Centaurus Metals has secured a letter of intent (LoI) from Banco Nacional de Desenvolvimento Econômico e Social (BNDES) indicating potential debt funding of $1bn reais ($190m) for its Jaguar Nickel Project.
The project, situated in the Carajás Mineral Province in Pará, Brazil, is set to proceed through BNDES’ additional credit analysis and final approval stages.
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This development is consistent with BNDES’ strategic focus on enhancing critical minerals production within Brazil.
The Jaguar project comprises several nickel sulphide deposits and exploration targets spread across a 30km² land area.
The non-binding LoI indicates that BNDES plans to back the Jaguar project’s development via its Financiamento a Empreendimentos (FINEM) long-term financing facility, contingent upon the completion of the usual credit approval protocols.
FINEM serves as the primary long-term financing mechanism for significant projects in Brazil.
It aims to support capital-intensive initiatives across various sectors such as mining, energy, infrastructure and industrial processing.
Centaurus formally applied for funding with BNDES in September 2025, and the project is set to proceed through detailed evaluations including technical, financial, legal, environmental and credit assessments before BNDES’ board considers final approval.
It intends to maintain its engagement with BNDES as well as explore other potential lenders and strategic partners to find the best funding arrangement for the Jaguar project.
Furthermore, the LoI does not guarantee financing from BNDES.
Any potential funding will depend on successful due diligence, credit approvals, negotiation of final agreements and meeting all required conditions.
Centaurus managing director Darren Gordon said: “These LoIs can only be issued after significant analysis of the relevant project has been undertaken. We thank BNDES for the significant work they have carried out on the Jaguar project over the past six months and in assessing the project for inclusion in its primary long-term FINEM funding programme.
“Their support through this LoI highlights the strategic importance of the Jaguar project as a future supplier of responsibly produced nickel for the global energy transition.”
Prior to this, Centaurus signed a binding offtake agreement with Glencore for the provision of nickel concentrate from the Jaguar project.
