RE: 11.75p and then 14p23 Nov 2023 10:34
Horizonte Minerals Plc (AIM/TSX: HZM) ("Horizonte" or the "Company"), the nickel company developing two Tier 1 assets in Brazil, announces today that it has made good progress in completing the final detailed engineering and construction design for Line 1 of its 100%-owned Araguaia Nickel Project ("Araguaia" or "the Project"). This work, along with a comprehensive cost review, has resulted in changes to the design and execution scope, which are expected to increase the overall capital expenditure requirement by at least 35% (of current capex budget) and delay first production to Q3-2024.
Γ
Given the progress made to date with construction, the value of the Araguaia Line 1 Project and the upcoming delivery of the Feasibility Study on Araguaia Line 2, the Company continues to have strong support from its major partners.Γ The Company is working on a plan with its various financial institutions together with the cornerstone shareholders for a financing solution to complete construction.
They were talking about fund with cornerstone shareholders months until last RNS but it seem they cant get more fund from them . Stopped construction at site and looking at other fund then 4 months wait for contractors is serious trouble for company . They said only have 38 millions and can run up to 15/12 this year . .with 130 millions can't draw from bank as it need some more thing so that money cant contribute at all.
Would they let it die and other party will buy it with very cheap prive then finish it? It seem at moment if they cant find the fund so it will go down on that way.
300 millions need to fund to make it work again and that big money fund cant find in one week . If they puclib find some fund sort out this will fly multi time but again nothing got in the end of next month this will finishe.