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UPDATE - Horizonte Mineral’s Araguaia nickel project put on the fast-track in Brazil

Araguaia will receive priority treatment from the various regulatory, environmental and administrative organisations in Brazil.
UPDATE - Horizonte Mineral’s Araguaia nickel project put on the fast-track in Brazil

---ADDS BROKER COMMENT, PRICE TARGET AND SHARE PRICE---

The momentum is building behind AIM-listed Horizonte Mining’s (LON:HZM) flagship Araguaia nickel project in northern Brazil.

Less than a week after submitting its social and environmental impact assessment (SEIA) to the local authorities, the mine developer has received the Seal of Priority from the state of Para´s Department of Industry, Commerce and Mining.

This essentially means Araguaia will receive priority treatment from the various regulatory, environmental and administrative organisations.

Horizonte is the first resource company to become a member of the state's incentive plan, designed to fast-track the development of economically and socially significant new businesses.

Horizonte chief executive Jeremy Martin said: "Following swiftly on from our completion and filing of the SEIA for Araguaia we are delighted to be the first mineral resource company to receive the priority approval from Brazil's Parà State.

“This will ensure that the project receives fast track prioritised status with the main permitting authorities and that we receive direct support from the Parà State government as we develop Araguaia. I look forward to providing further updates in due course."

The share price rose 7.5% to 6.85p a share, valuing the business at £27.5mln. City broker finnCap thinks the stock is worth a punchy 54p a share.

Meanwhile, the natural resource boutique SP Angel was heartened by Wednesday’s update.

It told investors: “Decree 913 [the law used to introduce the fast-track system] sounds as if it will be very helpful to the company as it seeks approval for its nickel project.

“Horizonte is the first company to have received this approval and we look forward to following the news flow on this process as the company works towards its feasibility in the second half of the year.”

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