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Horizonte acquires Vale's Vermelho nickel-cobalt asset

Nickel development company Horizonte Minerals (LN:HZM) has agreed to acquire 100% of Vale’s (BZ:VALE5) Vermelho nickel-cobalt project in Brazil for US$8 million.

Horizonte acquires Vale's Vermelho nickel-cobalt asset Horizonte acquires Vale's Vermelho nickel-cobalt asset Horizonte acquires Vale's Vermelho nickel-cobalt asset Horizonte acquires Vale's Vermelho nickel-cobalt asset Horizonte acquires Vale's Vermelho nickel-cobalt asset

The Vermelho acquisition will be combined with the Araguaia project (pictured)

It will pay an initial $150,000 in cash upon signing, $1.85 million on the second anniversary of the deal and the balance on sale of the first commercial product.

It has also granted Val...