Horizonte Minerals has signed an agreement to acquire the Glencore Araguaia Nickel Project (GAP) in north central Brazil.

Both GAP and Horizonte’s Araguaia projects are located in Neo-Proterozoic Araguaia Fold Belt, a 1,000km long and 150km-wide orogenic zone situated between the Amazon Craton to the west and the San Francisco Craton to the east.

Horizonte Minerals CEO Jeremy Martin said: "We have been able to negotiate a unique transaction leveraging the current depressed commodity markets.

"The combination of the two projects will produce one of the largest undeveloped saprolite nickel resources globally."

"The combination of the two projects will produce one of the largest undeveloped saprolite nickel resources globally.

"We are confident that we can generate ore for the first ten years for the single line Rotary Kiln Electric Furnace (RKEF) plant grading +2% nickel."

According to Horizonte, the nickel laterite deposits in both projects are developed on peridotites that form part of mafic-ultramafic complexes, representing tectonic remnants of ophiolites emplaced in metasediments.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

Horizonte has agreed to pay $8m to Xstrata, which holds the title to GAP under a conditional asset purchase agreement between the company and Glencore Canada’s wholly owned subsidiary Xstrata Brasil Exploraçâo Mineral.

The deal is subject to the registration of Horizonte’s wholly owned subsidiaries and is also conditional upon other customary conditions to closing.