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Horizonte Minerals finalising finance package for Araguaia mine

Due diligence has been completed by five international banks

Horizonte Minerals PLC -
The Araguaia site

Horizonte Minerals PLC (LON:HZM) said it is close to finalising a debt finance package for the construction of the Araguaia Nickel Project in Brazil

Due diligence has been completed by five international banks for the US$325mln sum, Horizonte said, with credit approval expected to be received in the third quarter of this year.

This will be a senior debt facility, it added, with significant Export Credit agency support.

Discussions with a cornerstone strategic investor and over final offtake agreements are also well advanced said the statement and expected to be finalised shortly after credit approvals. 

Jeremy Martin, Horizonte’s chief executive, added:  "We are now finalising the project financing for Araguaia.

“A significant amount of work has been completed by the team in the past six months particularly in the comprehensive due diligence process required by the international lenders. 

“The completion of this rigorous process further underpins Araguaia's tier-one status. In addition, the support from Export Credit Agencies as part of the package means we will be shortly finalising the major contracts for project execution enabling us to start construction on close of financing."

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Price: 9.09 GBX

Market Cap: £154.54 m

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