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LONDON (Alliance News) - Horizonte Minerals PLC said it swung to a pretax loss in the first quarter of 2015 as it continues to focus on advancing the Araguaia nickel project in Brazil through the feasibility study phase.
The company said it swung to a GB956,035 pretax loss in the first quarter of 2015 from a GBP125,292 profit a year earlier on the back of a GBP245,375 loss due to changes in the exchange rate related to the company's payments to the former owners of Teck Cominco Brasil SA, which it acquired in 2010.
Horizonte does not generate any revenue and is engaged in the exploration and development of the Araguaia nickel project in Brazil.
The company completed a fourth phase, 10,255 metre infill resource drilling campaign at the project in April which was designed to convert an initial seven to eight years of the 25 year mine life into the measured resource category.
Horizonte said its near-term focus is on advancing the project through the feasibility study stage, which will include a 200 tonne continuous pilot plant test aimed at de-risking and optimising the processing route, engineering, geo-technical, water management, logistics and infrastructure studies, it said in a statement.
It will also try to secure the social and environmental impact assessment for Araguiaia, which was filed in June 2014. This would then lead to the company securing a preliminary license for the project.
Direct costs of the Araguaia Project since August 2010 have totalled USD14.7 million.
Horizonte shares were down 1.8% to 2.70 pence per share on Wednesday morning.
By Joshua Warner; joshuawarner@alliancenews.com; @JoshAlliance
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