Horizonte Minerals buys Glencore's nickel project

September 28, 2015 03:45 PM

Horizonte Minerals said on Monday it had bought Glencore's Araguaia nickel project in Brazil for $8 million.

"This is a game-changing transaction for Horizonte. We have been able to negotiate a unique transaction leveraging the current depressed commodity markets," Horizonte CEO Jeremy Martin said in a statement.

A Glencore spokesman said the deal was part of the company's plan to dispose of non-core assets.

London-listed Horizonte is a Brazil-focused nickel development company.

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