(Alliance News) - Horizonte Minerals PLC on Wednesday said its loss narrowed in the first half of 2019 as it progresses on development of its projects in Brazil.
The nickel development company said its pretax loss narrowed to GBP1.1 million in the six months to the end of June from GBP1.3 million reported a year earlier.
Horizonte did not generate any revenue during the period as it is currently focused on the development of the Araguaia ferronickel and Vermelho nickel-cobalt projects. The AIM-listed company highlighted that both projects are advancing in line with its planned strategy.
The focus on Vermelho since the start of the year has been to advance the various work streams that feed into the pre-feasibility study, Horizonte explained. The company plans to announce the results of this study during the third quarter of 2019.
Meanwhile, at Araguaia FeNi project, Horizonte began 2019 with a further positive milestone, being the award of the construction licence for the development of Araguaia. The granting of the licence allows Horizonte to construct the Araguaia rotary kiln electric furnace processing plant and associated infrastructure, it said.
Subject to funding, Araguaia is now in a position to commence construction with the necessary environmental permits approved. Horizonte said discussions continue with various parties regarding the project financing of Araguaia.
Horizonte shares were trading 5.5% down on Wednesday in London at 2.58 pence each.
Horizonte Minerals (HZM)