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Atlantic Nickel announces concentrate sale

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(Kitco News) - Atlantic Nickel, which operates Santa Rita Mine in Brazil, said yesterday it sold its first concentrate from its mine.

The company said it achieved over 11,000 dry metric tons of in-specification concentrate.

Going forward the company said it is looking to establish relationships with a diverse set of offtake partners.

"In line with this strategy, Atlantic Nickel is pleased to announce that it has entered into a three-year offtake contract for a portion of Santa Rita's production and a US$40.8m financing arrangement with Trafigura. The deal provides the remaining funding required for the restart of the project and establishes a strong relationship with a best-in-class global commodities trading firm," said the company in a news release.

The Santa Rita Mine is an open-pit nickel-copper-cobalt sulphide operation located in Bahia, Brazil. Atlatic Nickel said the Santa Rita is fully-permitted. It was a past-producing nickel mine and has an estimated production capacity of 6.5Mtpa.

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