Brazilian Nickel advances project financing with LOI for $550m

Brazilian Nickel announced on Monday that it has received a letter of interest (LOI) from the U.S. International Development Finance Corporation (DFC) for a $550 million loan to support its Piauí Nickel project in Brazil.The funding represents 40% of the project’s overall financing package.Piauí is an advanced-stage nickel laterite project located in the state of Piauí, Brazil. It began production in 2022 with an average production rate of 27,000 tonnes of nickel and 900 tonnes of cobalt per year during the first 10 years of operation. The project has a mineral reserve of 99 million tonnes, with grades of 0.84% nickel and 0.05% cobalt. TechMet is a 70% shareholder in Brazilian Nickel.The project is located near road and rail infrastructure, which connects it to multiple port options.Brazilian Nickel stated that it expects to convert the LOI into a committed financing facility by early 2025.“Brazilian Nickel’s Piauí Nickel Project represents an opportunity to advance critical mineral development in Brazil, diversify critical supply chains, and foster economic growth in the region,” said Danielle Montgomery, DFC’s Acting Vice President of Infrastructure and Critical Minerals.The DFC, established in 2019, aims to provide an alternative to Beijing-led overseas financing in Asia, Africa, and Latin America.Currently, China processes approximately 65% of the world’s nickel and 82% of its cobalt.Weiter zum vollständigen Artikel bei Mining.com Weiter zum vollständigen Artikel bei Mining.com