Horizonte Minerals, a company headquartered in London, has already finalized the financing phase and is now preparing to build the Araguaia Ferronickel Project, in Pará, where more than 50 thousand tons of the product will be produced per year
Horizonte Minerals Plc, a company that invests in nickel, announced this Monday morning (26) an operational update for the construction of the Araguaia ferronickel project, in Pará. In its statement, the company affirmed a significant advance in the main activities of preparation for the construction of the project, including the bidding process for the supply of EPCM.
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The company's CEO speaks about the progress of the Araguaia ferronickel project
According to Jeremy Martin, CEO of Horizonte Minerals, in the six months since the completion of value engineering, there have been major advances in the construction plans of the ferronickel project in Pará. According to the executive, tenders have been completed for around US$230 million worth of essential equipment and services to be provided under contract with suppliers and industry leaders.
This contributed to the progress of the company's project execution plan in Pará and also to a greater reflection on the current context in Brazil, making the company successfully deliver a ferronickel project in Brazil.
The CEO also states that his newly appointed Head of Projects Mike Drake has arrived in Brazil and has already reopened the Belo Horizonte office. Martin says that the Head of Projects is already training his team to build the Project in Pará. The recent rise in the price of nickel and the progress of his initiatives make the executive excited about expanding his ferronickel activities in Brazil.
Horizonte Minerals concludes financing for the project in Pará
Last month, the company concluded the financing of the nickel project in Pará. The financing was valued at US$325 million and according to Martin, the team has worked hard in recent months, especially in the due diligence process, which is required by banks.
The banks that participated in the operation have already started the loan approval process, and the nickel company says it expects to receive approval by the end of the third quarter.
Araguaia is a ferronickel project that will be built 45 km northwest of the city of Conceição do Araguaia. The project will have a useful life of 28 years and in its first phase alone, it will have an investment of US$ 443 million. Horizonte Minerals said the mine could receive a second phase of expansion after that period. It is estimated that the mine will produce an average of 14.500 tons of nickel contained in approximately 52.000 tons of ferronickel per year.
Get to know Horizonte Minerals
Horizonte Minerals is a nickel development company headquartered in London. The mining company is led by a management team with a strong experience in the sector.
The company is committed to good, robust corporate governance and excellent performance. Horizonte acts with safety, care and Respect, Responsibility and Trust, Integrity, with teamwork and Cooperation.
Its goal is to become a major global nickel producer, both in the form of nickel sulphide and cobalt and ferronickel. Its strategy is to continue advancing in the Araguaia project, which is 100% owned by the Company.
