https://www.engineeringnews.co.za

Horizonte goes into administration amid funding shortfall for Brazil nickel project

16th May 2024

By: Mariaan Webb

Creamer Media Contract Publishing Editor

     

Font size: - +

Dual-listed Horizonte Minerals has appointed Chad Griffin and Geoff Rowley as administrators, following its inability to secure full financing for the Araguaia nickel project, in Brazil.

Despite negotiations with secured creditors and both existing and potential investors to explore alternative restructuring options, the board had concluded that administration was necessary to safeguard the company’s value for creditors and stakeholders.

Horizonte previously said that it engaged more than 150 parties for financing. Thirty-nine entered into non-disclosure agreements. However, despite being impressed by the project’s quality and the comprehensive work by the company’s team, investors cited concerns regarding the nickel market environment, including low spot prices and near-term uncertainties.

In February, Horizonte reported that the Araguaia project would cost $1-billion, up from a previous $537-million budget. The cost review followed a decision last year to restrict the project to critical works.

Horizonte has now formally requested the suspension of trading in its shares on the Aim and TSX. Furthermore, the release of its financial results for the year ended December 31, 2023, has been deferred.

Edited by Creamer Media Reporter

Article Enquiry

Email Article

Save Article

Feedback

To advertise email advertising@creamermedia.co.za or click here

Showroom

Iritron
Iritron

Iritron delivers advanced automation, control, and optimisation solutions to the Mining, Minerals & Metals, Consumer Package Goods and...

VISIT SHOWROOM 
Airshrink - CiP
Airshrink - CiP

At Airshrink - CiP, we surpass customer expectations with innovative MV and LV cable accessories, including heat shrink joints, terminations,...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







301

sq:0.048 0.906s - 140pq - 2rq
Subscribe Now