Horizonte raises US$146 million for Brazil's Araguaia nickel project
- The financing has been approved by the Danish Export Credit Agency and Finnvera, the Finnish Export Credit Agency
Horizonte Minerals has been approved by two export credit agencies (ECA) to provide US$146.2 million in financing for its Araguaia nickel-iron project in Brazil. The financing has been approved by the Danish Export Credit Agency (EKF) and Finnvera, the Finnish Export Credit Agency.
It is expected to partially fund the construction and development of the Araguaya project, which is 100% owned by Horizonte.
Jeremy Martin, CEO of Horizonte, said: "Obtaining formal credit and board approval from two export credit agencies to provide guarantees for the majority of senior debt instruments. This is one of Horizonte’s An outstanding achievement. Advanced debt instruments will provide a large part of the funding required for the construction of this project."
"We look forward to announcing credit approvals for senior lender balances in the remainder of the third quarter, as well as further key financing milestones." Araguaia is located south of the Carajás mine in the state of Pará, northern Brazil, and is said to be a high-grade scalable resource. The first-level mining project. The feasibility study (FS) outlines open-pit nickel laterite mining operations with an initial mine life of 28 years.
According to Horizonte, the Central Rotary Kiln Electric Furnace (RKEF) metallurgical processing facility will receive ore from mining operations. The project includes two major mining centers, including Araguaia Nickel South (ANS) and Araguaia Nickel North (ANN). For the rest of the project financing, Horizonte is about to complete credit approval for senior lenders.
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Martin said: "We are now reaching the culmination of this complex financing process, which will allow us to obtain the initial capital expenditures required to develop Araguaia. We own 100% of the first-class ferronickel project. As we plan to start construction after the funding is completed This is a very exciting time for Horizonte.” In April 2021, Horizonte awarded Ramboll the Environmental and Social Impact Assessment (ESIA) contract for its 100% Ni-Co Vermelho project.Editor/Baohongying