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Horizonte Minerals PLC on Monday said it drew down $50 million from the second tranche of its senior secured finance debt facility. The Para state, Brazil-focused developer of the Araguaia and Vermelho nickel projects said the $346.2 million facility funds are used to continue the construction of Horizonte’s 100%-owned Araguaia nickel project in Brazil. The facility was agreed in March last year, comprising of a $200 million commercial senior facility provided by senior lenders, an ECA facility of $74.6 million guaranteed by EKF and another ECA facility of $71.6 million guaranteed by Finnvera. To date, Horizonte Minerals said $465 million capital expenditure has been awarded, including the majority of the key long lead items. It said the remaining project capital commitment entails $18 million for process related equipment, $19 million for overall site construction, with the balance being costs that relate to materials and operational readiness in the lead up to first production. Shares in Horizonte Minerals were down 0.7% to 144.50 pence each in London on Monday afternoon. Copyright 2023 Alliance News Ltd. All Rights Reserved.
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