ACG Acquisition Co Ltd on Thursday said the Brazilian antitrust authority unconditionally approved its acquisition of mines in Brazil.

The special purpose acquisition company, which is looking to benefit from favourable price conditions for new economy metals and other mining materials, said the Conselho Administrativo de Defesa Economica approval was one of the conditions to closing the acquisition.

The approval will be followed by a 15-day waiting period, ACG Acquisition said, after which the parties are free to close the acquisition from an antitrust perspective.

In mid-June, ACG announced that it had agreed the acquisition of the Atlantic Nickel nickel sulphide mine in Santa Rita and the Mineracao Vale Verde copper mine in Serrote, both in Brazil, from funds advised by Appian Capital Advisory LLP.

An extraordinary general meeting of ACG Acquisition shareholders on the acquisition will be held on July 20.

ACG Acquisition shares were quoted at $10.45 each in London on Thursday afternoon, having last traded at $10.60 on Tuesday just before closing.

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