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Horizonte to buy Vale's Vermelho nickel-cobalt project for US$8M

Horizonte Minerals Plc said Dec. 19 that it struck a deal with Vale SA to acquire the Vermelho nickel-cobalt project in Brazil for US$8 million.

The company also acquired the data from a feasibility study Vale conducted and is granting a 1% net smelter royalty on nickel produced in the first 10 years of production up to a maximum of 15,000 tonnes per annum, which will then reduce to 0.5% NSR.

Vale approved Vermelho in 2005 with nameplate annual production capacity of 46,000 tonnes of nickel and 2,500 tonnes of cobalt.

Meanwhile, Horizonte intends to raise up to £8.5 million through separate share placements at 3.5 pence apiece on the London Stock Exchange's AIM and the Toronto Stock Exchange to fund the acquisition.