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Horizonte Minerals says value engineering and financing work is ‘on-track’

The mine developer remains "well funded" and key activities are still on track with project schedules

Horizonte Minerals PLC - Horizonte Minerals says value engineering and financing work is ‘on-track’
Aerial shot of Araguaia

Horizonte Minerals PLC (LON:HZM) highlighted, in its final results for 2019, that it is well-funded through the current global coronavirus (COVID-19) crisis.

It added that the company has implemented strict health and safety policies in Brazil and the UK, in response to the pandemic.

Value engineering and project finance work continues, tracking project schedules, and the company said it is “well advanced” in the financing process for the Araguaia nickel project.

READ: Horizonte well-funded to ride out coronavirus uncertainty

Despite short-term weakness due to the coronavirus pandemic, Horizone described “favourable” and “robust” long-term nickel market fundamentals.

“We continue to believe that Horizonte is uniquely placed to benefit from the improving nickel market fundamentals, driven by the robust market for stainless steel combined with the fast-growing EV market,” said chairman David Hall in a statement.

The 2019 results reflected on progress at both the Araguaia and Vermelho projects, along with the partnership agreements put in place during the year and progress towards project financing.

The financial results themselves saw the pre-revenue firm report a £3.17mln loss, and end December with £17.7mln of cash and equivalents.

Quick facts: Horizonte Minerals PLC

Price: 6.85 GBX

Market: AIM
Market Cap: £99.28 m

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