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Horizonte Minerals' losses widen slightly ahead of Araguaia DFS

The company currently has no revenue and is preparing to kick-off work on the definitive feasibility study (DFS).

Based in Para state, Araguaia is host to a proven and probable mineral reserve of just short of 25mln tonnes grading 1.77% nickel

Brazil-focused nickel mine developer Horizonte Minerals Plc (LON:HZM, CVE:HZM) reported a pre-tax loss of £493,978 for the third quarter of 2016.

The loss was marginally wider than the loss of £418,188 made in the same quarter of 2015. Horizonte's assets are in the development stage and are currently not producing any revenue.

The company ended the quarter with cash and cash equivalents of £1.18mln, down from £2.74mln a year earlier, but since the end of the reporting period has raised £9mln to fund a definitive feasibility study on its Araguaia nickel project via a well-supported placing of shares in the City of London.

Watch Horizonte Minerals boss Jeremy Martin spells out the major opportunity in nickel market

Quick facts: Horizonte Minerals PLC

Price: 6.85 GBX

Market: AIM
Market Cap: £99.28 m

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