Metals & Minerals News

Horizonte holds £22m as Araguaia financing nears completion

Posted on Author editorial Comments Off on Horizonte holds £22m as Araguaia financing nears completion

Horizonte Minerals plc maintained a strong cash position while costs rose during H1 2021 at its Araguaia ferro-nickel project in Brazil.

Progress: Final offtake agreements at the Araguaia project are well advanced (Horizonte Minerals)

RESULTS

In its unaudited interim results for six months to 30 June 2021, the company reported it held £22.2 million following an £18m equity fundraise in February 2021.

Pre-tax losses were £2,291,336 (H1 2020: £759,620) with administrative expenses of £2,640,027 (H1 2019: £565,143).

FINANCING

Project financing including from international lenders, a senior debt facility and a cornerstone strategic investor is nearing completion, said the company.

Horizonte added that final offtake agreements were also well advanced and expected to be finalised shortly after credit approvals.

During H1 2021, the nickel-cobalt Vermelho project also made further progress with Ramboll awarded the Environmental and Social Impact Assessment contract.

Related Articles
News Oil & Gas

Parkmead to drill first exploration well at Skerryvore

Posted on Author editorial

The Parkmead Group will drill its first exploration well in Skerryvore as it increases its stake from 30% to 50% in the high-impact UK central North Sea project. INFRASTRUCTURE The operator’s joint venture partners are Serica Energy (UK) Ltd with 20% and CalEnergy (Gas) Ltd holding 30%. The company said that its geotechnical work programme […]
News Oil & Gas

Angus submits revised plans for extended well test at Balcombe

Posted on Author editorial

Angus Energy plc has submitted revised plans for an extended well test and ruled out any use of hydraulic fracturing at the Balcombe oil field near Crawley in Sussex. LIMESTONE Local residents have protested against the project and slowed vehicles entering the site. “As previously, the company would like to make clear once more that […]
Finance Metals & Minerals News

Red Rock issues 54.4m shares for advance

Posted on Author editorial

Red Rock Resources plc issued 54,444,444 new ordinary shares at a subscription price of 0.045 pence per share, to convert a £24,500 advance by an existing shareholder. Following admission, the company’s issued ordinary share capital will comprise 5,058,782,486 ordinary shares each with equal voting rights. Red Rock holds none of the ordinary shares in treasury.