LONDON, UNITED KINGDOM / ACCESS CABLE / July 4, 2022 / Anglo Pacific Group PLC (LSE:APF, TSX:APY) is pleased to report that Brazilian Nickel PLC has announced the start of production of the PNP1000 small-scale plant at the Piauí Nickel Project in Brazil (First Nickel from PNP1000 – Brazilian Nickel PLC).
The annual production guidance for 2022 is 300 tons of nickel and 3 tons of cobalt increasing to 1400 tons of nickel and 35 tons of cobalt in 2023.
Anglo Pacific was an initial sponsor of the Piauí project, investing US$2 million in September 2017, in exchange for a 1.25% royalty on the project. 2022 will be a pivotal year for Brazilian Nickel, during which they are anticipated to successfully achieve multiple important milestones, including the completion of a bankable feasibility study currently underway by SNC-Lavalin in connection with the large-scale project. As part of the agreement, the Group has the option to acquire, for an additional consideration of US$70 million, incremental royalty rights of 3% to partially finance the construction of a mine with an expected annual production capacity of up to 24 Kt of nickel. and 1 Kt of cobalt.
The Piauí project has the potential to become a significant asset in the Group’s portfolio, with a large-scale operation contributing annual royalty income ranging between US$12.5 and 17.5 million based on current consensus forecasts. of long-term brokers, thereby further accelerating the Company’s transition to commodity futures.
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Notes to editors
Anglo Pacific Group PLC is a global natural resource royalty and conveyance company. The company’s strategy is to become a leading natural resources company by investing in high-quality projects in preferred jurisdictions with trusted counterparties, backed by strong ESG principles. It is an ongoing policy of the Company to pay a substantial portion of these royalties and flows to shareholders as dividends.
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