logo-loader

Horizonte completes acquisition of Glencore's Araguaia assets

Last updated: 03:39 03 Aug 2016 EDT, First published: 22:39 02 Aug 2016 EDT

picture of nickel in periodic table
Horizonte is now sitting on a major nickel deposit

Horizonte Minerals Plc (LON:HZM TSX: HZM) has completed the acquisition of the remaining two licences that make up the Glencore Araguaia (GAP) nickel project in north central Brazil.  

Completion means that Horizonte's enlarged Araguaia Project is now one of the world’s largest nickel saprolite projects.

Horizonte’s own project contains an estimated 72mln tonnes of ore in the indicated category, grading 1.33% nickel, which has now been more than doubled by Glencore’s 105mln tonnes measured and indicated, also grading 1.33% nickel.

A new pre-feasibility study (PFS) for the enlarged project is due this quarter, which Jeremy Martin, chief executive, said should show that Araguaia sits on the lower end of the global cost curve and the upper end of the grade curve with low capital intensity. 

“In short our aim is to develop one of the lower cost ferronickel operations with short capital repayment, while offering operational flexibility for increased nickel production in the future. 

“Following the PFS, the next major milestone on the project will be the full Feasibility Study which is scheduled to commence later this year. 

“This should run in parallel with an improvement in the global nickel markets, prices have increased over the last three months.”

ARway.ai announces multiple new SaaS developer contracts in both the United...

ARway.ai (CSE:ARWY, OTCQB:ARWYF) Chief Executive Officer Evan Gappelberg joined Steve Darling from Proactive to announce multiple new SaaS developer sign-ups for its augmented reality experience platform, focusing on AR indoor navigation. These partnerships represent significant milestones in...

1 hour, 56 minutes ago