- Write by:
-
Thursday, August 13, 2020 - 5:32:33 PM
-
1183 Visit
-
Print
Mining News Pro - Horizonte Minerals announced on Wednesday that it has executed a mandate to arrange a senior secured project finance facility of up to $325 million to fund the construction and development of its flagship Araguaia nickel project in Para state in Brazil.
A syndicate of five international financial institutions, including BNP Paribas, ING Capital LLC, Mizuho Bank, Natixis, and Société Générale will act as the Mandated Lead Arrangers.
Araguaia will be the first of Horizonte’s projects to move to the construction phase. A feasibility study describes an initial production phase where about 900,000 t/y of ore is treated in a rotary kiln electric furnace (RKEF) to produce about 14,500 t/y of nickel contained in 52,000 t/y of ferronickel.
“This debt facility will cover a significant portion of the pre-production capex required to complete the Stage 1 construction for Araguaia. We are targeting completion of the project financing package for the Project by the end of 2020,” said Horizonte CEO Jeremy Martin in a media statement.
Martin told Reuters that Horizonte was in advanced discussions with miner and trader Glencore and private equity firm Orion Resources Partners, amongst others, for equity and project financing.
The company was also in talks to supply nickel to stainless steel producers, primarily in Europe and North America.
The first stage of the project will cost a total of $440 million, the company said, adding that it aims to start construction in early 2021.
Horizonte also owns the Vermelho property in Brazil — one of the largest and highest-grade undeveloped laterite nickel-cobalt resources in the world. According to the company, the project will generate $7.3 billion in total cash flow over 38 years.
Midday Wednesday, Horizonte’s stock was up 16% on the TSE. The company has a C$100 million market capitalization.
Short Link:
https://www.miningnews.ir/En/News/583413
South African diversified miner Sibanye Stillwater is discussing with lenders to temporarily lift limits on borrowings, ...
The Philippines said on Friday it aimed to add three more processing plants in the effort to develop a downstream ...
Canada’s mining industry is pushing for an carveout to the federal government’s proposed increase to capital gains ...
London-based Savannah Resources will if necessary ask Portugal’s government to authorize compulsory land acquisitions ...
Australia will spend A$566 million ($373 million) over the coming decade to map out resource deposits with a focus on ...
Indonesia’s nickel reserves are sufficient for expanded processing operations, an investment ministry official said on ...
Newmont Corp. has no plans to expedite a decision on its $2.5 billion Yanacocha Sulfides project, dashing the Peruvian ...
A Brazilian federal court rejected a request made by the country’s solicitor general’s office asking that miners Vale, ...
Imports of iron ore by China, the world’s biggest buyer, in 2024 are expected to be around 1.17 to 1.18 billion metric ...
No comments have been posted yet ...