Name of the Project
Jaguar nickel sulphide project.

Location
Carajás, Brazil.

Project Owner/s
ASX-listed exploration company Centaurus Metals.

Project Description
Jaguar is currently one of the biggest undeveloped nickel sulphide projects worldwide and a highly strategic potential source of unencumbered nickel concentrate product, particularly for the electric vehicle battery supply chain. 

The outcomes of the Jaguar Value Engineering Process (JVEP) were announced in May 2025. 

The JVEP considers only openpit nickel sulphide ore over an initial 15-year mine life, delivering nickel sulphide feed to a 3.5-million-tonne-a-year conventional nickel flotation plant to produce an estimated 18 700 t/y of recovered nickel metal. 

Total life-of-mine recovered nickel is estimated at 284 000 t.

Potential Job Creation
The development of Jaguar will provide job opportunities in and around the local municipalities. At peak construction, the workforce will comprise more than 1 200 people – 490 full-time operational personnel and about 630 mining contractor employees.

Net Present Value/Internal Rate of Return
The project delivers a pretax net present value, at an 8% discount rate, of $874-million and internal rate of return of 38%, with a payback of 1.7 years.

Capital Expenditure
Preproduction capital expenditure, including growth and contingency, is estimated at $380-million.

Planned Start/End Date
Production is expected to start in 2029.

Latest Developments
Centaurus Metals has received a letter of intent (LoI) from Brazil development bank, Banco Nacional de Desenvolvimento Econômico e Social (BNDES), for R$1-billion (about $190-million) in potential debt funding for the project.

The nonbinding LoI follows an assessment of the project and signals BNDES’ intention to support its development through the bank’s long-term Financiamento a Empreendimentos  (FINEM) financing facility, subject to further credit approvals.

“[The LoI] can only be issued after significant analysis of the relevant project has been undertaken," Centaurus MD Darren Gordon has noted. 

The LoI, together with the recent announcement of a binding offtake agreement with Glencore, positions Centaurus strongly to progress towards credit approval of the FINEM long-term debt funding package with BNDES.

BNDES’ detailed technical, financial, legal and environmental assessment process will now follow ahead of a final credit decision by the bank’s board.

Key Contracts, Suppliers and Consultants
None stated.

Contact Details for Project Information
Centaurus Metals, tel +61 8 6424 8420 or email office@centaurus.com.au.