Horizonte Minerals PLC (LON:HZM)(TSE:HZM) said it closed out the quarter ending March 31, 2020 with £17mln in the bank, with the money in part to be used to make the Aragauia nickel project in Brazil construction ready.
The group said the project financing process for the project is currently running to schedule and has not been hindered by the coronavirus pandemic.
The company added that it remains focused on the safety of all employees and stakeholders and has implemented strict health and safety policies specifically tailored to the coronavirus.
Meanwhile, it said, nickel market fundamentals remain strong with analyst consensus prices of US$16,150 per tonne for the time Araguaia is forecast to commence production.
Work on Araguaia is focused around advancing the level of engineering from feasibility stage level through to being implementation-ready.
The company also said it is donating 300 food parcels during April and May to the municipalities of Conceiço do Araguaia, Floresta do Araguaia and Xinguara, in light of the socio-economic impact caused by the coronavirus.