Aim- and TSX-listed nickel company Horizonte Minerals has signed a royalty agreement with Orion Mine Finance that will provide it with an upfront cash payment of $25-million for the development of the Araguaia ferronickel project, in Brazil.
Orion will have a 2.25% royalty on the first 426 429 t of contained nickel within the final product (ferronickel) produced and sold. This is equivalent to the nickel production estimated over the life-of-mine for Araguaia in the Stage 1 feasibility study.