Horizonte Minerals plc had stockpiled 138,000 tonnes of ore averaging 1.92% nickel and spent US$429 million as of 30 September at the Araguaia project in Brazil.
COSTS
The company said it continued to progress during Q3 with construction at the site and advance financing discussions with its cornerstone shareholders and lenders.
Horizonte expects a detailed capital cost and schedule analysis by mid-Q4 2023 from Reta Engenharia.
Completed work includes installation of the rotary kiln sections on the support piers and the furnace shell.
Installation of the roof has started while all critical equipment packages have been contracted and are either on site or en route to the site.
Commissioning has begun of the 126km (230kV) power transmission line.
The project’s project Line 2 feasibility study, aiming to double nickel production from 14,500 tonnes to 29,000 tonnes per annum, is expected to be published in mid Q4-2023.
The company reported no lost time injuries during close to 5.1 million hours worked.
Chief executive officer Jeremy Martin said: “Despite the current challenges, I am pleased to report that construction activities at the Araguaia project continue to progress well, with a strong safety performance to date.
“Notwithstanding the expected increase in capital, the Araguaia project remains a tier-1 nickel project with lower quartile C1 cash costs, and a long mine life of 28 years producing a high grade, low impurity FeNi product.”