London-based private equity fund Appian Capital is said to be in advanced negotiations to sell its Atlantic Nickel unit in Brazil for around $1 billion, with Canada’s Teck Resources (TSX: TECK.A | TECK.B) (NYSE: TCK) cited as one of the likely buyers.
According to O Estado de S. Paulo newspaper, the Vancouver-based miner’s main interest is Atlantic Nickel’s Santa Rita open pit nickel-cobalt mine, in the northeastern state of Bahia.
A Teck spokesperson told MINING.COM that the company does not comment on market rumours or speculation. One of the largest open-pit nickel sulphide mines in the world, the Santa Rita was operated by Mirabela Nickel for six years, prior to being placed on care and maintenance due to the low nickel prices in 2015.
Appian, which acquired the mine in 2018 from Mirabela Nickel as part of a bankruptcy process, is reportedly looking to recover the capital sunken into bringing the past-producing mine back online, which happened in early 2020.
For the rest of this article: https://www.mining.com/appian-capital-in-talks-to-sell-of-atlantic-nickel-for-1bn/