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(Alliance News) - Horizonte Minerals PLC on Friday reported a widened interim loss on administrative costs, but the Brazil-focused nickel company said it is making "significant" progress on project preparation activities.
Horizonte's stock jumped 4.9% in London on Friday morning, to 6.92 pence each.
Pretax loss for the six months to June 30 widened to GBP2.3 million from GBP759,620 a year ago, driven by a rise in administrative expenses to GBP2.6 million from GBP1.6 million a year ago.
A change in fair value of special warrant liability cost the company an additional GBP1.2 million, having not featured a year ago.
Since the end of June, Horizonte said it has made "significant" progress on key project execution preparation activities, including competitive tendering for supply of key processing equipment, electric furnace and project management services.
Currently, the company is developing two nickel projects in Para State in Brazil, with a view to becoming a global nickel producer as the need for batteries rise due to the clean energy transition.
Horizonte said that an operational readiness plan is "well advanced" with all key permits in place to start construction at the Araguaia ferro-nickel project.
By Greg Roxburgh; gregroxburgh@alliancenews.com
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