14th Aug 2020 11:54
(Alliance News) - Horizonte Minerals PLC on Friday said its pretax loss widened in the first half of 2020 but sees progress in its Araguaia nickel project in Brazil.
The nickel miner recorded a pretax loss for the half ended June 30 of GBP2.7 million versus a GBP1.1 million loss in the year ago period.
The company did not record revenue in either periods.
Horizonte Minerals said it did not see any negative affects posed by Covid-19 as project financing processes run on schedule. The company did note however that if a lockdown is implemented again, it could delay processes.
Horizonte Minerals had cash of GBP15.6 million at the end of the first half.
Horizonte Minerals' Araguaia nickel project continues to advance the level of engineering and is now implementation ready.
The company on Wednesday had executed a USD325 million debt facility mandate for the Araguaia project.
The company had said the market remains robust with with an analyst consensus price of USD16,133 tonne at the time Araguaia is forecast to commence production. This is driven by growth in the electric vehicle battery sector and steady growth in the stainless steel market.
The company did not declare an interim dividend, in line with the prior year.
Horizonte Minerals shares were up 1.2% at 4.20 pence each on Friday morning in London.
By Greg Roxburgh; [email protected]
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