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Out-of-favour nickel hopeful Horizonte Minerals (HZM) has agreed to buy financially-strapped mining giant Glencore’s Araguia nickel project in north-central Brazil, near to its own Araguia venture, in a deal which chief executive officer Jeremy Martin says will create a combined operation able to produce 3,000 tonnes a year at a grade of 2% for the first 10 years. Backed by Canadian mining heavweight Teck Resources with a 38% stake, Horizonte, whose shares at 1.65p have fallen from 2006’s AIM float price of30p and a 12-month high of 5.12p, has agreed to pay $8 million (£5.3 million) in stages for the Glencore Araguia Project (GAP) in Brazil’s Para State.
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