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[Ferro-Alloys.com] 

Horizonte Minerals stock plummets over nickel project’s funding uncertainty

Horizonte Minerals (AIM: HZM) (TSX: HZM) has paused most construction activities at its Araguaia nickel project in Brazil with the company continuing to seek new sources of funding as its cash resources are running out.

As of last week, the Araguaia project had total liquidity sources of $169 million, with only $38 million in cash. This, according to Horizonte, should provide the company with only sufficient working capital to around mid-December 2023.

The Araguaia project is being developed as Brazil’s next major ferronickel mine. A feasibility study has confirmed it to be a Tier 1 project with capable of producing 14,500 tonnes of nickel over a 28-year mine life.

 

In October, Horizonte announced that the cost of the project is expected to rise by 35%, a year after the company had increased the capital expenditure for Araguaia to $537 million. As a result, its production has been delayed to the second half of 2024.

 

Shares of Horizonte Minerals plummeted by nearly 47% as of 12:20 p.m. EDT on Tuesday. 

• [Editor:邢亞敏]