Horizonte Minerals said it has made good progress with early construction work at the Araguaia mine site in Brazil.
The group recently signed off a US$633mln finance package to build the mine and said the focus so far has been on detailed engineering and procurement ahead of earthworks commencing next quarter.
Jeremy Martin, chief executive, added: “We have already awarded equipment and services contracts valued at approximately US$150mln including the furnace and EPCM contracts.
“We were also very pleased to reach an important milestone of 500,000-manhours without a lost-time injury during the quarter.”
Martin also highlighted market forecasts for "continued exponential growth in demand" [for nickel], both from the established stainless steel market and the accelerating battery market.
“With very few new nickel projects in the global pipeline able to reach production in the short-to-mid-term, Horizonte is uniquely placed to supply into this deficit with Araguaia scheduled to start ramp up in early 2024."
Losses for the year to end-December 2021 were £9.7mln (£2.4mln) as development work increased with the group having a cash balance of £156mln currently following equity fundraises in December 2021 and February 2022.