[Ferro-Alloys.com] 

Horizonte Minerals fails to secure financing, considering mine sale

Shares of Glencore-backed Horizonte Minerals (AIM, TSX: HZM) plunged on Monday after the company announced it has failed to secure additional financing needed to complete the construction of its Araguaia nickel project in Brazil.

The company began construction of the mine in May 2022, with the aim of producing up to 29,000 tonnes of nickel a year for the stainless steel market.

The company stated in a press release that it is now exploring options such as a sale, liquidation or raising financing at the subsidiary level, following an 87% increase in the estimated cost to build the mine to more than $1 billion.

• [Editor:邢亚敏]