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(Alliance News) - Horizonte Minerals PLC on Monday said it has completed its USD25 million royalty transaction with Orion Mine Finance.
The deal was announced August 29, with Orion providing USD25 million of cash upfront in return for a 2.25% royalty on the Araguaia ferro-nickel project in Brazil. The money will go toward advancing "pre-construction work streams for Araguaia".
The royalty only applies to the first 426,429 tonnes of contained nickel within the final product, ferronickel, produced and sold.
Shares in Brazil-focused nickel company Horizonte were down 2.2% at 4.01 pence in London on Monday afternoon.
By Anna Farley; annafarley@alliancenews.com
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