Luxembourg-based metal mining company Nexa Resources S.A.announced that the board of directors has approved the start-up of construction of the Aripuanã project, an underground polymetallic mine and concentrate processing facility in the state of Mato Grosso, Brazil.
The Aripuanã project is expected to be operational by the beginning of 2021, with total investment estimated at approximately $392 million. The Aripuanã project expects to contribute to the creation of direct and indirect jobs, and development of the region.
Nexa said that the approval of the construction of the Aripuanã project reinforces its commitment to developing its pipeline of greenfield projects. Nexa Resources expects to fund the Aripuanã project from its cash balance and operating cash flows.
The project is expected to create approximately 1,600 jobs during the construction phase and employ approximately 750 employees when operating. In addition, the Aripuanã project contributes to Nexa’s long-term plan to increase mining production and reduces third-party zinc concentrate supply needs.