- Write by:
-
Wednesday, August 12, 2020 - 3:38:16 PM
-
1190 Visit
-
Print
Mining News Pro - Horizonte Minerals has executed a mandate to arrange a senior project finance facility of up to $325-million to fund the construction and development of its Araguaia ferronickel project, in Brazil.
A syndicate of five international financial institutions, including BNP Paribas, ING Capital, Mizuho Bank, Natixis New York Branch and Société Générale will act as the mandated lead arrangers.
The debt facility would cover a significant portion of the preproduction capital required to complete the Stage 1 construction for Araguaia, CEO Jeremy Martin said on Wednesday.
The company requires $443-million for the initial phase of the project, which has an after-tax net present value of $401-million and an internal rate of return of 20.1% with cash costs equivalent to $3.08/lb of contained nickel.
“We are targeting completion of the project financing package for the project by the end of 2020, provided that restrictions related to the Covid-19 pandemic do not cause further delays. We aim to start construction in early 2021,” he affirmed.
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 ferronickel. 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.
Araguaia will be the first of Horizonte’s projects to move to the construction phase, with the other being the Vermelho nickel/cobalt project, also in Brazil.
Short Link:
https://www.miningnews.ir/En/News/583025
The US and the Philippines are in discussions over ways to prevent China from dominating nickel processing in the ...
Glencore expects profit at its trading division this year to be at the top end of its long-term annual guidance, in an ...
The Democratic Republic of Congo’s government notified Apple Inc. of concerns that the company’s supply chain may be ...
Eramet subsidiary SLN’s nickel mining operations in northern New Caledonia have been suspended, adding to difficulties ...
Brazilian miner Vale on Wednesday said lower prices for iron ore, nickel and copper in the first quarter dragged down ...
BHP Group Ltd. proposed a takeover of Anglo American Plc that values the smaller miner at £31.1 billion ($38.8 billion), ...
Interros, Nornickel’s largest shareholder, on Monday called allegations by fellow shareholder Rusal about undervalued ...
The London Metal Exchange (LME) on Saturday banned from its system Russian metal produced on or after April 13 to comply ...
French mining group Eramet said on Wednesday it had reached an agreement with the French government to continue its ...
No comments have been posted yet ...