The British private firm, the Brazilian Nickel Mine (Brazilian Nickel, BRN), has raised $27.57 million high-level phase of the Brazilian Pioy (Piaui) nickel project. Of this amount, $25 million was invested by BRN company's financing partner, the private enterprise Technology Metals Corporation (TechMect).
BRN will use this funding to accelerate project development, expand existing demonstration projects and provide early small-scale production of PNP1000 projects by completing feasibility studies for comprehensive projects.
The Pioy nickel mine, the company's laterite nickel heap leaching project in the northeastern Brazilian state of Pernambuco, has been detected with 73% of the resources in the mine, showing 72 million tons of proven and controlled resources, 1.0 % of nickel grade and 0.05% of cobalt, in accordance with JORC standards. There is potential for rise within adjacent exploration permits.
Meanwhile, Brian Monell, chairman and chief executive officer of Tech Metals, and Flavio Gimarans of Mulimercado Investimento No Exterior Credito Privado, Magento Fundo De Investment, will join the company's board of directors as non-executive directors.
Copyright © 2013 Ferro-Alloys.Com. All Rights Reserved. Without permission, any unit and individual shall not copy or reprint!