Last checked at 
LONDON (Alliance News) - Horizonte Minerals Thursday said its pretax loss widened slightly on certain impairments in its full-year 2013 as it continues development of Araguaia site.
The exploration and development company, which focuses on projects in Brazil, said its pretax loss widened to GBP2.7 million in the twelve months from GBP2.5 million the previous year.
The company is yet to achieve any revenues as it develops its 100%-owned Araguaia Nickel Project where Snowden Mining Industry Consultants are currently conducting a pre-feasibility study which is expected for completion in the first quarter of 2014.
Horizonte said its administrative expenses fell to GBP1.3 million from GBP1.7 million but that it was hit by a project and fixed asset impairment charge of GBP1.0 million and lower amounts of fair value gains compared with 2012.
The company said it made the impairments after a review of long term metal prices, anticipated resource volumes and grades, permitting and infrastructure.
Horizonte Minerals shares were untraded at 6.50 pence Thursday.
By Tom McIvor; tommcivor@alliancenews.com; @TomMcIvor1
Copyright © 2014 Alliance News Limited. All Rights Reserved.
