LONDON (Alliance News) - Horizonte Minerals PLC on Wednesday said it has contracted Endeavour Financial to advise on the financing for the Araguaia ferronickel project.
On Monday, the miner released a feasibility study of the Brazilian project which reported a Measured & Indicated resource of 119.3 million tonnes, and an Inferred resource of 12.9 million tonnes.
On development, the project is expected to produce an average of 14,500 tonnes of nickel contained within 52,000 tonnes of ferronickel per annum, with an initial 28-year mine life, expected to generate post-tax cash flows of USD1.6 billion.
Chief Executive Officer Jeremy Martin said Wednesday: "Endeavour Financial is a well-regarded firm with a strong track record of success in the mining industry, specialising in arranging multi-sourced financing for single asset development companies."
Furthermore, the company said it is not aware of any "unpublished price sensitive information", after it noted a movement in its share price on Tuesday with "some concern".
Shares in the nickel development company were trading 9.2% higher at 2.54 pence each on Wednesday morning.
Horizonte Minerals (HZM)