leadf
logo-loader
viewHorizonte Minerals PLC

Horizonte Minerals hails "significant milestone" as five banks tasked with finding the US$325mln to get Brazil ferro-nickel project underway;shares up 24%

The stock in the mine developer was up 24% to 4.22p mid-morning

Horizonte Minerals PLC -
A brid's eye view of the Araguaia ferro-nickel project in Brazil, which will be transformed with significant investment planned

Horizonte Minerals PLC’s (LON:HZM) (TSE:HZM) chief executive Jeremy Martin described as a “major milestone” the agreement struck with five international banks tasked with raising the US$325mln required to get work underway at the group's Araguaia ferro-nickel project in Brazil.

BNP Paribas, ING Capital, Mizuho Bank, Natixis, and Société Générale will act as arrangers for the debt facility, which is expected to be closed by the end of the year with aim of starting construction early 2021.

"The mandating of five international financial institutions, with strong mining and metals track records, for the arrangement of a large senior debt facility is a significant achievement for Horizonte,” CEO Martin said in a statement.

The debt facility will cover a “significant portion” of the pre-production investment required to complete the first stage of construction for Araguaia, Martin added.

“The interest of top-tier financial institutions further validates Araguaia's status as a tier-one nickel project and will be the first of our two 100% owned nickel projects to move to the construction phase. This major milestone moves us closer to our goal of becoming a nickel producer,” added Martin.

Sited in Para State, Brazil, Araguaia is slated initially to produce 14,500 tonnes of ferronickel a year with the potential to increase that to 29,000 tonnes through additional investment.

Quick facts: Horizonte Minerals PLC

Price: 6.96 GBX

AIM:HZM
Market: AIM
Market Cap: £100.88 m
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

In exchange for publishing services rendered by the Company on behalf of Horizonte Minerals PLC named herein, including the promotion by the Company of Horizonte Minerals PLC in any Content on the Site, the Company...

FOR OUR FULL DISCLAIMER CLICK HERE

Market Report: FTSE gains despite UK recession gloom

Headlines from the Proactive UK newsroom. The FTSE has opened up slightly higher despite news that Britain has slumped into recession - suffering its biggest decline on record between April and June, with the economy shrinking 20.4% compared with the first three months of the year - this...

on 12/8/20

2 min read