Horizonte Minerals said on Monday that it had bought Glencore’s Araguaia nickel project in Brazil for $8-million.

“This is a game-changing transaction for Horizonte. We have been able to negotiate a unique transaction leveraging the current depressed commodity markets,” Horizonte CEO Jeremy Martin said in a statement.

A Glencore spokesperson said the deal was part of the company’s plan to dispose of noncore assets.

London-listed Horizonte is a Brazil-focused nickel development company.

• [Editor:Juan]