Horizonte Minerals Plc (AIM: HZM | TSX: HZM) is continuing to make progress on the construction of its 100%-owned Araguaia Nickel Project in Brazil, which the company has said remains on-budget and on-schedule to commence production in Q1 2024.
Jeremy Martin, CEO of Horizonte, 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 on-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.”
As of 30 November 2022, the update provided by the company states that approximately 28% of the total project construction programme has been completed. Earthworks are significantly advanced and due to be concluded in January 2023. The detailed engineering works are 87% complete and due to be concluded during Q1 2023.
Approximately 75% of capital expenditure has been awarded to date, amounting to over US$415M, and the key long lead items are running to schedule with the furnace shell due on site in late December and the rotary kiln due to be delivered in early Q1 2023.
“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 programme – Transforming Horizons.
“Overall, it has been a transformational year for the company and I would like to thank our employees, contractors and key stakeholders for their strong efforts thus far to progress Araguaia’s construction. I firmly believe that our collective efforts will enable us to quickly unlock significant value at Araguaia as we move closer to producing first nickel.” Jeremy added.
To find out more, please visit www.horizonteminerals.com
