14th Aug 2015 08:06
LONDON (Alliance News) - Horizonte Minerals PLC Friday said its first half pretax loss widened as it continues to develop its Araguaia nickel project.
The Brazilian focused development miner reported a pretax loss of GBP1.2 million in the first half of 2015, widening from a GBP304,054 loss a year earlier. The company does not currently generate any revenue.
The wider loss was caused by a GBP253,006 impairment, a GBP196,620 foreign exchange loss compared to a GBP31,960 loss a year earlier, and a GBP55,063 loss on the change in fair value of contingent consideration, compared to a GBP525,763 gain.
The company is focused on its wholly-owned Araguaia nickel project in Para State, north central Brazil, where it made "good progress" in the first half of the year after drilling 10,255 metres designed to convert the initial seven to eight years of the 25 year modelled mine life to the measured resource category.
Horizonte had a cash balance of GBP2.4 million at the end of June.
Horizonte shares were untraded at 2.10 pence per share on Friday morning.
By Joshua Warner; [email protected]; @JoshAlliance
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