14th Nov 2013 15:52
LONDON (Alliance News) - Exploration company Horizonte Minerals PLC said it has almost completed the majority of its environmental and social baseline study at its Araguaia project in Brazil.
The company, which focuses on projects in Brazil, said it is on course to complete the environmental work by the end of this year and deliver a pre-feasibility study on the Araguaia site in the first quarter of 2014.
Horizonte said it has selected a plant site, while preliminary plant mass and energy balances have been completed.
The firm said its gold joint venture with AngloGold at Falcao in Brazil has been terminated. AngloGold is reducing its greenfield exploration in Brazil, while there has been limited exploration success at the site.
Horizonte also announced its financial results for the third quarter ended September 30, saying its loss from continuing operations narrowed to GBP411,610 from GBP509,824 a year before. It said the loss in the recent period included a foreign exchange loss of GBP84,329, caused by the weaken of the Brazilian real against the pound.
The stock was trading at 5.94 pence Thursday afternoon, down 0.31 pence or 5.0%
By Anthony Tshibangu; [email protected]; @AnthonyAllNews
Copyright © 2013 Alliance News Limited. All Rights Reserved.
Related Shares:
HZM.L