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Horizonte Minerals PLC - nickel company focused on Brazil - Reports a pretax loss of GBP9.7 million for 2021, widened from GBP2.4 million in 2020. Administrative expenses rise 97% to GBP5.7 million from GBP2.9 million. Further, the company incurs a net finance cost of GBP4.0 million versus a GBP236,986 income in 2020. Records no revenue as it is still in its development phase. Says its Araguaia nickel project is scheduled to start ramp up in early 2024.
"Whilst the nickel market currently faces unprecedented volatility with pricing, the consensus remains for continued exponential growth in demand, both from the established stainless steel market and the accelerating battery market. With very few new nickel projects in the global pipeline able to reach production in the short-to-mid-term, Horizonte is uniquely placed to supply into this deficit with Araguaia," Chief Executive Jeremy Martin comments.
Current stock price: 6.83 pence
12-month change: down 25%
By Abby Amoakuh; abbyamoakuh@alliancenews.com
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