Nickel developer Horizonte Minerals (AIM: HZM | TSX: HZM) has released its unaudited financial results and for the six-month period to 30 June 2022. Published in tandem with the financial results is a Management Discussion and Analysis for the same period.
A key highlight of the results is the closing of a US$633M funding package for the construction of the Araguaia nickel project.
Other highlights include:
- A number of key construction contracts including furnace, EPCM, and earthworks awarded for Araguaia
- Approved start of construction at Araguaia in late January 2022 with earthworks contractor mobilized to site in May to maximize productivity during the dry season
- Commenced construction and broken ground at Araguaia in May 2022
- Appointment of two industry leaders to the board: Gillian Davidson (independent non-executive director), Vincent Benoit (non-executive director)
- Philipa Varris appointed as head of sustainability
- 2021 Sustainability Report published which is Horizonte’s third such disclosure
- Maintained a strong cash position of US$199M as at 30 June 2022, prior to any debt draw down
Post-period highlights include contracts totalling US$293M awarded to-date at Araguaia, as well as civil works and all major and long-lead time process plant equipment contracts; an Aagreement signed with Serviço Nacional de Aprendizagem Industrial for host community skills training; and Araguaia construction running in line with project execution schedule.
The company says a full progress update on Araguaia will be provided in September 2022.
For further information, visit www.horizonteminerals.com
