The Horizonte Minerals Plc (LON: HZM) share price barely moved after issuing a positive update about the progress made at its Araguaia nickel project.
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The company noted that it had maintained a strong safety performance with zero lost time injuries (LTIs) after operating for over 990,000 hours.
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The mining firm also noted that the project’s construction remained on track, having completed about 28% of the planned work. The company also revealed that it had awarded contracts worth US$415 million, representing 75% of the total project cost, and the project remains on budget.
Horizonte Minerals has also satisfied all the requirements specified in the senior debt facility and has already completed its first drawdown of the facility. In addition, the firm has secured a 10-year renewable power supply contract at globally competitive prices.
The mining firm expects to complete the earthworks in January 2023, while the detailed engineering work is 87% complete, with the remaining part set for completion in Q1 2023. The company also confirmed that critical long-lead items were on track for delivery.
For example, the furnace shell is set to be delivered on-site in late December, while the rotary kiln will be delivered in early Q1 2023.
Jeremy Martin, Horizonte Minerals CEO, commented: “We are very pleased with the construction progress achieved to date, which places us in a strong position to deliver the project on budget and schedule, and most importantly, with a strong safety track record. We are also very pleased to have drawn from the Senior Debt facility, a core part of the overall funding package of Araguaia.
Adding:
“Araguaia is expected to bring significant social and economic benefits to our host communities and local stakeholders, and we were pleased to see our efforts recognized at the Brazilian Association of Human Resources awards held, in early December, by winning the ESG category for our local professional training program – Transforming Horizons.”
Horizonte Minerals (HZM) shares have risen 59.25% in the past month after securing all the funding for the Araguaia nickel project and could rally higher in the future. However, I would wait for a pullback before buying.
*This is not investment advice.
Horizonte Minerals (HZM) share price.
The Horizonte Minerals share price traded sideways despite today’s upbeat project update.
eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk.
