Horizonte Minerals said on Monday it had bought Glencore's Araguaia nickel project in Brazil for $8 million.
"This is a game-changing transaction for Horizonte. We have been able to negotiate a unique transaction leveraging the current depressed commodity markets," Horizonte CEO Jeremy Martin said in a statement.
A Glencore spokesman said the deal was part of the company's plan to dispose of non-core assets.
London-listed Horizonte is a Brazil-focused nickel development company.