Horizonte Minerals donates food parcels to Brazilian families rendered vulnerable by coronavirus
Horizonte Minerals owns sizeable nickel projects in Brazil
Company
LON:HZM
Horizonte Minerals PLC is an AIM and TSX-listed nickel development company focused in Brazil. The company is developing the Araguaia project, as the next major ferronickel mine in Brazil, and the Vermelho nickel-cobalt project, with the aim of being able to supply nickel and cobalt to the EV battery market. Both projects are 100% owned.
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Horizonte Minerals owns sizeable nickel projects in Brazil
The mine developer remains "well funded" and key activities are still on track with project schedules
Horizonte's Araguaia nickel project is progressing towards a financing decision
Araguaia is scheduled to begin production in 2021.
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The group said the projects include strengthening the local supply chain; sex education and reproductive health; and diversification of the rural economy
Since the end of the quarter, Horizonte has also published a pre-feasibility study for the Vermelho nickel-cobalt deposit, its second site in Brazil
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Numis assigned the Vermelho nickel-cobalt project a value of US$410mln, a 27-fold growth from the previous US$15mln estimate
First production at Araguaia is expected in 2022 with the mine scheduled to run for 28 years and produce 52,000t of ferronickel per year.
“With the PFS now successfully completed, the priority now is to identify partners, secure funding and advance the project by undertaking a full feasibility study," said chief executive
Brazil's Araguaia mine has been called “one of the leading nickel development projects globally” and is expected to generate US$1.6bn in its 28-year lifespan
Shares in Horizonte Minerals have enjoyed a strong run this year. But there is an argument – one supported by several City analysts – that Horizonte’s £66mln market capitalisation doesn’t reflect the mine developer’s full potential
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