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(Sharecast News) - Brazil-focussed nickel developer Horizonte Minerals said in its interim report on Thursday that construction of the Araguaia nickel project line one was progressing at a steady pace, confirming that it was on track for inaugural metal production by the first quarter of 2024.
The AIM-traded firm, which remains pre-revenue, said that as of 30 June, about 65% of the overarching construction had been finished, with the on-site physical construction standing at 53%.
It said the first half saw several significant developments, notably the delivery of the rotary kiln and the kick-off of ore mining activities.
Financially, Horizonte Minerals said it had allocated $329m of its budgeted $537m for the construction of Araguaia.
On the safety front, Horizonte said that witl almost 3.8 million work hours logged, there had been zero reported lost time injuries.
The company said it was planning on releasing a feasibility study for Araguaia's line two later in the year.
It said the primary objective of the study was to assess the potential of doubling the nickel production from its current 14,500 tonnes per annum to an ambitious 29,000 tonnes annually.
At period end on 30 June, the firm's liquidity stood at a robust $344m.
"Horizonte Minerals is developing two 100%-owned, tier one projects in Pará state, Brazil - the Araguaia Nickel Project and the Vermelho Nickel-Cobalt Project," the board explained in its statement.
"Both projects are high-grade, low-cost, with low carbon emission intensities and are scalable.
"Araguaia is under construction with first metal scheduled for the first quarter of 2024."
Horizonte said that, when fully ramped up with line one and line two, Araguaia was forecast to produce 29,000 tonnes of nickel per year.
"Vermelho is at feasibility study stage and is expected to supply nickel to the critical metals market.
"Horizonte's combined production profile of over 60,000 tonnes of nickel per year positions the company as a globally-significant nickel producer.
"Horizonte's top three shareholders are La Mancha Investments, Glencore and Orion Resource Partners."
At 1408 BST, shares in Horizonte Minerals were down 1.14% at 146.8p.
Reporting by Josh White for Sharecast.com.
