Jeremy Martin, chief executive of Horizonte Minerals Plc tells Proactive they're to acquire the advanced Vermelho nickel-cobalt project in Brazil from the Brazilian national mining champion Vale for US$8mln, mostly in deferred payments.
Concurrently, Horizonte is raising up to £8.5mln in a placing of shares in the UK and Canada at 3.5p per Placing Share.
The Vermelho project has a high grade scalable mineral resource with over 1mln tonnes of contained nickel and 43,000 tonnes of contained cobalt. The combination of Horizonte’s Araguaia nickel project, which is now in the advanced stages of development, with Vermelho looks set to create a real force in global nickel production.
