Horizonte Minerals plc has completed 65% of the overall Araguaia Line I construction programme and 53% of the physical site ahead of first nickel targeted for early next year.
PROGRESS
Construction off-site of the 126km, 230kV transmission line is well advanced with more than 90% of the pylons erected and 42km of conductor cable installed, while work on the water storage has also started.
Chief executive officer Jeremy Martin said that good progress was also being made on the Line II feasibility study scheduled for publication later this year.
The proposed expansion, financed through operational cash flow, could double the annual nickel production to 29,000 tonnes per year and give a mine life of 26 years.
As of 30 June 2023, the total spend on Araguaia construction amounted to US$329 million of the budgeted capital requirement of $537m.
By the end of the second quarter, the company had total liquidity and funding sources of $344m.
Horizonte recorded no lost time injuries with nearly 3.8 million hours worked.
SOCIAL RESPONSIBILITY
The company has made a further contribution to improving road infrastructure with BRL 2m (£320,000), with a focus on dust management following the start of the dry season.
During Q2 2023, the company began sealing of roads next to five small rural villages.
Last year, Horizonte invested more than BRL 50m (£8m) in state and municipal road upgrades, including widening, capping, safety controls and bridge upgrades to benefit the company and local communities.