not investment advice.