LONDON (Alliance News) - Horizonte Minerals PLC on Tuesday said its loss widened in the first half of 2018 as it progresses on project development in Brazil.
The nickel development company said pretax loss widened to GBP1.3 million for the six months to the end of June compared to GBP935,312 loss reported for the same period a year earlier.
The company did not generate any revenue in the period, unchanged from the year before.
In the first half of 2018, the company completed the trial excavation programme at Araguaia ferronickel project in Brazil, and began the feasibility study, which is now "nearing" completion.
Also, in December last year, the company bought the Vermelho nickel-cobalt project, located 80 kilometres north west of Araguaia North, for USD8.0 million. In May, the company completed the mineral resource estimate for the project, with 167.8 million tonnes of ore grading at 1.0% nickel and 0.06% cobalt in the measured and indicated categories.
Horizonte Minerals now said it will focus on advancing the work that former project owner Vale SA completed as part of feasibility study. The company said it intends to upgrade the mixed hydroxide product to nickel and cobalt sulphate, suitable for use in the battery market.
"This positive progress on our projects has set a strong base for an important second half year for Horizonte, where we will outline our plans to bring into production one of the next major nickel mines at a time when there are a number of factors driving global demand for nickel and cobalt," said Chairman David Hall.
Shares in Horizonte Minerals were trading 0.7% lower on Tuesday at 4.02 pence each.
Horizonte Minerals (HZM)