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