Significant Acquisition in Spanish Mining
The Canadian multinational Denarius Metal Corporation has acquired a 50% stake in Río Narcea Recursos (RNR) for 25 million euros. RNR is set to commence operations in 2024 at the Aguablanca deposit in Monesterio (Badajoz), Spain’s only nickel mine and one of the few in Europe.
Details of the Aguablanca Deposit
The Aguablanca deposit, previously operated until 2015, was purchased by RNR in 2021 from Valoriza Minería of the Sacyr group. The mine is expected to reopen next summer with an investment of around 50 million euros, creating approximately 350 direct jobs. The mine’s operational life is estimated to be ten years, during which it is expected to extract 3 million tons of material.
Joint Venture and Operational Plans
Denarius Metals will operate the mine through its Spanish subsidiary, Alto Minerals S.L.U., which also owns the Lomero Project in Andalusia. Alto and RNR will form a joint venture, with each party contributing three members to the Board of Directors. Alto will be the operator of the Aguablanca Project, while the RNR Shareholders Group will provide financing for the restart and commencement of operations.
Payment Schedule and Approval
Alto has already paid €2.5 million upon signing the agreement, with additional installments of €5 million and €5.8 million due at the end of each quarter in 2024. The agreement is pending approval by the Toronto Stock Exchange.
Broader Implications and Projects
Serafino Iacono, President of Denarius Metals, noted that this acquisition will expedite production at the Lomero Project by utilizing excess capacity at RNR’s processing plant. The Aguablanca mine, located near the Lomero-Poyatos project in Huelva, will provide significant savings in time and capital costs for Denarius Metals’ operations in Extremadura and Andalusia. These combined operations will produce various precious and strategic metals, enhancing the company’s market position. 
