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Horizonte Minerals makes "strong progress" at Araguaia in first quarter

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The three months to end March saw positive initial results from first stage testing of the RKEF Pilot Plant, the firm said, ahead of the next stage of testing - a further circa 200 tonne continuous, full scale pilot campaign

Nickel developer Horizonte Minerals (LON:HZM, TSE:HZM) outlined several positives in its first quarter as it made "strong progress" advancing the Araguaia project in north central Brazil.

A pre-feasibility study has shown a mine targeting 15,000tpa nickel in ferro-nickel output over 25 years using proven Rotary Kiln Electric Furnace (RKEF) technology with a post-tax NPV (net present value) of US$519 million.

The three months to end March saw positive initial results from first stage testing of the RKEF Pilot Plant, the firm said, ahead of the next stage of testing - a further circa 200 tonne continuous, full scale pilot campaign.

There was also a positive outcome in January from a public hearing concerning Araguaia, attended by over 1,000 people considering the social and environmental impact assessment submitted to Brazilian authorities in the third quarter of 2014, the firm said.

The  group also completed a 10,255 metre infill drilling programme designed to convert the initial seven to eight years of the 25 year mine life to the measured resource category, it added.

The loss before tax was  £956,035 compared to a profit of £88,038 in the same period last year. The group had cash of £3.527mln at period end (2014: £2.334mln).

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Price: 3.6 GBX

AIM:HZM
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Market Cap: £52.07 m
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