Description of Activities

Description of transaction: The proposed transaction involves the acquisition by Boliden AB (“Boliden”) of controlling shareholding in Nexa Resources S.A. (“Nexa”) from Votorantim S.A. (“Votorantim”).

Acquiring group: The primary acquiring undertaking is Boliden, which is publicly traded on Nasdaq Stockholm, and the only stakeholder with more than 5% is BlackRock; as such, no entity or individuals control Boliden. Boliden does not control any other undertaking in Namibia. Boliden and its controlling undertakings are herein referred to as the Acquiring Group. While Acquiring Group is a metals and mining company involved in the exploration, extraction, and processing of mineral ores as well as the smelting, refining, recycling, and sale of metals in Europe, it does not conduct any business activities nor generate any revenue in, into, or from Namibia.

Target undertaking: The primary target undertaking is Nexa, which is controlled by Votorantim. In Namibia, Nexa indirectly controls Votorantim Metals Namibia (Pty) Ltd (“Votorantim Namibia”) and Otavi Mining Investments (Pty) Ltd (“Otavi Mining"), both of which will be indirectly acquired by the Acquiring Group as a result of the proposed transaction. In Namibia, Nexa is involved in mineral prospecting, mining, and related activities through Votorantim Namibia, which is the mineral exploration office, and Otavi Mining, which is the local exploration project vehicle. Nexa and its subsidiaries are herein referred to as the Target Group. 

The Target Group is currently involved in exploration activities in the Kalahari Copper Belt through the Kalahari Project, which is wholly owned by Nexa. The activities include airborne geophysical surveys, surface exploration, geological mapping, and target generation.

Relevant market: The merging parties elected to leave the relevant market undefined, as there are no horizontal overlaps or vertical integrations between the merging parties’ activities. 

Submit Your Comments

The Namibian Competition Commission (NaCC) values your input in ensuring fair competition across the country. If you have concerns about a business practice, merger, or market behavior, simply fill out our Feedback Form below. Provide a brief description of your concern, and include any relevant details or documentation. Your submission will be reviewed confidentially, and we’ll follow up if further information is needed.

Submission Form