Vermelho, a nickel-cobalt project in the eastern part of the Carajás mining district was acquired by Horizonte in December,
Test work is underway to see if the material is pure enough for the electric vehicle (EV) battery market.
Alternatively, Horizonte is looking for a high-grade ferro-nickel source, which could potentially be treated at the Araguaia plant or at a new standalone facility at Vermelho.
Jeremy Martin, Horizonte’s chief executive, said Vermelho had the potential to supply raw materials into the battery industry.
Martin added that the full Feasibility Study for Araguaia will be published ‘imminently’.
“The nickel market remains strong, with robust demand and inventories continuing to fall and Horizonte is firmly on its pathway to become a multi-asset nickel development company."