Horizonte Minerals Loss Widens As It Develops Brazilian Portfolio

LONDON (Alliance News) - Nickel miner Horizonte Minerals PLC reported on Tuesday a flat loss in 2017, a year in which it bought a second major project in Brazil.

Horizonte's flagship project in the Araguaia nickel project in Para State, Brazil, where the company is close to completing a feasibility study. During the year, it also bought the Vermelho nickel-cobalt project, also in Para State, from Brazilian iron-ore mining giant Vale SA.

Horizonte posted a pretax loss of GBP1.7 million in 2017, flat year-on-year. It posted no revenue, with both assets still yet to reached the production stage.

The company said the Vermelho buy will allow it to take advantage of the growing electric vehicle market by potentially supplying battery ingredients. It also said nickel prices recovered in 2017, and the general sentiment worldwide towards the metal remains positive.

Shares were up 0.2% on Tuesday at 3.79 pence each.