16th Jun 2023 11:07
ACG Acquisition Co Ltd - special purpose acquisition company - Notes comments from boss of Appian Brazil, which comprises of Atlantic Nickel nickel sulphide mine and Mineracao Vale Verde copper mine.
Appian Brazil Chief Executive Officer Paulo Castellari says: "Atlantic Nickel has maintained its exemplary performance, with strong cost efficiency and environmentally responsible production. We look to exciting prospects for growth at its underground operations. Mineracao Vale Verde has continued to build momentum, as we look to leverage strong performance on the back of a well-executed ramp-up plan, during which we managed to meet our targets safely and responsibly."
The acquisition from funds advised by Appian Capital Advisory LLP was announced on Monday. Notes adjusted earnings before interest, tax, depreciation and amortisation for the three months that ended March 31 at Atlantic Nickel where USD51.2 million, while at Mineracao Vale Verde, they amounted to USD28.2 million. Quarterly output was 4,000 dry metric tonnes in nickel concentrate for Atlantic Nickel and 6,700 tonnes in copper concentrate at Mineracao Vale Verde.
Castellari continues: "ACG's network, resources, and global reach represent a perfect opportunity to further enhance the value of these mines. Our partnership holds immense potential for value creation and sustainable growth, and I look forward to working together with the team."
Current stock price: USD10.45
12-month change: 4.7% since admission on October 7 last year
By Greg Rosenvinge, Alliance News reporter
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