Horizonte Minerals plc has agreed a third extension to senior lenders’ waivers, including interest, on interim funding for the Araguaia nickel project in Brazil.
FUNDING
Payment, expected on 29 March, is now due on 20 April.
The company again repeated that any further postponement of payments could not be guaranteed.
The funding package agreed in December 2024 was in part used to re-estimate work needed to implement a full funding solution for Araguaia.
Horizonte’s 2023 revised estimate to complete construction, commission the project and deliver first metal was $1 billion.
The figure is nearly double 2022’s estimate of $537m when first nickel was expected during Q1 2024.