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Anglo Pacific acquires 2.1% stake in Brazilian Nickel for $2 million
StockMarketWire.com
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Royalty and streaming company Anglo Pacific said it was acquiring an approximately 2.1% stake in Brazilian Nickel at an investment cost of US$2 million to accelerate the development of the latter's Piaui nickel project.
The investment was part of a wider US$27.5 million funding led by TechMet Limited, with funds they had received as part of a significant equity investment from the U.S. International Development Finance Corporation, ahead of an anticipated acceleration of the development of Brazilian Nickel's Piaui project.
Anglo Pacific had a 1.25% gross revenue royalty in the project with the option to acquire an incremental 3.0% royalty stake for US$70 million at the time of PNP24k project construction decision.
'If the company decides to exercise its upsize option, the royalty on the project is expected to initially contribute US$14.5 million per annum once fully ramped up, and US$228.0 million over the life of mine assuming a long term nickel price of 17,848 per tonne,' the company said.
At 8:11am: (LON:APF) Anglo Pacific Group PLC share price was 0p at 106.6p
Story provided by StockMarketWire.com
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