Brazilian Nickel raises further $24.8m

31st August 2021

By: Mariaan Webb

Creamer Media Senior Deputy Editor Online


Font size: - +

UK-based Brazilian Nickel has completed a further equity raise of $24.8-million to fund the expansion of its existing PNP 1000 demonstration plant.

PNP1000 is the initial, small scale commercial production project at the Piaui nickel project, in Brazil.

The investment will be made in three tranches, with an initial $15-million, followed by two tranches of $4.9-million each. Following the three tranches, RCF will have a shareholding of 11.27%, TechMet will have maintained a shareholding of 31.22% and Monazita Resources will hold 20.39%.

Brazilian Nickel in December raised $27.57-million, which it deployed to advance the PNP 1000 construction to about 40% completion and the bankable feasibility study (BFS) to about 65% completion.

“The $24.8-million raise means that since December, we have successfully secured a total investment of $52.37-million, allowing for the funding of significant project milestones such as the delivery of the BFS and the construction of, and eventual production from, the PNP 1000 project,” said CEO Mike Oxley.

Following completion of the first tranche of the investment, RCF’s nominee, Calum Semple, has joined the board as nonexecutive director.

Brazilian Nickel will convert the demonstration plant, which successfully demonstrated the recovery of nickel and cobalt from the Piauí ore in 2016 and 2017, into a small-scale operation producing about 1 400 t/y of nickel and about 35 t/y of cobalt contained in intermediate products.

The subsequent full-scale project will increase the ore mining rate from 100 000 t/y to 3-million dry metric tonnes a year.

Edited by Creamer Media Reporter


The content you are trying to access is only available to subscribers.

If you are already a subscriber, you can Login Here.

If you are not a subscriber, you can subscribe now, by selecting one of the below options.

For more information or assistance, please contact us at

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?