Horizonte Minerals plc has entered administration and suspended trading after failing to secure full financing for its Araguaia nickel project in Brazil. INJUNCTION The company’s shares stopped trading on AIM today and TSX at 6pm on 15 May. Its nominated adviser Peel Hunt LLP resigned, with Horizonte having “no current intention” of appointing a replacement. […]
Tag: Araguaia – Brazil
Horizonte agrees third payment deferral to lenders
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 […]
Horizonte granted more time for debt negotiations
Horizonte Minerals plc has been granted a 60-day stay period to negotiate indebtedness and work on the Araguaia nickel project restructuring plan for creditors’ approval. FUNDING The Brazilian precautionary measure gives the company’s local operating subsidiary a longer period to negotiate directly with creditors or via mediation, while aiming to protect its cash in the […]
Horizonte again defers Araguaia loan interest payment
Horizonte Minerals plc has again deferred waivers including interest due on the interim funding package for the Araguaia nickel project in northeast Brazil. PROTECTIVE Senior lenders had extended the waivers, originally due on 31 December 2023, to the end of February and have now agreed a new date of 29 March. Horizonte said it was […]
Horizonte appoints Graham Crew as interim COO
Horizonte Minerals plc interim chief operating officer Maryse Bélanger will step down from 21 February and be replaced by Graham Crew. Mrs Bélanger’s appointment was one of several management changes announced last November. The company thanked her for her invaluable assistance during its current “challenging period” following rising costs at its Araguaia nickle project in […]
Horizonte estimates 87% rise in plant costs
Horizonte Minerals plc has estimated an 87% increase in total costs to complete the Araguaia nickel plant in Brazil. FINANCING The estimated capital required to complete construction of Araguaia Line 1, commission the project and deliver first metal has been revised to approximately US$454 million. The estimate at completion is currently $1 billion, nearly double […]