Horizonte Minerals PLC (LON:HZM, TSX: HZM) said “significant progress” has been made on its Araguaia nickel project in Brazil.
Competitive tendering for the supply of key processing equipment, electric furnace and project management (EPCM) services have been completed, and financing talks remain on track.
“In the six months since the completion of the value engineering work, significant progress has been made on plans to implement the project,” said chief executive Jeremy Martin.
“Tenders have been completed for approximately US$230mln of key equipment and services to be supplied under contract with industry-leading vendors. This progress has enabled the project execution plan to be further advanced and to better reflect the current context in Brazil, allowing us to successfully deliver a tier-one nickel project.
“We have made progress with the senior debt facility following completion of due diligence by the lending syndicate, with credit committee approval on track for Q3 2021.
“It is exciting to see an increase of activity on the ground in Brazil as our preparation to start construction in the coming months intensifies,” he added.