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Horizonte Minerals upbeat over nickel price

Araguaia is scheduled to begin production in 2021.

Horizonte Minerals PLC -
Trial mining at Araguaia

Estimates of higher future nickel prices underline the significant value in its projects at Araguaia and Vermelho in Brazil said Horizonte Minerals PLC (LON:HZM) in a letter to shareholders.

Nickel has been the best performing metal on the London Metal Exchange this year rising by 27% to US$13,960 per tonne (/t) on average, a figure in line with the assumptions in Araguaia’s feasibility study.

Concerns remain about supplies of the metal when electric vehicle production fully hit its stride says Horizonte, with the consensus price around US$16,400/t.

Bank of America Merrill Lynch, however, recently forecast nickel prices of US$17,375/t next year and US$20,000/t in 2021 due to the growth in electric vehicles and also Indonesia’s ban on ore exports being brought forward

Araguaia is scheduled to begin production in 2021.

Horizonte shares have risen by 85% this year to 3.55p.

Quick facts: Horizonte Minerals PLC

Price: 6.96 GBX

AIM:HZM
Market: AIM
Market Cap: £100.88 m
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