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Horizonte Minerals PLC on Thursday said it had satisfied all conditions for its senior debt facilities, allowing it to draw down the funds necessary to complete its Araguaia project.
Horizonte Minerals is a nickel company focused on Brazil.
It is now in receipt of the first tranche of funds from the lenders under its $346.2 million project debt facility, having satisfied the conditions of the lenders.
This unlocks the balance of the funding required to complete construction, commissioning and ramp-up at its 100%-owned Araguaia nickel project in Brazil, where construction is underway and progress remains on schedule.
Horizonte also has satisfied all conditions related to its previously announced cost overrun debt facility. It has fully drawn down the $25 million of funding from Orion Mine Finance Fund III.
Chief Executive Officer Jeremy Martin said: ‘This significant milestone for Horizonte is the culmination of a multi-year effort to sufficiently de-risk the Araguaia nickel project to access low-cost debt funding from a syndicate of leading international financial institutions. The rigorous due diligence process, and the extensive list of obligations that Horizonte was required to meet to access this funding, should provide all our stakeholders with confidence in the robustness of Araguaia.’
Shares in Horizonte Minerals were trading 3.3% higher at 140.00 pence each in London on Thursday morning.
By Chris Dorrell, Alliance News reporter
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