LONDON (Alliance News) - Horizonte Minerals PLC has issued further shares to miner Glencore PLC after filing a feasibility study, the company said on Wednesday.
Horizonte bought the Vale do Sohnos deposit in Brazil from FTSE 100-constituent Glencore in 2015.
Under the purchase agreement, Horizonte had to make a payment to Glencore once it had filed a feasibility study for the Araguaia project, which includes Vale do Sohnos.
Horizonte has issued 13.9 million new shares to Glencore at 1.875 pence each, meaning Glencore now has a 6.1% stake in Horizonte, worth about GBP2 million.
Horizonte shares were 3.1% higher on Wednesday morning at a price of 2.33p apiece.