Horizonte secures $346m for Brazil ferro-nickel project
Brazil-focused nickel company Horizonte Minerals has secured credit approval for a $346.2-million senior debt facility for the development of its Araguaia ferro-nickel project.
The Aim- and TSX-listed company has received credit approvals from five international financial institutions, in addition to the recently announced approval by two export credit agencies (ECAs).
The senior lenders are BNP Paribas, ING Capital, Natixis New York, Société Générale, and Swedish Export Credit Corporation. The ECAs are Denmark’s EKF and Finland’s Finnvera.
“Credit approval from the full syndicate is the catalyst for finalising the other components of the overall financing requirement for Araguaia,” said CEO Jeremy Martin on Thursday.
He reported that the process with an offtake partner and strategic investor was “well advanced” and that the market would be updated on its conclusion, alongside financial close of the senior debt facility in the coming months.
“With very few new nickel projects with these credentials at construction phase we believe today’s news is a pivotal point in Horizonte’s story as we work to become a major nickel producer. This is against a backdrop of strong nickel market fundamentals where we are seeing significant demand in the stainless-steel sector alongside accelerating growth in the electric vehicle battery space,” said Martin.
The feasibility study for the Araguaia project 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 ferro-nickel.
The study includes an option to double production to 29 000 t/y of contained nickel by the addition of a second RKEF in the third year of the project.
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