10 Nov Brazilian Nickel PLC Q3 2022 Update
Brazilian Nickel PLC
Q3 2022 Update
Brazilian Nickel PLC (‘BRN’ or the ‘Company’), the privately held UK company producing nickel in Brazil, is pleased to provide an update on its operations at the Piauí Nickel Project (‘PNP’ or the ‘Project’), for the quarter ended 30 September 2022 (the ‘Quarter’).
PNP (Full Scale)
- The bankable feasibility study was completed in the quarter showing attractive economics.
- Following completion of the study, BRN appointed London-based Rothschild and Company in August to advise and lead the fund-raising for full-scale financing
- Feasibility study issued to strategic advisors and potential full-scale financiers
- Operations are continuing to ramp up with the mine producing nickel grades higher than planned, and over 300,000 wet tonnes of material has been excavated since the beginning of operations.
- Ore sent to be stacked has increased month on month this quarter reaching the planned 11,000 tonnes of ore per month in September.
- Construction continued for the leach pads with 14 of 18 pads completed by the end of the quarter. The sixth module was completed ahead of plan and, at the end of the quarter, 40% of module seven was completed. Six modules are currently under leach.
- In the downstream processing plant, nickel products have continued to be produced at an increasing rate as we ramp up to full capacity
- First sale of products is anticipated in the next few weeks
Environment, Social and Governance
- Brazilian Nickel’s Technical Director, Anne Oxley, was named on the Natural Resources Forum’s 25 “ESG Champions” list.
- The workforce employed by Piauí Niquel Metais (“PNM”) at site and at the head office stands at 229, with 31% being female and 71% from the local project area.
- CO2 reduction work continued to progress in the Quarter with encouraging results.
Mike Oxley, Chief Executive Officer, said:
“Following the last quarter where, as a Company, we reached the significant production milestone, it has been a period of consistent delivery and ramping up of our operations. The production of high-grade, low-cost, low carbon intensity nickel product has put the Project in an enviable position to start providing an essential material to support the global transition to a green economy.
“Progress is being made across the remainder of the PNP1000 construction activities with the majority due to be completed over the next quarter.
“The Quarter’s global economic overview has been one of uncertainty and economic recession effecting a number of countries. In addition, the deepening of the energy crisis has caused a global drop in production output as companies look to reduce their energy spend. This has had a knock-on effect on the nickel market and demand for the critical mineral continues to increase, especially from the battery market. The drive toward the security of local or regional supply chains has resulted in countries increasingly promoting their local resource development.
“As always, we would like to thank all of our stakeholders for their continued support and look forward to keeping everyone updated with the ongoing works throughout the year.”
Anne Oxley, Technical Director, said:
“It is excellent to see that the continued hard work carried out by our fantastic team has progressed the PNP1000’s construction into its final stages.
“As we continue to deliver on our strategy to produce both nickel and cobalt products, two metals critical in electric vehicle batteries and the green transition, we will, in parallel, ensure this is done in a sustainable and low carbon manner.
“In addition, it is a personal honour to be selected by the Natural Resources Forum as an Environmental, Social and Corporate Governance Champion, as we strive to continue our collective work to produce critical minerals, utilising sustainable processes, to help achieve the global net zero CO2 target. We look forward to sharing future updates with you in due course.”
About Brazilian Nickel PLC
BRN is a privately held UK company established in May 2013 to develop nickel laterite heap leach projects worldwide, beginning with its flagship Project in Brazil. The BRN team are all highly experienced mining industry professionals with extensive experience in Latin America and worldwide. The team has been developing and commercialising the heap leaching of nickel laterites for over 20 years with a view to building a world class nickel and cobalt producing company.
BRN aims to provide long-term benefits through continuous improvements in health, safety, and environmental performance, sharing the benefits of our activities with the communities within which we operate. BRN will achieve this by targeting zero harm to our employees, leaving a positive legacy in the community, conserving and where possible enhancing the natural environment, respecting, and protecting the rights of employees and host communities, while doing business responsibly and transparently.
About the Piauí Nickel Project
The Piauí Nickel Project is an advanced-staged Battery Metals project. The key environmental permits (Licenças Previas) have been awarded for the larger scale project which envisages production of the same nickel and cobalt hydroxide products as the PNP1000. These will supply the expected surge in demand for these metals in, among others, electric vehicle batteries, over the coming years.
|Tim Blythe / Megan Ray||Tel: +44 (0) 20 7138 3205|