Wave Nickel Brasil entered into an agreement to acquire Niquelandia Nickel Unit in Goias from Companhia Brasileira de Alumínio (BOVESPA:CBAV3) for BRL 20 million on April 12, 2023. The operation includes the nickel mine and the processing unit. If Wave Nickel Brasil resume operation of the mine, CBA will have the right to 3% of net operational revenue in royalties.

The closing of the transaction is conditioned to the fulfilment of conditions precedent and standard obligations, including approval by the Brazilian Antitrust Authority – CADE and the National Electric Energy Agency – ANEEL. As of June 5, 2023, CADE has approved the sale of its Niquelandia nickel unit in Goias. Paulo Rocha of Demarest Advogados acted as legal advisor to Companhia Brasileira de Alumínio.