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Proactiveinvestors United Kingdom Horizonte Minerals http://www.proactiveinvestors.co.uk Proactiveinvestors United Kingdom Horizonte Minerals RSS feed en Wed, 23 May 2012 04:12:00 +0100 http://blogs.law.harvard.edu/tech/rss Genera CMS action@proactiveinvestors.com (Proactiveinvestors) action@proactiveinvestors.com (Proactiveinvestors) <![CDATA[News - Horizonte Minerals expects PEA for Araguaia nickel project in Q2 2012 - UPDATE ]]> http://www.proactiveinvestors.co.uk/companies/news/42898/horizonte-minerals-expects-pea-for-araguaia-nickel-project-in-q2-2012-update-42898.html --- adds broker comment and share price ---

Horizonte Minerals (LON:HZM, TSE:HZM) said it expects to announce the results of the preliminary economic assessment for its Araguaia nickel project in Brazil at the end of the current second quarter.

The prefeasibility study will follow, and is expected to be released in the first half of 2013.

The group today reported results for the first quarter to end-Mach 2012, a period which saw, among other milestones, a 30 per cent upgrade to the flagship project’s NI 43-101 resource to more than 100 million tonnes and metallurgical tests revealing good recoveries from Araguaia ore.

Horizonte finished the first quarter with a strong cash position of £4.87 million.

The group is now planning more metallurgical studies on Araguaia. 

Further diamond drilling on the property is also planned, with a view to increasing the overall tonnage and upgrading inferred tonnage to the indicated category.

Horizonte and joint venture partner AngloGold Ashanti have scheduled a geophysical survey over their Falcao gold project in Brazil and, subject to the results, a follow-up drilling programme for the second or third quarter of this year.

FinnCap analyst Martin Potts expects the PEA for Araguaia to be a significant milestone for Horizonte.

This will, for the first time, set out the project costs and operating parameters and should allow the calculation of a solidly based discounted valuation, he said in the broker’s Morning Note report.

Potts has a 30.6 pence price target on the stock. Horizonte was last trading at 8 pence.

]]> Wed, 16 May 2012 12:54:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/42898/horizonte-minerals-expects-pea-for-araguaia-nickel-project-in-q2-2012-update-42898.html <![CDATA[News - Horizonte Minerals expects PEA for Araguaia nickel project in Q2 2012 ]]> http://www.proactiveinvestors.co.uk/companies/news/42877/horizonte-minerals-expects-pea-for-araguaia-nickel-project-in-q2-2012-42877.html Horizonte Minerals (LON:HZM, TSE:HZM) said it expects to announce the results of the preliminary economic assessment for its Araguaia nickel project in Brazil at the end of the current second quarter.

The prefeasibility study will follow, and is expected to be released in the first half of 2013.

The group today reported results for the first quarter to end-March 2012, a period which saw, among other milestones, a 30 per cent upgrade to the flagship project’s NI 43-101 resource to more than 100 million tonnes and metallurgical tests revealing good recoveries from Araguaia ore.

Horizonte finished the first quarter with a strong cash position of £4.87 million.

The group is now planning more metallurgical studies on Araguaia.
 
Further diamond drilling on the property is also planned, with a view to increasing the overall tonnage and upgrading inferred tonnage to the indicated category.

Horizonte and joint venture partner AngloGold Ashanti have scheduled a geophysical survey over their Falcao gold project in Brazil and, subject to the results, a follow-up drilling programme for the second or third quarter of this year.

]]> Wed, 16 May 2012 07:44:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/42877/horizonte-minerals-expects-pea-for-araguaia-nickel-project-in-q2-2012-42877.html <![CDATA[RNS press release - Q1 2012 Financial Results ]]> http://www.proactiveinvestors.co.uk/companies/rns/120516hzm4166d/ Wed, 16 May 2012 07:00:00 +0100 http://www.proactiveinvestors.co.uk/companies/rns/120516hzm4166d/ <![CDATA[RNS press release - Blocklisting Interim Review ]]> http://www.proactiveinvestors.co.uk/companies/rns/120328hzm3050a/ Wed, 28 Mar 2012 17:53:00 +0100 http://www.proactiveinvestors.co.uk/companies/rns/120328hzm3050a/ <![CDATA[News - Horizonte Minerals on track for Araguaia feasibility study ]]> http://www.proactiveinvestors.co.uk/companies/news/40599/horizonte-minerals-on-track-for-araguaia-feasibility-study-40599.html Horizonte Minerals (LON:HZM, TSE:HZM) remains on track to deliver a pre-feasibility study on its Araguaia nickel project in the first half of next year, it told shareholders at its annual meeting.

Chief executive Jeremy Martin added that the recent initial metallurgical testing was a major step in de-risking the Brazil-based project. 

He said that the “highly encouraging” metallurgical results will feed into the Preliminary Economic Assessment (PEA), which is due to be delivered in the next three months. 

"We have delivered on our key milestones at Araguaia, within budget and on schedule, as we take the project through to feasibility stage. 

 With a strong cash position of £5.8 million we are well placed to meet our commitments in 2012 as we work towards completing our prefeasibility study at Araguaia in the first half of 2013. 

We are also looking to further consolidate our land position around Araguaia with the aim of increasing our resource potential and maximising our exposure in a country with significant nickel production, as demonstrated by Vale and Anglo American's new nickel mines in the region,” he added.

“Going forward, all the foundations are in place from which to deliver significant growth as we develop what we believe is the next major nickel project in Brazil," Martin said.

]]> Thu, 22 Mar 2012 08:19:00 +0000 http://www.proactiveinvestors.co.uk/companies/news/40599/horizonte-minerals-on-track-for-araguaia-feasibility-study-40599.html <![CDATA[RNS press release - Result of AGM ]]> http://www.proactiveinvestors.co.uk/companies/rns/120322hzm8331z/ Thu, 22 Mar 2012 07:00:00 +0000 http://www.proactiveinvestors.co.uk/companies/rns/120322hzm8331z/ <![CDATA[News - Metallurgy shows commerciality of Horizonte’s Araguaia, say brokers- update ]]> http://www.proactiveinvestors.co.uk/companies/news/39830/metallurgy-shows-commerciality-of-horizontes-araguaia-say-brokers-update-39830.html Preliminary metal tests from Horizonte Minerals’ Araguaia propect in Brazil suggest it can produce nickel commercially using available technologies, brokers said today. 

]]> Tue, 06 Mar 2012 10:47:00 +0000 http://www.proactiveinvestors.co.uk/companies/news/39830/metallurgy-shows-commerciality-of-horizontes-araguaia-say-brokers-update-39830.html <![CDATA[News - Horizonte Minerals upbeat after "excellent" Araguaia metal tests ]]> http://www.proactiveinvestors.co.uk/companies/news/39818/horizonte-minerals-upbeat-after-excellent-araguaia-metal-tests-39818.html

Horizonte Minerals (LON:HZM) said its Aragauaia nickel project in Brazil had passed a major milestone after metallurgy tests indicated good recoveries from two different types of process.

Metallurgy, or extracting the metal from the ore, is crucial for nickel projects.

Horizonte said tests using the ferronickel and atmospheric heap leaching methods both produced positive results.

The ferronickel or pyrometallurgy process recovered 94.4 per cent to 96.1 per cent nickel from lab tests while a commercial grade of ferronickel was produced from smelting tests on two ore blends (35.3% nickel to 40.5% nickel).

Jeremy Martin, Horizonte’s chief executive, said that a ferronickel product within this grade range can be sold directly to stainless steel producers.

“The mineral resources on the project are saprolite and transition dominated, which combined with the good infrastructure and low cost hydroelectric power in the district made the tried and tested pyrometallurgical route a key process option,” he added.

The next stage for Horizonte is to award the contract for the Phase 2 pyrometallurgical test work to run a pilot plant of approximately 100 tonnes of ore on a continuous feed basis.

Horizonte also undertook hydrometallurgical test work focused on Atmospheric Tank Leach (ATL) and Bottle Roll Leach (BRL) as a precursor test for atmospheric heap leaching.

“The results from the ATL tests were positive showing that there are high nickel recoveries up to 89% with moderate acid consumption and the BRL tests also indicated good nickel recoveries,” Martin said.

"The completion of the initial phase of metallurgical test work is a significant milestone at Araguaia with both process routes returning positive results, which is an excellent outcome.

The completion of the preliminary metallurgical testwork is a major step in de-risking the project, we are now able to demonstrate two process routes that with additional testing are potentially suitable for commercial production”.

Horizonte owns 100 per cent of the advanced Araguaia nickel project located to the south of the Carajas mineral district of northern Brazil.

The prospect has more than 100 million tonnes including 39 per cent in the indicated category and totalled 24.2 million high grade tonnes averaging 1.6 per cent Ni.

]]> Tue, 06 Mar 2012 08:03:00 +0000 http://www.proactiveinvestors.co.uk/companies/news/39818/horizonte-minerals-upbeat-after-excellent-araguaia-metal-tests-39818.html <![CDATA[RNS press release - Preliminary Metallurgical Testwork at Araguaia ]]> http://www.proactiveinvestors.co.uk/companies/rns/120306hzm7277y/ Tue, 06 Mar 2012 07:00:00 +0000 http://www.proactiveinvestors.co.uk/companies/rns/120306hzm7277y/ <![CDATA[RNS press release - Files NI 43-101 Technical Report for Araguaia ]]> http://www.proactiveinvestors.co.uk/companies/rns/120224hzm0341y/ Fri, 24 Feb 2012 07:00:00 +0000 http://www.proactiveinvestors.co.uk/companies/rns/120224hzm0341y/ <![CDATA[News - Horizonte Minerals upbeat on Araguaia and nickel prices - UPDATE ]]> http://www.proactiveinvestors.co.uk/companies/news/39295/horizonte-minerals-upbeat-on-araguaia-and-nickel-prices-update-39295.html ---Adds broker comment and share price ---

Horizonte Minerals (LON:HZM, TSE:HZM) said today it was confident of the potential for its Araguaia nickel project in Brazil even if demand for the metal stays flat.

Araguaia has an indicated resource of 39.3 million tonnes grading 1.39% nickel and an inferred resource of 60.9 million tonnes averaging 1.22% nickel.

Chairman David Hall said that even if metal consumption didn’t pick up, a “critical” lack of supply of new quality projects would likely maintain metal prices at reasonable levels.

Global stainless steel production is forecast to reach new highs in 2012 with a steady increase in following years, he added, which should see nickel prices at levels capable of sustaining a large nickel project such as Araguaia’. 

“When economies and markets recover, as no doubt they will, Horizonte will be well placed with the ownership of a quality nickel asset in a stable and well served country and in a region with excellent infrastructure that enables rapid development of the project,” Hall said.

He added the preliminary economic assessment on Araguaia to be released shortly and would “be a significant milestone for the company in proving the economic potential of the Araguaia project.”

Horizonte also has two early stage gold projects in Brazil in a joint venture with AngloGold.

Results from five further drill holes are expected this quarter and will determine the 2012 follow-up programme. AngloGold has already confirmed a US$1.6 million exploration budget for the Falcao prospect in Brazil.

Horizonte made a loss of £1.8 million for the year to December as it stepped up the development work at Araguaia.

Cash at the December year-end totalled £5.86 million.

Broker Panmure repeated its 'buy' rating on the stock, targeting a price of 25 pence.

"The statement reiterates the progress made by the company through 2011 – all of which was previously announced. The next big news for Horizonte will be the results from the preliminary metallurgical tests followed by the Preliminary Economic Assessment in Q2," it said.

Meanwhile, FinnCap said in a note: "Looking forward, we expect the company to continue to make steady progress with the work at Araguaia. At the same time, Horizonte will continue to raise its market profile, in particular in the North American market, where it recently listed on the Toronto exchange."

As at 2.41, the firm's shares stood up 0.78 per cent, at 16.13 pence.

]]> Wed, 22 Feb 2012 14:42:00 +0000 http://www.proactiveinvestors.co.uk/companies/news/39295/horizonte-minerals-upbeat-on-araguaia-and-nickel-prices-update-39295.html <![CDATA[News - Horizonte Minerals upbeat on Araguaia and nickel prices ]]> http://www.proactiveinvestors.co.uk/companies/news/39276/horizonte-minerals-upbeat-on-araguaia-and-nickel-prices-39276.html Horizonte Minerals (LON:HZM, TSE:HZM) said today it was confident of the potential for its Araguaia nickel project in Brazil even if demand for the metal stays flat.

Araguaia has an Indicated resource of 39.3 million tonnes grading 1.39% nickel and an Inferred Resource of 60.9 million tonnes averaging 1.22% nickel.

Chairman David Hall said that even if metal consumption didn’t pick up, a “critical” lack of supply of new quality projects would likely maintain metal prices at reasonable levels. 

Global stainless steel production is forecast to reach new highs in 2012 with a steady increase in following years, he added, which should see nickel prices at levels capable of sustaining a large nickel project such as Araguaia’.  

“When economies and markets recover, as no doubt they will, Horizonte will be well placed with the ownership of a quality nickel asset in a stable and well served country and in a region with excellent infrastructure that enables rapid development of the project,” Hall said.

He added the preliminary economic assessment on Araguaia to be released shortly and would “be a significant milestone for the company in proving the economic potential of the Araguaia project.”

Horizonte also has two early stage gold projects in Brazil in a joint venture with AngloGold.

Results from five further drill holes are expected this quarter and will determine the 2012 follow-up programme. AngloGold has already confirmed a US$1.6 million exploration budget for the Falcao prospect in Brazil.

Horizonte made a loss of £1.8 million for the year to December as it stepped up the development work at Araguaia.

Cash at the December year-end totalled £5.86 million.

]]> Wed, 22 Feb 2012 08:47:00 +0000 http://www.proactiveinvestors.co.uk/companies/news/39276/horizonte-minerals-upbeat-on-araguaia-and-nickel-prices-39276.html <![CDATA[RNS press release - Managements Discussions and Analysis ]]> http://www.proactiveinvestors.co.uk/companies/rns/120222hzm8599x/ Wed, 22 Feb 2012 07:00:00 +0000 http://www.proactiveinvestors.co.uk/companies/rns/120222hzm8599x/ <![CDATA[News - Horizonte Minerals appoints senior metallurgical advisor ]]> http://www.proactiveinvestors.co.uk/companies/news/39068/horizonte-minerals-appoints-senior-metallurgical-advisor-39068.html Brazil-focused explorer and developer Horizonte Minerals (LON:HZM, TSE:HZM) has appointed Dr Phillip Mackey as senior metallurgical advisor.  

His appointment further strengthens Horizonte's development team as it advances its wholly-owned flagship Araguaia nickel project south of the Carajás mining district of north central Brazil.

Mackey is a consulting metallurgical engineer with over 40 years 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.  

He has taken projects from the start-up stage, through the feasibility stages and into the processing and production of non-ferrous metals.  

During his career, he played a leading role in the development of the Noranda Process, the world's first commercial continuous copper smelting and converting process, having worked at the Horne smelter in Canada in the 1970s and later holding the position of Programme Manager between 1980 and 1990.

Horizonte chief executive Jeremy Martin said: "Phillip’s world class expertise in metallurgical processing, especially in the nickel arena, will be invaluable to us as we progress the Araguaia nickel project towards the feasibility stage. 

“It has been an exciting start to the year for Horizonte as we announced our new resource for Araguaia, and with a further strengthened team behind us I look forward to updating shareholders on our progress."

Horizonte has a portfolio of nickel and gold projects in the Carajas District of Brazil.  The company is focused on creating value by generating and rapidly advancing exploration projects in tandem with joint ventures with major mining companies, providing mid-term cash flow, which is then used to develop the business and pipeline projects.

Horizonte has two committed major mining partners: Teck Resources Ltd, a major strategic shareholder in the company, and AngloGold Ashanti Ltd, a JV partner on the gold portfolio.

Horizonte and AngloGold Ashanti have a US$5.3 million exploration alliance to generate and develop new and existing gold targets within two areas of Brazil.

They also have a JV with whereby AngloGold Ashanti can earn into 51 per cent of the Falcao gold project by expending US$4.5 million over three years with the right to earn a further 19 per cent by taking the project to pre-feasibility study.

]]> Thu, 16 Feb 2012 08:28:00 +0000 http://www.proactiveinvestors.co.uk/companies/news/39068/horizonte-minerals-appoints-senior-metallurgical-advisor-39068.html <![CDATA[RNS press release - Appoints Senior Metallurgical Advisor ]]> http://www.proactiveinvestors.co.uk/companies/rns/120216hzm5047x/ Thu, 16 Feb 2012 07:00:00 +0000 http://www.proactiveinvestors.co.uk/companies/rns/120216hzm5047x/ <![CDATA[News - Horizonte Minerals adds to acreage next to Araguaia ]]> http://www.proactiveinvestors.co.uk/companies/news/38679/horizonte-minerals-adds-to-acreage-next-to-araguaia-38679.html Brazil-focused Horizonte Minerals (LON:HZM, TSE:HZM) has completed the purchase of two nickel prospects adjacent to its key project at Araguaia.

Horizonte entered into definitive agreements to buy 100 per cent of the Vila Oito and Floresta nickel laterite projects in July last year.

The group will pay current owner Lara Exploration about C$2 million in shares for the two sites, which will give the Canadian group a 2.95 per cent stake in Horizonte. 

Lara has agreed to a minimum 12 month lock-up for the shares it will receive from 9 February. 

The 100 per cent owned Araguaia nickel project located to the south of the Carajas mineral district of northern Brazil is its key project.

Last month, the group published a new resource estimate showing more than 100 million tonnes including 39 per cent in the indicated category and totalled 24.2 million high grade tonnes averaging 1.6 per cent Ni.

The group is expected soon to release the results of its metallurgical testing on Araguaia, which will be the basis of a pre-feasibility study.

Horizonte already has two major partners in Canadian group with a 44 per cent stake and AngloGold Ashanti (LON:AGD), which is its partner on the gold portfolio. 

Horizonte and AngloGold Ashanti have a US$5.3 million exploration alliance to generate and develop new and existing gold targets within two areas of Brazil.

]]> Tue, 07 Feb 2012 07:33:00 +0000 http://www.proactiveinvestors.co.uk/companies/news/38679/horizonte-minerals-adds-to-acreage-next-to-araguaia-38679.html <![CDATA[RNS press release - 100% Acquisition of nickel laterite projects ]]> http://www.proactiveinvestors.co.uk/companies/rns/120207hzm9015w/ Tue, 07 Feb 2012 07:00:00 +0000 http://www.proactiveinvestors.co.uk/companies/rns/120207hzm9015w/ <![CDATA[News - Horizonte Minerals firmly focused as Araguaia development gathers pace ]]> http://www.proactiveinvestors.co.uk/companies/news/38233/horizonte-minerals-firmly-focused-as-araguaia-development-gathers-pace-38233.html Horizonte Minerals' rapid development of its Araguaia nickel deposit in Brazil has been a model so far and the group has no intention of taking its foot off the pedal.

]]> Tue, 31 Jan 2012 07:58:00 +0000 http://www.proactiveinvestors.co.uk/companies/news/38233/horizonte-minerals-firmly-focused-as-araguaia-development-gathers-pace-38233.html <![CDATA[News - Horizonte Minerals gets broker approval after Araguaia upgrade ]]> http://www.proactiveinvestors.co.uk/companies/news/37896/horizonte-minerals-gets-broker-approval-after-araguaia-upgrade-37896.html The recent resources upgrade at Horizonte Mineral’s (LON:HZM, TSE:HZM) Araguaia nickel project to 100Mt confirms that the project is potentially world-class, according to broker Panmure Gordon.

The upgrade to 100Mt at 1.3% nickel, including a 50Mt higher-grade zone averaging 1.5% demonstrated Brazil-located Araguaia is comparable to other ferronickel projects currently being developed in Brazil by global majors including Anglo American’s Barro Alto project and Vale’s Onça Puma project.

Over the next three months Horizonte should release initial metallurgical results for Araguaia, while a preliminary economic assessment is due for completion in the first half of this year.

Drilling of the gold prospect at Falcao in Brazil also indicates the presence of a large anomaly and further drilling result are expected before the end of the first quarter.

Panmure has adjusted its target price to 25p from 32p due to downward movements in comparables, but  remains a buyer as it said that still represents 100% potential upside while there is potential for significant additional value should the Araguaia development be demonstrated to be technically and economically viable and the gold portfolio yields further positive results.

Horizonte Minerals today appointed veteran geologist Dr Owen Bavinton as a non-executive director to replace Nicholas Winer, who has left to pursue other interests.

Dr Bavinton has 40 years experience in the industry and since 2003 has been group head of exploration and geology at South African giant Anglo American.

Horizonte said today he was instrumental to discoveries such as the Jacare nickel deposit in Brazil and the Los Sulfatos copper project in Chile.

]]> Tue, 17 Jan 2012 14:09:00 +0000 http://www.proactiveinvestors.co.uk/companies/news/37896/horizonte-minerals-gets-broker-approval-after-araguaia-upgrade-37896.html <![CDATA[News - Horizonte Minerals appoints South American expert as Araguaia progresses ]]> http://www.proactiveinvestors.co.uk/companies/news/37875/horizonte-minerals-appoints-south-american-expert-as-araguaia-progresses-37875.html Horizonte Minerals (LON:HZM, TSE:HZM) has appointed an expert in nickel and other metal developments in South America to help take its Araguaia project through the feasibility stage.

Veteran geologist Dr Owen Bavinton will join as a non-executive director to replace Nicholas Winer, who has left to pursue other interests.

A geologist, Dr Bavinton has 40 years experience in the industry and since 2003 has been group head of exploration and geology at South African giant Anglo American, overseeing and advising on acquisitions and exploration programmes on key projects. 

Horizonte said today he was instrumental to discoveries such as the Jacare nickel deposit in Brazil and the Los Sulfatos copper project in Chile.

He was also involved in the feasibility studies for the producing Barro Alto and Morro sem Bone nickel projects, both of which are also in Brazil.

Horizonte chief executive Jeremy Martin said: "I am delighted to welcome Owen to the Horizonte Board.  His vast experience and knowledge of the South American mining industry, primarily through his exposure at a senior level within Anglo American and WMC, will substantially increase our team's strength further as we advance the Araguaia nickel project through to the feasibility stage.”

The Araguaia nickel project in Brazil was recently upgraded to a resource of more than 100 million tonnes and is Horizonte’s key development.

]]> Tue, 17 Jan 2012 08:10:00 +0000 http://www.proactiveinvestors.co.uk/companies/news/37875/horizonte-minerals-appoints-south-american-expert-as-araguaia-progresses-37875.html