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Horizonte hits another milestone as it presses ahead at Araguaia

Published: 04:28 19 Dec 2016 EST

nickel chemical symbol
The strengthening nickel price bodes well for Horizonte, CEO Jeremy Martin said

Nickel explorer Horizonte Minerals Plc (LON:HZM, TSX:KZM) has ticked another box on its check-list as it pushes towards preparing a definitive feasibility study (DFS) for its Araguaia nickel project in Brazil.

Horizonte has issued a request for proposals (RFP) inviting engineering and consulting firms to submit their interest in preparing the DFS for the company’s 100%-owned project.

The tender process will close next month and successful groups will be announced and start work in February, the firm said.

“The preparation for the feasibility study for Araguaia is another milestone for the company, as we advance the project towards construction,” said chief executive Jeremy Martin.

“The selection of the group to undertake the feasibility study will be a key decision, we want to ensure that the study will allow a seamless progression into the implementation phase.”

The RFP follows on from the “positive” results of the pre-feasibility study back in October and the £9mln fundraise which was approved at the end of last month.

Horizonte is hoping to process 0.9 million tonnes per annum of ore at the plant, which is located in north-eastern Brazil.

Looking to the year ahead, Martin predicts a “very active” year for Horizonte, one which can be buoyed further by a strengthening nickel market.

“As we enter this exciting stage it is encouraging to see the nickel price increase with a number of positive reports in the market place continuing to point to robust fundamentals for the metal for 2017 and beyond.”

Shares were up 1.5% to 2.8p.

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