Atlantic Nickel, a Brazilian miner backed by London private equity mining fund Appian Capital Advisory has hired investment banks to explore sale options, capitalising on the increasing demand for metals used in electric batteries, four sources said. Its sale process with Citi and Standard Chartered is the most advanced, with potential buyers currently working on first-round bids, according to the sources.

The company’s meetings with Canadian banks RBC Capital Markets and Bank of Montreal (BOM) focused on exploring a listing, possibly in Toronto, while Goldman Sachs is working on the option of going public by merging with a special-purpose acquisition company (SPAC), according to the sources.

Paulo Castellari, CEO of Atlantic Nickel and Appian Capital Brazil, declined to comment on the process, adding “that is the nature of our business… It will be sold at some point. Our focus here in Brazil is to make it work. Obviously it is a good time (to divest).”

Read more/Source: Yahoo Finance