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Horizonte makes final payment to Glencore for Vale do Sohnos

Horizonte bought the site from Glencore in 2015 for US$8mln

nickel
Construction is set to start at Araguaia this year

Mining titan Glencore now has a 6.11% stake in Horizonte Minerals PLC (LON:HZM) following the final payment for a parcel of land at Araguaia in Brazil.

Horizonte bought the site from Glencore in 2015 for US$8mln and combined it with its own nickel development at Araguaia.

A final payment of US330,000 was contingent on a feasibility study for the enlarged deposit, which Horizonte filed in December.

Glencore received 13.9mln shares at 1.875p in settlement of the outstanding amount.

The trading giant acquired the nickel deposit through its acquisition of Xstrata.

Quick facts: Horizonte Minerals PLC

Price: 3.75 GBX

AIM:HZM
Market: AIM
Market Cap: £54.24 m
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Jeremy Martin, CEO of Horizonte Minerals Plc (LON:HZM, TSE:HZM) tells Proactive that detailed survey of the power line route to Araguaia project has been completed and contracts awarded to leading Brazilian consultants. “All of the subsidiary building blocks - the power, the water - are...

on 21/6/18

2 min read