Brazilian Nickel has raised $52.37mn to transform its Piaui mine’s demonstration mining project into a small-scale operation.
The company said in a statement that these funds were sufficient to convert the pilot plant into a small-scale operation capable of producing up to 1,400mt of nickel per year. Later, the British company plans to convert it into a full-scale mine with an estimated production of between 100,000mt to 3mn mt per year.
In a statement, Brazilian Nickel explained that it has just completed getting capital worth $24.8mn, in addition to the $27.57mn it had already raised in December, to further its plans for the Piaui Nickel Project (PNP 1000).
The UK-based company completed 40pc of the new PNP 1000 plant, as well as 65pc of the financial feasibility study of the mine after its December funding.