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Pin to quick picksHorizonte Minerals Share News (HZM)

Share Price Information for Horizonte Minerals (HZM)

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Horizonte Minerals Loss Widens As It Develops Brazilian Portfolio

Tue, 27th Mar 2018 14:27

LONDON (Alliance News) - Nickel miner Horizonte Minerals PLC reported on Tuesday a flat loss in 2017, a year in which it bought a second major project in Brazil.

Horizonte's flagship project in the Araguaia nickel project in Para State, Brazil, where the company is close to completing a feasibility study. During the year, it also bought the Vermelho nickel-cobalt project, also in Para State, from Brazilian iron-ore mining giant Vale SA.

Horizonte posted a pretax loss of GBP1.7 million in 2017, flat year-on-year. It posted no revenue, with both assets still yet to reached the production stage.

The company said the Vermelho buy will allow it to take advantage of the growing electric vehicle market by potentially supplying battery ingredients. It also said nickel prices recovered in 2017, and the general sentiment worldwide towards the metal remains positive.

Shares were up 0.2% on Tuesday at 3.79 pence each.

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IN BRIEF: Horizonte keeps lid on costs but funding troubles continue

Horizonte Minerals PLC - nickel development company focused on projects in Para State, Brazil - Says senior lenders have agreed to extend waivers, including deferral of interest from interim funding package announced on December 27, until March 29. Existing senior lenders previously agreed to said waivers to the end of February. Company adds that the borrower, Brazilian subsidiary Araguaia Niquel Metais Ltda, may need to adopt protective measures and have its creditors approve a restructuring plan. Horizonte is a guarantor of ANML's debt.

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(Sharecast News) - Horizonte Minerals announced on Friday that it has extended waivers on interest payments, providing relief amidst ongoing financial negotiations.

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