Bravo Mining has advanced its Luanga PGM-nickel project in Brazil into pre-feasibility, with a maiden reserve supporting a potential new source of palladium, platinum, rhodium and nickel.
The project has a maiden reserve of 86.7 million tonnes grading 2.77 grams per tonne palladium-equivalent. The latest study estimates an after-tax net present value of about €1.27 billion, an internal rate of return of 35.1% and initial capital expenditure of approximately €686 million. Payback is projected at two years.
Ten-Year Production Plan
The proposed 10-year mine plan forecasts average annual payable production of around 208,900 ounces of palladium, 150,700 ounces of platinum, 16,100 ounces of rhodium and 9,800 tonnes of nickel. Bravo also plans to construct a smelter at Brazil’s Barcarena export-processing zone. The facility would enable Luanga to produce a saleable metal alloy rather than export concentrate.
The proposed processing route could provide European buyers with an additional supply source outside established South African and Russian PGM supply chains. Europe remains heavily dependent on imports of platinum-group metals, while South Africa supplies a dominant share of platinum and several other PGMs imported into the region. No European offtake agreement has been announced.
Financing and Development Requirements
Luanga remains at a pre-construction stage. Bravo reported approximately €82 million in cash, which the company says is sufficient to fund further resource work, a definitive feasibility study and additional development activities before a final investment decision. That cash position is below the project’s estimated €686 million initial capital requirement. An earlier arrangement with Orion Mine Finance includes an indicative, non-binding financing proposal of up to approximately €262 million. The proposal remains subject to project milestones and other conditions and does not represent committed project debt. No new binding financing or construction funding was announced alongside the pre-feasibility study.
Permitting Next Step
Luanga could eventually supply palladium, platinum and rhodium for automotive catalysts, hydrogen technologies and other industrial applications, while also producing nickel. Before any such production can begin, the project must progress through permitting, definitive feasibility, binding financing and construction. Bravo plans to submit its installation-licence application in Q4 2026, making permitting and the establishment of a bankable funding package the next development stages.
