the miner Glencorethe Stellantis automotive group and PowerCo, the battery business of Volkswagenamong other firms, support an operation to acquire a copper and a nickel mine in Brazil, valued at US$ 1,000 million (930 million euros), Acquisition Company Limited (ACG) announced on Monday.
That special purpose acquisition company (SPAC) has agreed to buy the Atlantic Nickel nickel sulfide mine in Santa Rita and Mineraçao Vale Verde copper mine in Serrote.
Both mines have a “long lasting life” and “low cost”, indicated ACG, which estimates the adjusted gross operating result (ebitda) of the two combined operations at 260 million dollars (241 million euros).
Under the new name ACG Electric Metalsthe company will provide raw materials to “Western electric vehicle manufacturers and other industrial customers”.
Glencore will invest US$100 million (93 million euros) in ACG and will process nickel sulfide extracted in Brazil at its plants in Europe and North America, while Stellantis, owner of Opel, Peugeot and Citroen, among other brands, will invest another US$100 millions.
PowerCoa subsidiary of Volkswagen, has agreed to make a prepayment of US$ 100 million for the supply of raw materials.
The investor La Mancha also participates in the operation, in which Citigroup, ING and Société Générale also participate.
Source: EFE
Source: Gestion
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