{
  "projectionVersion": "smpt-investigation-1",
  "projectId": "prj-br-piaui-niquel",
  "corpus": {
    "revision": "2026-11-04",
    "legalStatusCutoff": "2026-11-04",
    "view": "current_corpus_revision",
    "notice": "Curated corpus revision, not source freshness or historical known-as-of coverage. Financial histories retain their own status dates."
  },
  "project": {
    "id": "prj-br-piaui-niquel",
    "name": "Piauí Níquel nickel and cobalt processing project",
    "sponsorOrgIds": [
      "org-br-piaui-niquel-metais"
    ],
    "locations": [
      {
        "countryCode": "BR",
        "subnational": "Piauí",
        "asStated": "Capitão Gervásio Oliveira (PI), Brazil"
      }
    ],
    "stages": [
      "processing"
    ],
    "materialIds": [
      "nickel",
      "cobalt"
    ],
    "materialAttribution": "tracked_only",
    "untrackedMaterialsAsStated": [],
    "evidence": [
      {
        "sourceId": "src-br-bndes-piaui-2026-07",
        "supports": [
          "name",
          "sponsors",
          "location",
          "stages",
          "materials"
        ],
        "evidence": "explicit",
        "locator": "Opening paragraph and technology/production paragraphs",
        "note": "Issuer describes the physical processing project, financing recipient, location, and nickel/cobalt intermediate products."
      }
    ],
    "notes": "BNDES describes development of high-purity nickel/cobalt mixed hydroxide precipitate production. The stated 2028 production start and 2029 operational phase are targets, not observed milestones."
  },
  "organizations": [
    {
      "id": "org-br-bndes",
      "name": "Banco Nacional de Desenvolvimento Econômico e Social (BNDES)",
      "nameOriginal": "Banco Nacional de Desenvolvimento Econômico e Social",
      "aliases": [
        "BNDES"
      ],
      "kind": "public_financier",
      "roles": [
        {
          "role": "provider",
          "recordId": "fin-br-bndes-piaui-niquel-2026"
        }
      ],
      "evidence": [
        {
          "sourceId": "src-br-bndes-piaui-2026-07",
          "supports": [
            "name",
            "kind",
            "country",
            "actor"
          ],
          "evidence": "explicit",
          "locator": "Title and opening paragraphs",
          "note": "Brazilian federal development bank providing the named financing decision."
        }
      ]
    },
    {
      "id": "org-br-piaui-niquel-metais",
      "name": "Piauí Níquel Metais S/A",
      "nameOriginal": "Piauí Níquel Metais S/A",
      "aliases": [
        "Piauí Níquel"
      ],
      "kind": "company",
      "roles": [
        {
          "role": "registered_sponsor",
          "recordId": "prj-br-piaui-niquel"
        },
        {
          "role": "recipient",
          "recordId": "fin-br-bndes-piaui-niquel-2026"
        }
      ],
      "evidence": [
        {
          "sourceId": "src-br-bndes-piaui-2026-07",
          "supports": [
            "name",
            "kind",
            "country"
          ],
          "evidence": "explicit",
          "locator": "Paragraphs 1, 3–5",
          "note": "BNDES identifies the Brazilian operating company and reports it as a wholly owned subsidiary of Brazilian Nickel Limited; parent registry onboarding remains separate."
        }
      ]
    }
  ],
  "financialInstruments": [
    {
      "id": "fin-br-bndes-piaui-niquel-2026",
      "eventId": "evt-br-bndes-piaui-2026",
      "instrument": "loan",
      "valueRole": "commitment",
      "capitalSource": "public",
      "projectRelationship": "directly_attributable",
      "projectId": "prj-br-piaui-niquel",
      "associatedProjectIds": [],
      "amount": {
        "value": "100000000",
        "currency": "BRL",
        "qualifier": "exact",
        "amountAsStated": "R$ 100 milhões",
        "currencyBasis": "stated",
        "basisNote": null,
        "basisLabel": null
      },
      "amountBasis": "current_recorded_terms_not_historical_totals",
      "provider": "Banco Nacional de Desenvolvimento Econômico e Social (BNDES)",
      "providerJurisdiction": "brazil",
      "providerOrgIds": [
        "org-br-bndes"
      ],
      "recipient": "Piauí Níquel Metais S/A",
      "recipientOrgIds": [
        "org-br-piaui-niquel-metais"
      ],
      "programmeId": "prg-br-bndes-maquinas-servicos",
      "legalAuthority": null,
      "facility": null,
      "locations": [
        {
          "countryCode": "BR",
          "subnational": "Piauí",
          "asStated": "Capitão Gervásio Oliveira (PI), Brazil"
        }
      ],
      "materialIds": [
        "nickel",
        "cobalt"
      ],
      "stages": [
        "processing"
      ],
      "currentFinancialStatus": "decided",
      "financialStatusHistory": [
        {
          "status": "decided",
          "date": "2026-07-13",
          "sourceId": "src-br-bndes-piaui-2026-07",
          "note": "BNDES reports approval of R$100 million of financing; signature, obligation and disbursement are not evidenced."
        }
      ],
      "legacyPhysicalObservations": [
        {
          "status": "not_stated",
          "date": null,
          "sourceId": "src-br-bndes-piaui-2026-07",
          "note": "Physical status is described only as a project in development; stated target dates are future projections."
        }
      ],
      "terms": [],
      "statedOutcomes": [],
      "relationships": [],
      "evidence": [
        {
          "sourceId": "src-br-bndes-piaui-2026-07",
          "supports": [
            "instrument",
            "value_role",
            "capital_source",
            "amount",
            "provider",
            "recipient",
            "project",
            "location",
            "stages",
            "materials",
            "status",
            "programme"
          ],
          "evidence": "explicit",
          "locator": "Title; paragraphs 1–5; project technology and production paragraphs",
          "note": "BNDES directly states financing approval amount, named product, recipient, project, location and materials."
        },
        {
          "sourceId": "src-br-bndes-machines-services",
          "supports": [
            "instrument",
            "programme"
          ],
          "evidence": "explicit",
          "locator": "Official BNDES product heading and financing/interest details",
          "note": "Confirms Máquinas e Serviços as a credit-financing product; no case-specific loan terms inferred."
        }
      ],
      "notes": "One approved public loan under the named BNDES product. Record status decided; no executed contract, drawdown or verified facility completion shown by reviewed source. The recipient was also selected in the 2025 BNDES–Finep call, but R$45.8bn aggregate estimated investment across 56 plans is not additional government financing."
    }
  ],
  "nonallocativeAssociations": [],
  "designations": [],
  "nativeMilestones": [],
  "policyContexts": [
    {
      "id": "evt-br-bndes-piaui-2026",
      "relationship": "finance_or_designation_parent",
      "jurisdiction": "brazil",
      "issuingBody": "Banco Nacional de Desenvolvimento Econômico e Social (BNDES)",
      "titleEn": "BNDES approves R$100 million for Piauí nickel and cobalt processing equipment",
      "titleOriginal": "BNDES aprova R$ 100 mi para apoiar processamento de níquel no Piauí",
      "documentNumber": null,
      "date": "2026-07-13",
      "policyStatus": "active",
      "sourceIds": [
        "src-br-bndes-piaui-2026-07",
        "src-br-bndes-machines-services"
      ]
    }
  ],
  "coannouncedControls": [],
  "financePackageReferences": [],
  "unknowns": [
    "No project-native source-reviewed industrial milestone is published. Attributed activity in financing histories remains a separate evidence class; no exact milestone date or facility-wide conclusion is inferred.",
    "Historical amount review is incomplete. Current amounts cannot be read as a time series of earlier commitments.",
    "Structural links and shared materials do not demonstrate that a government measure caused an industrial outcome."
  ],
  "sources": [
    {
      "id": "src-br-bndes-machines-services",
      "title": "BNDES Máquinas e Serviços",
      "publisher": "Banco Nacional de Desenvolvimento Econômico e Social (BNDES)",
      "url": "https://www.bndes.gov.br/wps/portal/site/home/financiamento/produto/bndes-maquinas-e-servicos",
      "language": "other",
      "sourceType": "official",
      "confidence": "primary",
      "publishedOn": null,
      "accessedOn": "2026-11-04"
    },
    {
      "id": "src-br-bndes-piaui-2026-07",
      "title": "BNDES aprova R$ 100 mi para apoiar processamento de níquel no Piauí",
      "publisher": "Banco Nacional de Desenvolvimento Econômico e Social (BNDES)",
      "url": "https://agenciadenoticias.bndes.gov.br/noticia/BNDES-aprova-R$-100-mi-para-apoiar-processamento-de-niquel-no-Piaui/",
      "language": "other",
      "sourceType": "official",
      "confidence": "primary",
      "publishedOn": "2026-07-13",
      "accessedOn": "2026-11-04"
    }
  ],
  "limitations": [
    "Policy contexts here parent existing finance or designation records; a shared material or date never creates a causal edge.",
    "Coannounced controls are announcement siblings only, not project-specific restrictions or effects.",
    "Direct project attribution and nonallocative association are different. No individual monetary allocation, financial sum or payment conclusion is authorized.",
    "Financing statuses describe the current corpus revision. Legacy implementation observations require scoped review and are not project-native milestones.",
    "A milestone's event/target date, publication/access horizon and reviewer date are separate. A planned target is not automatically occurred.",
    "An absent reviewed milestone means no approved entry in SMPT, not that the facility is inactive or failed.",
    "Amounts retain current source-stated terms, original currency and exact decimal strings. This packet computes no historical financial totals or project-wide monetary allocation.",
    "Published source review does not establish independent on-site verification. Source, financial-status, occurrence, target and review dates remain distinct."
  ]
}