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Market: AIM:HZM
52-week High/Low: 2.88p / 1.55p
Sector: General Mining - Gold
Market Cap: 14.10M
Phone: +44 (0)207 763 7157
Address: 26 Dover Street, London, W1S 4LY.
Horizonte Minerals Plc

Horizonte Minerals Plc

Horizonte Minerals plc is an AIM and TSX-listed nickel development company focused in Brazil, which wholly owns the advanced Araguaia nickel laterite project located to the south of the Carajas mineral district of northern Brazil. 

The Company is developing Araguaia as the next major nickel mine in Brazil, with targeted production by late 2017 early 2018.

Horizonte Minerals Plc

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Big picture - Why invest in Horizonte Minerals Plc

Horizonte Minerals Plc Snapshot

Delivering on Company milestones is fundamental to the success of our business. We are committed to working in ways that are true to our values, which include Safety, Care & Respect, Integrity, Responsibility, Team-work and Communication. By working together with our key partners and stakeholders we plan to unlock the long-term value that the resources represent for our shareholders and our local communities.

Horizonte completed a NI 43-101 compliant Pre-Feasibility Study (PFS) covering Araguaia in March 2014. The PFS demonstrates the robust economics of a ferro-nickel operation at Araguaia, with a post tax NPV8 of USD 519 million and an IRR of 20% at USD 19,000 per tonne nickel. Initial capital expenditure is estimated at USD 582 million, with targeted annual production of 15,000 tonnes of nickel in ferro-nickel.
Based on these strong project economics, Horizonte Minerals is advancing the project through to the Feasibility stage, due for completion in 2015.


Slide 1

Araaguaia Project Overview

The 100%-owned Araguaia nickel laterite project is located south of the Carajas mineral district of northern Brazil.

The initial project area was a Greenfield discovery by Horizonte which was later consolidated via an all share purchase of the adjacent Teck Resources owned project, also a new Greenfield discovery.
Since the initial discovery in 2009, Horizonte has completed over 46,000 meters of resource diamond drilling, metallurgical test work, and has advanced the social and environmental permitting followed by the completion of an NI 43-101 compliant Pre Feasibility Study in Q2 2014.

The Araguaia nickel project is anticipated to be the second nickel laterite operation in the state of Pará — Brazil, and one of six Nickel laterite operations in all of Brazil. The project plans to utilise typical open pit mining methods across seven pits with production scheduled to deliver 900 Kt of ore per annum to the plant for an estimated 25 years.

It is planned to produce ferro-nickel via the well-established pyrometallurgical process of Rotary Kiln Electric Furnace (RKEF) technology, which has been proven as a result of over 60 years of operations worldwide. Additional information on our process can be read on the process page.

The saleable product from Araguaia will be in the form of ferro-nickel which is a combination of iron (80%) with nickel (20%) and can be produced in granulated form (also called shot form) or bar form.
The project is moving into the Feasibility Study (FS) stage; it has the benefit of being located in a mining region with access to good infrastructure including rail, road, water and power; has a current NI 43-101 compliant Mineral Resource of 71.98Mt (Indicated) and 25.35Mt (Inferred) with high nickel grades; and has submitted the Social-Environmental Impact Assessment report to authorities for evaluation of the Preliminary mine & plant Licence. More information about our mineral reserves can be found on the Mineral Resources and Reserves page.


Araguaia Infrastructure Map

For more information please click here


David J Hall, BSc, MSc, Fellow SEG PGeo
Non-Executive Chairman
Mr Hall is a graduate in Geology from Trinity College Dublin and holds a Master's Degree in Mineral Exploration from Queens University, Kingston, Ontario. He has over 30 years of experience in the exploration and mining sector and has worked on and assessed exploration projects and mines in over 40 countries. From 1992, Mr Hall was Chief Geologist for Minorco, responsible for Central and Eastern Europe, Central Asia and the Middle East. He moved to South America in 1997 as Consultant Geologist for Minorco South America and subsequently became Exploration Manager for AngloGold South America in 1999, where he was responsible for exploration around the Cerro Vanguardia gold mine in Argentina, around the Morro Velho and Crixas mines in Brazil and for establishing the exploration programme that resulted in the discovery of the La Recantada gold deposit in Peru as well as certain joint ventures in Ecuador and Columbia.
In April 2002, Mr Hall became an executive director of Minmet and operations director in September 2002. Mr Hall led the divestment of Minmet’s exploration assets in the Dominican Republic into GoldQuest Mining Corporation, which is listed on the TSX Venture Exchange. Mr Hall is also founder of Stratex International Plc, an AIM traded company with exploration assets in Turkey and in which Teck is an equity shareholder. Mr Hall is a fellow of the Society of Economic Geologists and EuroGeol.

Jeremy J Martin, MSc, ASCM
Director and Chief Executive Officer
Mr Martin holds a degree in Mining Geology from the Camborne School of Mines, and a Master's Degree in mineral exploration from the University of Leicester. He has worked in South America, Central America and Europe, where he was responsible for grassroots regional metalliferous exploration programmes through to resources definition and mine development. Mr Martin has established a number of JV partnerships with major mining companies and has been involved in the formation of four AIM and TSX traded companies. He has served on a number of public company boards and is a member of the Society of Economic Geologists and the Institute of Mining Analysts.

Owen A Bavinton, BSc (Hons), MSc, DIC, PhD
Non-Executive Director
Dr Bavinton graduated from the University of Queensland in Geology in 1969 and holds a Master Degree in Mineral Exploration from Imperial College, London and a PhD in Economic Geology from the Australian National University, Canberra, Australia. He has over 40 years of varied international experience in the mineral exploration and mining sector in several commodities. After brief periods as a junior consultant and an underground mine geologist on a Witwatersrand gold mine, from 1974 to 1985 he had several positions with Western Mining Corporation (‘WMC’), finally as director of WMC’s activities in Brazil. From 1986 to 1992 he was Chief Executive Officer of Aredor Guinea SA. In 1992 he joined the Anglo American Group where he stayed until his retirement in 2010. Based initially in Turkey and then in Budapest, he was responsible for Anglo American’s exploration and project evaluation activities in the FSU, Central Europe and the Middle East. Dr Bavinton moved to London in 1998, initially as Head of Exploration for Minorco, and later as Group Head of Exploration and Geology for the Anglo American Group. In those roles he was responsible for worldwide exploration and geosciences covering a range of exploration projects through all stages of development, including advanced projects and feasibility studies, as well as providing geoscience input into numerous acquisitions. He is a fellow of the Society of Economic Geologists, the Association of Applied Geochemists and the Institute of Materials, Mining and Metallurgy. Dr Bavinton is currently an independent consultant.

Allan M Walker, MA
Non-Executive Director
Mr Walker has over 30 years of experience in investment banking, primarily focussed on project finance and private equity in the energy and natural resource sectors particularly in emerging markets. He has extensive contacts in these sectors worldwide as well as with governments, multilateral agencies and regional development banks. He has most recently been with Masdar Capital in Abu Dhabi, as Executive Director, responsible for managing the third party private equity funds management business for Masdar, Abu Dhabi government’s clean energy and sustainability company. Previously he founded and ran a similar fund for Black River Asset Management Limited, an indirectly held subsidiary of Cargill Inc. Prior to Black River Mr Walker, from 2002 until 2005, was head of power and infrastructure in London for Standard Bank Plc, a world leader in emerging markets resource banking. He was also previously a Director in the Global Energy and Project Finance Group of Credit Suisse First Boston in London and ran the energy company at CSFB Garantia in Sao Paulo, Brazil from 1998 to 2001. Mr Walker graduated with an MA in economic geography from Cambridge University in 1982 and speaks Portuguese and Spanish.

Alexander N. Christopher, BSc (Hons), PGeo (BC)
Non-Executive Director
Mr Christopher, a professional geologist, has some 30 years of experience in mineral exploration and the mining industry. He is a member of the Association of Professional Engineers and Geoscientists BC and possesses an Honours B.Sc. in Geology from McMaster University and an Environmental Biology Technology diploma from Canadore College. Mr Christopher currently holds the position of Vice President Exploration at Teck. Mr Christopher has been with Teck since the mid-1980s holding a number of positions within the company and has spent much of his time over the past 10 years focusing on the junior mining sector, partnerships, property transactions and Teck’s junior mining equity investments. He is also currently a member of the Board of Directors of the Prospectors and Developers Association of Canada and a member of the Association of Mineral Exploration BC where Mr Christopher was previously a member of the Board of Directors and has served on a number of committees including the Finance Committee which he continues to serve on at this time.

William Fisher, PGeo
Non-Executive Director
Mr Fisher graduated as a geologist in 1979 and has extensive industry experience which has included a number of residential posts in Africa, Australia, Europe and Canada in both exploration and mining positions. Under his leadership, Karmin Exploration discovered the Aripuanã base metal sulphide deposits in Brazil. From 1997 to 2001 Mr Fisher was Vice President, Exploration for Boliden AB, a major European mining and smelting company where he was responsible for thirty five projects in nine countries. From 2001 to 2008 Mr Fisher led GlobeStar Mining Corp. from an exploration company to an emerging base metal producer in the Dominican Republic which developed and operated the Cerro de Maimon mine until it was sold to Perilya for USD 186 million. Mr Fisher was also Chairman of Aurelian Resources which was acquired by Kinross in 2008 for USD 1.2 billion after the discovery of the Fruta del Norte gold deposit in Ecuador. Mr Fisher currently serves as an Executive Chairman of Goldquest Mining Corp. (TSX: GQC), independent director of Treasury Metals (TSX: TML) and Chairman of Rame Energy (AIM: RAME).

Senior Management

Jeffrey Karoly, BSc, ACA
Chief Financial Officer and Company Secretary
Mr Karoly has a degree in Geology from the University of Bristol and is a Chartered Accountant with over 15 years of experience in the mining industry. He was with Minorco/Anglo American from 1997 to 2007 in a variety of finance/corporate finance functions in the UK, Brazil, South Africa and France and from 2008 to 2010 was Chief Financial Officer of South American Ferro Metals, a private company that acquired, explored and developed an iron ore property in Brazil and which in 2010 listed on the ASX. Mr Karoly started his career at Coopers & Lybrand and speaks French and Portuguese.

Roger Billington, P.Geo.
Senior Nickel Advisor
Ex head of Falconbridge nickel laterite exploration worldwide. Project development including senior roles in the discovery and evaluation of the Touba-Biankouma nickel laterite deposits (Côte d’Ivoire), the Koniambo nickel laterite deposit (New Caledonia), the Sechol nickel laterite deposit (Guatemala) and the GlobeStar nickel laterite deposit (Dominican Republic).

Philip Mackey, BSc, PhD, PEng, FCIMM
Senior Metallurgical Advisor
Dr Mackey is a consulting metallurgical engineer with over forty years of experience in non-ferrous metals processing with a particular focus on nickel and copper sulphide smelting and nickel laterite processing. He has worked for leading producers of nickel, including Falconbridge and Xstrata, and throughout his career he has been involved in a number of nickel sulphide projects and later on, nickel laterite projects at various stages of the development cycle. Dr Mackey’s extensive experience has seen him take projects from the start-up stage, piloting through the feasibility stages and into the processing and commercial production of non-ferrous metals. Dr Mackey is a Past-President of The Metallurgical Society of The Canadian Institute of Mining and Metallurgy. He is a Member and Fellow of the Canadian Institute of Mining and Metallurgy as well as the Metals and Minerals Society USA. He has also authored or co-authored over 100 publications regarding metallurgy with a particular focus on nickel and copper.

Katie Millar, BA, PG Dip
Manager of Sustainability & External Affairs
Ms Millar is a corporate responsibility specialist with extensive social development, licensing & policy experience, including qualifications in Political Science. She has worked in Australian Government (National & State), Anglo American Metallurgical Coal and Anglo American Base Metals Brazil. Ms Millar possesses knowledge in working across the following standards: IFC Performance Standards on Environment & Social Sustainability, Equator Principles, Global Reporting Initiatives, CONAMA Resoluções (Brasil) & ISO 14001 (Brasil). She also demonstrates knowledge in working across large capital projects, industrial operations and public policy. Ms Millar is fluent in Portuguese and has lived in Brazil for approximately 4 years.

Steven Heim, BSc
Local Project Manager
Mr Heim is an experienced geologist with over 30 years of gold and base metal exploration experience in North and South America. This includes 18 years with INCO during which time he conducted exploration at Brazil’s principle nickel laterite districts, and specifically on the Onça Puma, Jacare, and Barro Alto deposits. He has been involved with planning, implementation and auditing of Quality Assurance Quality Control and Health Safety Environment programmes across the spectrum of mineral exploration and development projects to ensure the quality and integrity of the results. In the capacity of IT and Project Management consultant he managed information technology projects in the banking, insurance, health care and energy/ communications industries for 12 years in the US. Mr Heim is fluent in Portuguese and has lived in Brazil for approximately 20 years.

Daniel Amaral, BBA
Brazilian Finance Manager
Mr Amaral has over 10 years of experience in finance and administration and holds a Bachelor degree and post-graduate qualifications in Business Administration. Mr Amaral specialises in cost management, strategic planning, budget management and corporate affairs. Daniel Amaral has extensive experience in managing the finances of exploration companies, including 7 years of experience across both Horizonte Minerals and Luna Gold. He is currently the director of the Horizonte Minerals group based in Brazil. Mr. Amaral is fluent in both Portuguese and English.

Luciano Lima, BGeog
Brazilian Operations Manager
Mr Lima has 20 years of experience in mineral exploration, is a qualified mining technician (Federal Technical School of Goiás ) and possesses a degree in Geography from the Faculty of Human Sciences of Anicuns. Mr Lima’s extensive exploration experience in Brazil includes work for the Western Mining Corporation, BHP Billiton and Anglogold Ashanti. He has managed Horizonte Minerals exploration activities, including drilling campaigns, environmental data collection and community relations, since the company’s formation.


Horizonte Minerals Plc UK office

26 Dover Street, 


W1S 4LY 

United Kingdom.

T:  + 44 (0) 207 763 7157

E: [email protected]



60 New Broad Street

London EC2M 1JJ

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As to English law: 

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As to Canadian law:

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As to Brazilian law: 

Campos Fialho Advogados

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Belo Horizonte MG 01451.010




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