EXPLORATION & DEVELOPMENT

Horizonte gets permit boost

Brazilian environmental agency approves construction at Araguaia nickel project

Staff reporter
Horizonte will now focus on financing the project

Horizonte will now focus on financing the project

Investors were impressed, pushing Horizonte's share price up 12% in London to 2.4p (US3.1c). 

As outlined in its feasibility study, Araguaia will be an openpit mine with a rotary kiln electric furnace process plant producing 14,500 tonnes per annum over 28 years at a capital cost of US$443 million.

The build time is estimated at 31 months.

Horizonte CEO Jeremy Martin said the permit meant everything was on track.

"Subject to funding, the company is now in a position to commence construction with the necessary environmental permits approved, including water abstraction permits issued in 2018 together with the newly issued [construction permit]," he said.

The permit arrived on time, with Horizonte saying last year it would come in the March quarter.

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