- Horizonte Minerals, the nickel development company focused in Brazil, has reached agreement to indirectly acquire through wholly owned subsidiaries in Brazil the advanced high-grade Glencore Araguaia nickel project ('GAP') in north central Brazil.

GAP combined with Horizonte's 100% owned high-grade Araguaia nickel project will create one of the world's largest nickel saprolite projects in terms of size and grade, in a premier mining jurisdiction that has a defined path to feasibility.

The total acquisition cost is $8M.

Horizonte's CEO, Jeremy Martin, said: "This is a game-changing transaction for Horizonte. 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."

At 8:01am: [LON:HZM] Horizonte Minerals PLC share price was -0.17p at 1.38p

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