Last checked at 
(Alliance News) - Brazil-focused nickel developer Horizonte Minerals PLC said Tuesday its pretax loss widened, as a large foreign exchange gain was more than offset by a rise in administrative expenses and finance costs.
For the three months to the end of March, Horizonte reported a pretax loss of GBP1.0 million, widened from GBP453,470 the same period the year before.
Although the company made a foreign exchange gain of GBP941,446, administrative expenses rose to GBP674,457 and finance costs rose sharply to GBP857,992, mainly on the amortisation of royalty finances.
The miner did not generate any revenue in either quarterly period.
Looking ahead, Horizonte Minerals said its project financing process is running to schedule with no negative effects from the ongoing Covid-19 pandemic; however the company did warn that a delay to the process may occur if the lockdown continues for a longer period of time.
Meanwhile, work in Araguaia is focused around advancing the level of engineering from feasibility stage level to being implementation ready.
Shares in Horizonte Minerals were down 6.9% at 2.58 pence on Tuesday in London.
By Dayo Laniyan; dayolaniyan@alliancenews.com
Copyright 2020 Alliance News Limited. All Rights Reserved.
