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LONDON (Alliance News) - Horizonte Minerals PLC Wednesday reported a narrowed pretax loss for the first quarter of 2016 as it continued to focus on the exploration and development of the Araguaia nickel mine in Brazil.
The company reported a pretax loss of GBP332,100 for the quarter, narrowed from a pretax loss of GBP956,035 the year before, helped by lower administrative costs. It also saw a GBP44,311 gain on foreign exchange in the quarter, compared to a GBP127,142 loss on foreign exchange the previous period.
During the quarter the company was awarded four new concession areas adjacent to the Araguaia project.
In the short term to medium term, Horizonte said it is looking to complete its agreed acquisition of the Glencore PLC project located in the vicinity of Araguaia, and to integrate the project into Araguaia for an updated resource estimate. It will then carry out an updated pre-feasibility study for the enlarged project.
Shares in Horizonte Minerals were up 0.7% at 2.14 pence Wednesday morning.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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