Horizonte Minerals Plc (AIM: HZM | TSX: HZM) has published its unaudited financial results for the three months to 30 September 2022 and the management discussion and analysis for the same period.
Highlights for the period include several key construction contracts awarded for the company’s Araguaia project. Critical path items advancing in line with the schedule, including furnace shell arrival on site and furnace concrete block foundations set. The Araguaia Nickel Project was also approved as a strategic minerals project by the Brazilian Government. A Feasibility Study contract was awarded to Wood plc for Vermelho Nickel-Cobalt Project. No lost time due to injuries recorded to date, with over 482,000 hours worked.
Horizonte also maintained a strong cash position of US$131M at 30 September 2022, prior to any debt draw down and completion of recently announced fund raise.
Post period highlights include the closing of US$80M fundraise for the construction of the Araguaia nickel project, contracts totalling more than US$400M awarded to-date at Araguaia, with all key equipment supply and technical support services for the balance of the Araguaia process flow sheet secured. Electro-mechanical contract awarded to MIP Engenharia and Milplan Engenharia and Araguaia construction running in line with project execution schedule.
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