StockMarketWire.com - Horizonte Minerals signed a royalty agreement with Orion Mine Finance to fund the development of its Araguaia ferro-nickel project in Brazil.

Under the agreement, Orion would provide an upfront cash payment of US$25m in exchange for a 2.25% royalty on the Araguaia project.

The royalty only applied to the first 426,429 tonnes of contained nickel within the final product (ferronickel) produced and sold, the company said.

The funds would support the company's efforts to build out its owner's team, advance engineering and early works packages as we proceed to the start of full construction at Araguaia, Horizonte Minerals said.

At 9:11am: [LON:HZM] Horizonte Minerals PLC share price was +1.28p at 4.65p



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