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Horizonte gets permit boost

Nickel developer Horizonte Minerals (AIM:HZM) says it can start building the Araguaia project in Brazil after getting the construction permit from Brazilian authorities.
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Horizonte will now focus on financing the project

Staff reporter

Investors were impressed, pushing Horizonte's share price up 12% in London to 2.4p (US3.1c). 

As outlined in its feasibility study, Araguaia will be an openpit mine with a rotary kiln electric furnace process plant producing 14,500 tonnes per annum over 28 years at a capital cost of US$443 million.

The build time is estimated at 31 months.

Horizonte CEO Jeremy Martin said the permit meant everything was on track.

"Subject to funding, the company is now in a position to commence construction with the necessary environmental permits approved, including water abstraction permits issued in 2018 together with the newly issued [construction permit]," he said.

The permit arrived on time, with Horizonte saying last year it would come in the March quarter.