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(HZM) Horizonte Minerals Share Chat

Discussion in 'General Share Chat (HZM)' started by Stabilo123, Feb 20, 2016.

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    NEWS RELEASE

    1 April 2021


    AMENDED TECHNICAL REPORTS


    Horizonte Minerals Plc, (AIM: HZM, TSX: HZM) ('Horizonte' or 'the Company') the nickel company focused on Brazil, reports that it has filed on SEDAR: (i) an amended technical report for its Araguaia project entitled "Amended NI 43-101 Technical Report Feasibility Study for the Araguaia Nickel Project, Federative Republic of Brazil, Project Number AU9867" (the "Araguaia Report"), (ii) an amended technical report for its Vermelho project entitled "Amended NI43-101 Technical Report - Vermelho Project, Pará State, Brazil" (the "Vermelho Report"), and (iii) an amended technical report for its Serra do Tapa project entitled "Amended NI 43-101 Technical Report on the Serra do Tapa Project, Pará State, Brazil" (the "Serra Do Tapa Report" and, collectively with the Araguaia Report and the Vermelho Report, the "Technical Reports"). The purpose of amendments to the Technical Reports is to provide corrective disclosure as a result of a review by staff of the Ontario Securities Commission of the preliminary short form prospectus of the Company dated and filed on March 15, 2021.

    The Araguaia Report was amended to remove disclosure relating to the Stage 2 expansion under Section 1.18.2 - "Opportunities - Increased plant capacity" as well as to remove the economic analysis based on the long term forecasted Nickel price of US$26,450/t under Section 22.1 - "Economic Analysis - Project economic headline results".

    The Vermelho Report was amended to remove disclosure about the cash flow estimates combining feed from both the Vermelho project and the Serra do Tapa project under Section 1.18.2 - "Opportunities - Opportunity to develop the Project as a ferronickel project".

    The Serra Do Tapa Report was amended to remove the addition of inferred mineral resources with measured mineral resources and indicated mineral resources in Table 14.6.

    The conclusions and recommendations in the Technical Reports remain the same and unchanged from their original publication dates and, in the Company's view, none of the changes made in the Technical Reports are material to the assets or operations of the Company.
     
  7. Groucho

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    NEWS RELEASE

    1 April 2021


    FINAL RESULTS FOR THE YEAR ENDED 31 DECEMBER 2020


    Horizonte Minerals Plc, (AIM: HZM, TSX: HZM) ('Horizonte' or 'the Company') the nickel company focused on Brazil, announces its final results for the year ended 31 December 2020.

    Highlights:

    · Strong cash position of £10.9 million as at 31 December 2020 maintained and supplemented post year end through a £18 million placing in February 2021.

    · Significant progress made on the overall Project Finance package for the development of Araguaia.

    · A syndicate of five international financial institutions mandated for a US$325 million senior debt facility to part fund the development of Araguaia.

    · BNP Paribas, ING Capital LLC, Mizuho Bank, Ltd., Natixis (New York Branch), and Société Générale will act as the Mandated Lead Arrangers.

    · Non-binding, conditional term sheet agreed with one major cornerstone equity investor.

    · Value engineering for the Araguaia project completed resulting in a number of improvements to enhance operational performance whilst remaining in line with 2018 Feasibility Study capex and opex values.

    · Appointment of Sepanta Dorri to the Board as Non-Executive Director.

    · Key appointments made across the operational and corporate teams in London and Brazil.

    · Inaugural Sustainability Report published on 17 August 2020. The Company recognises the importance of conveying its efforts and achievements around the areas of environmental stewardship, social responsibility and corporate governance to its various stakeholders as it moves towards construction at Araguaia.

    · The Company has continued to support local communities around its projects through the provision of food parcels and health and hygiene guidance in response to the Covid pandemic.

    Post Period Events:

    · Successful completion of a £18 million fundraise with predominately new institutions.

    · Appointment of BMO Capital Market Limited as joint broker.

    · Appointment of Michael Drake as Head of Projects.

    · Award of power line licence to cover the full power requirement of the Araguaia project at nameplate capacity.



    CHAIRMAN'S STATEMENT

    In a year of unprecedented challenges for us all, I am delighted to report that not only has Horizonte reached significant business and project level milestones but, most importantly, our management team and all our staff have kept safe and well.

    The health and well-being of our employees and wider team is our number one priority, and as we continue to tackle the COVID-19 pandemic our dedication to providing a safe and productive workplace will remain at the forefront of our decision-making process. The pandemic has completely changed the way in which we work. Some of these changes we will all be keen to see the end of but, others we will take forward, as we have learnt how to work more effectively, more respectfully and more sustainably.

    Operational milestones

    Horizonte is on a path to become a significant nickel producer. We are currently in the midst of the transition from being an explorer/developer to becoming a developer/producer. This transition is enabled by securing suitable funding, and this has been our focus for 2020. Araguaia will our first project into production, followed closely by the Vermelho project. The combination of our projects, in conjunction with the looming significant supply deficit in the nickel market, positions Horizonte as a unique opportunity for investors.

    During the year the senior management team, working closely alongside Endeavour Financial, has made significant progress in advancing the project financing for Araguaia. This financing package comprises multiple components, and these are all progressing simultaneously. The completion of this funding will be transformational for Horizonte, and we look forward to updating the market on our progress later in the year.

    The Vermelho project continues to progress. Our Social and Environmental team has spent the year collecting relevant data for baseline monitoring in preparation for the Environmental and Social Impact Assessment. This assessment is a key requirement for permitting and the feasibility study. With demand from the EV battery market accelerating exponentially, we will be seeking to expedite development of the project.

    Growing our team

    In addition to progressing our projects, it is critical that Horizonte develops as a major business entity. Most importantly this is about securing the best and most appropriate people required for a company with a large, scalable production profile. During the year we have hired 11 of the industry's top talent in the areas of project development, project operation and capital markets. I was also delighted to welcome Ms. Sepanta Dorri to the Board as a Non-Executive Director. As the Vice President, Corporate Development at Teck Resources, Sepanta brings a wealth of experience and a fresh perspective to our Board. She has already made a meaningful contribution to the implementation of our overall strategic objectives. Sepanta is our first female board member, and her appointment marks an appointment milestone in promoting and facilitating gender diversity throughout all levels of the Company as we work to build a more representative team. We currently have a 41% female workforce.

    Changing the way we work

    The COVID-19 pandemic has forced us to work differently, as we adapted to working predominately remotely both from the corporate office in London and the operations in Brazil. During a phase in the Company's development where all teams need to be in constant contact with multiple stakeholders, this has been a challenge. However, it has been a challenge that we have adapted to and overcome, enabling the Company to continue to reach the milestones necessary to progress. It is testament to the dedication and agility of the entire team that we have been able to report on another successful year in the face of the adverse impacts of the global pandemic.

    A positive outcome of these changes has been a greater need to focus on well-being. Led by the senior management team, we have implemented further measures to ensure we are protecting and promoting the health, safety and well-being of our workforce. A greater use of technology has also enabled us to come together as a company more effectively. During the year, we hosted multiple all company video conference calls to update each other on each team's progress and provide a constructive forum for all employees to ask questions and raise concerns. Whilst we have all missed human interaction, 2020 has taught has how to work more flexibly and more effectively. For example, the senior management team has participated in several international investor roadshows without the need to travel to multiple cities around the world. The savings made, both in time and money, are significant compared to what would have been spent attending in person. This is therefore one of the changes we will consider carefully once the pandemic has passed.

    Supporting our communities

    In addition to our employees, engagement with our communities has been critical this year. Our social team has worked tirelessly throughout the year to support our local communities in a COVID-safe manner. Advice and guidelines on how to stay safe have constantly changed throughout the year, but Horizonte has been proactive in ensuring our communities received and understood the correct measures in line with the World Health Organisation and the Brazilian Ministry of Health. We have also provided and distributed hundreds of food packages in partnership with the welfare departments of each municipality, to the most vulnerable families in our communities. This work continues into 2021. Horizonte would usually participate in many community engagements and social initiatives throughout the year. Whilst measures required to stop the spread of COVID have significantly limited these activities, the social team has continued to engage with and listen to our local communities, virtually where possible or at a safe physical distance where required. We look forward to returning to our normal level of participation in the community later in 2021.

    Sustainability reporting

    In August 2020, we published our maiden standalone sustainability report for activities during the financial year 2019. A report such as this is a huge undertaking, and therefore a rarity from junior pre-production companies. We believe this early commitment to sustainability reporting sets Horizonte apart and clearly demonstrates our pledge to the highest levels of sustainability performance. The report outlines our objectives in the areas of environmental stewardship, social development and corporate governance, as well as highlighting the significant work we have undertaken to date. We are committed to publishing a Sustainability Report alongside our Annual Report on an annual basis. This increased reporting schedule encapsulates our core values of transparency and accountability, sustainability and innovation.

    The nickel market

    Sustainability and innovation have been at the top of the political and media agenda for most of 2020, as all countries work to "build back better" after the COVID pandemic. This has pushed nickel into the commodity limelight. Nickel is a key base metal for building more sustainable societies due to its use in stainless steel and new battery technology. The World Bank reported in its "Minerals for Climate Action: The Mineral Intensity for the Clean Energy Transition" whitepaper that the production of metals such as nickel and cobalt could increase by nearly 500% by 2050 to meet the growing demand for clean energy technologies. In September 2020, Tesla CEO Elon Musk confirmed that high nickel-content batteries are the future for low-cost, long-range electric vehicles at Tesla's Battery Day. The large stainless steel market and the rapidly expanding battery market are predicted to create a large supply deficit in the nickel market by 2040. Horizonte is one of very few nickel stories ready to supply this deficit, and our projects have the ability to supply both the stainless steel and battery markets.

    Outlook

    Firstly, I would like to thank Alex Christopher for his many years of service to the Board of Horizonte, and to welcome again Sepanta Dorri and all our other new members to the team in 2020. Secondly, I would like to applaud the hard work, dedication and resilience of all our team members led by our CEO, Jeremy Martin. The COVID-19 pandemic was unfortunately not an isolated event in 2020, it has continued in to 2021 and we will continue to feel its effects well into the medium term. However, with the accelerating rollout of a number of vaccines we are hopeful for a more certain, less interrupted year in 2021.

    We continue to be grateful for the support of our shareholders, and we are pleased to see increasing interest in the Horizonte story from new investors and strategic partners. Horizonte has reached an exciting phase of its journey, and we believe we are able to offer a unique and compelling investment opportunity.

    Finally, I would like to thank fellow Board members for their contributions through the year.

    David Hall

    31 March 2021

    Horizonte Minerals - Final Results for the Year Ended 31 December 2020 #HZM @HorizontePLC https://www.voxmarkets.co.uk/rns/announcement/a90f5d92-1b9c-437e-a7ae-b83fe27d5a4a #voxmarkets
     
  8. Groucho

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    Horizonte Minerals' targeted production timing ideal, says Cormark Securities
    "Horizonte’s targeted production start-up timing could not be better,” said analysts at Cormark Securities Inc

    Horizonte Minerals PLC (LON:HZM, TSE:HZM) is well positioned to benefit from the strong stainless steel and electric vehicle (EV) battery market outlook thanks to its two advanced stage nickel projects in Brazil, said analysts at Cormark Securities Inc as they initiated coverage.

    “Horizonte’s targeted production start-up timing could not be better,” the analysts said alongside a “buy” recommendation and C$0.70 target price. The shares last closed at C$0.14 in Toronto.

    “The flagship Araguaia project’s fully permitted status sets the stage for timely production start-up—currently targeted in 2024.

    While Araguaia’s scaled 29 ktpa nickel profile is designed around ferronickel production for the ever-growing stainless steel market, the company’s complementary Vermelho project is poised to produce 24 ktpa nickel and 1.2 ktpa cobalt that will be suitable for the battery-grade sulphate markets— key metals underpinning the EV revolution.

    “At +50 ktpa of contained nickel production, Horizonte’s scaled profile stands to represent about 2% of current global demand—a meaningful position on the global stage.”

    Global nickel demand is expected to double by 2030, boosted by EV consumption, while there is anticipated to be a significant supply shortfall from 2025 following reserve depletion at a number of established operations and a lack of exploration investment, they said.

    https://www.proactiveinvestors.co.u...ing-ideal-says-cormark-securities-945759.html
     
  9. Groucho

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    NEWS RELEASE

    20 April 2021


    INVESTOR WEBCAST


    Horizonte Minerals Plc, (AIM: HZM, TSX: HZM) ('Horizonte' or 'the Company') the nickel company focused on Brazil, is pleased to announce that it is hosting an investor webcast on Friday 7th May at 2pm BST.

    Jeremy Martin, CEO, will be providing a corporate update, with a Q&A session following the presentation. Shareholders are encouraged to submit questions prior to the event by following instructions in the registration link. There will also be an opportunity for participants to ask questions on the webcast.

    Please register for the event at: https://webcasting.brrmedia.co.uk/broadcast/6079752a0386285386cc92c5.

    For further information, visit www.horizonteminerals.com
     
  10. Groucho

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    SMALL CAP SHARE IDEAS: Horizonte Minerals could become one of the world's top twenty nickel producers
    By Alastair Ford, Proactive Investors, For Thisismoney.co.uk13:24 26 Apr 2021

    Horizonte Minerals is not too far away from entering the ranks of the world's top nickel producers.

    It's a peer group that boasts some illustrious names, including Vale and Anglo American, and which encompasses market capitalisations measured in the billions rather than the millions or hundreds of millions.

    But how likely is it that Horizonte will make over the final hurdles?

    Well, it's a serious company, with a world-class asset at Araguaia in Brazil, it has serious backing on the share register, and it's pulling in some fairly serious names when it comes to getting project finance in too.

    Negotiations on that score got underway in earnest towards the end of last year, as BNP, ING, Mizuho, Natixis and Societé Générale all swung into action to help put a $325million debt facility in place.

    This progress has been rewarded in the market and the company is now worth just over £130million (at 7.8p), based on its sizeable resource base, a turnaround in sentiment towards nickel itself and optimism about recent progress.

    But although the share price graph looks attractive enough if you're glancing back to where Horizonte came from, there's also the prospect of an even greater iteration of growth ahead.

    The direction of travel is now clear enough: with Araguaia coming on first, to be followed by the correspondingly attractive Vermelho nickel-cobalt project, production could end up at around 60,000 tonnes of nickel per year. That's roughly the same output as Anglo American.

    Brazil's mining champion will always be Vale of course, but its real strength remains in the iron ore space.

    Some years back it did try to expand into nickel. But it ended up faced with a choice: to focus either on Goro in New Caledonia, one of the largest nickel deposits in the world, or on its previous flagship asset, Vermelho, highly promising with a rich cobalt credit, but on a relative scale somewhat smaller.

    Perhaps not altogether to the current satisfaction of Vale shareholders, the choice was for Goro, and Vermelho was allowed to pass into the hands of Horizonte, where it now nestles comfortably inside the portfolio of development assets, running around 18 months or so behind Araguaia.

    Which asset is the better of the two?

    Perhaps an academic question, given how much value there is in both, but some analysts think Vermelho just edges it.

    Jeremy Martin, the company's chief executive, takes a more pragmatic approach. 'We have 100 per cent of two Tier-1 nickel assets,' he says.

    'They are low cost and high grade. We'll be producing ferro-nickel from Araguaia, and nickel-cobalt sulphate from Vermelho.

    'We'll be producing 28,000 tonnes from line one and line two at Araguaia, and between 28,000 and 30,000 tonnes from Vermelho, from just under 400million tonnes of total nickel resource.'

    Given that the nickel price has been on the move of late, partly on the back of rising demand for its use in electric vehicles, this is not a bad position for Horizonte to be in.

    Both assets lie in the neighbourhood of a well-known mining region, where the permitting process, though rigorous, is not onerous.

    What's more, since most of the power in the region comes from hydro, Horizonte will be able to tick its carbon emissions boxes like no other major producer of nickel.

    With all that in mind, it's not altogether surprising to learn that a cornerstone equity investor has already been lined up for when the Araguaia financing finally comes together, and that Martin is pretty confident that the deal will close off fairly soon.

    What will happen after that? One company that's been through a process similar to Horizonte is Nickel Mines, which has assets in Indonesia. It's now worth over A$3billion on the Australian exchange, having nearly quadrupled in value over the past two years or so.

    There are a few hurdles to be cleared before Horizonte can repeat the trick, but the numbers are certainly there to support the comparison.

    The modelling shows that line one of Araguaia alone should deliver up $2.4billion in free cash flow, with cash costs in the lowest quartile. And for its part, Vermelho looks set to deliver upwards of $7billion of free cash over its projected 30-year life.

    'It's going to happen,' says Martin.

    'It's a rare journey for a junior explorer to take its own discovery and transition into a developer,' he says.

    But a rewarding one.

    https://www.thisismoney.co.uk/money...zonte-Minerals.html?__twitter_impression=true
     
  11. Groucho

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    NEWS RELEASE

    29 April 2021


    VERMELHO ENVIRONMENTAL & SOCIAL IMPACT ASSESSMENT CONTRACT AWARDED TO RAMBOLL


    Horizonte Minerals Plc, (AIM: HZM, TSX: HZM) ('Horizonte' or 'the Company') the nickel company focused in Brazil, is pleased to announce that it has awarded the contract for the Environmental & Social Impact Assessment (ESIA) for the Company's 100% owned nickel cobalt Vermelho project ('Vermelho' or the 'Project') to Ramboll.

    Ramboll is a leading global consultancy firm with 300 offices worldwide, including Belo Horizonte. Ramboll's Impact Assessment services are based on both commercial understanding and technical rigour to deliver projects that are advanced, sustainable and provide value to society. Horizonte has previously worked with Ramboll on the hydrology for its flagship Araguaia ferronickel project.

    The ESIA is an essential part of the permitting process for Vermelho and expected to lead to the award of the Preliminary Licence. As Vermelho is located within the Pará State, the technical agency responsible for reviewing the Environmental Impact Study and Report will be the Pará State Secretariat for Environment and Sustainability, SEMAS.

    Previous owner, Vale, conducted multiple environmental and social studies and reached a positive construction decision in 2015. The historical database created by Vale provides an excellent background and basis of the new sustainability studies. Horizonte is also optimising the engineering for Vermelho's dry-stack residue storage facility option. An additional benefit from the Project resulting from this optimisation is the production of a bi-product, kieserite fertilizer which will be sold commercially into the Pará state agricultural market.

    Ramboll will be completing new field campaigns in a Covid-19 safe manner and is well serviced by its existing sustainability team in the Pará state region. The integrated ESIA will reflect the current physical, biological and social settings and will include, but is not limited to:

    · Water availability and quality

    · An air and noise baseline study

    · Soil quality

    · A flora and fauna inventory

    · Socio-economic considerations

    · Community health and safety

    · Resettlement

    · Cultural heritage

    In addition to local permit studies, further social and environmental impact assessments will be undertaken in line with International Finance Corporation Performance Standards and the Equator Principles (IV).

    Horizonte CEO, Jeremy Martin commented: "The appointment of Ramboll highlights our commitment to the highest standards of sustainability practices as we work to develop Vermelho. Vermelho is a tier one nickel-cobalt project that will come online to supply the rapidly growing EV battery market. The planned completion of Araguaia financing will enable Horizonte to expedite the development of Vermelho through feasibility and permitting.

    Vermelho is scheduled to start production at a critical point in the nickel market, where the supply deficit is projected to widen, particularly in the battery sector. With limited next generation nickel projects in the global near-term pipeline, Horizonte is in a unique position. Progressing Vermelho through to a construction ready status will significantly de-risk the Project and we believe this will be increasingly reflected in the value attributed to the Project by the market.

    Advancing Vermelho and working towards start of construction at Araguaia are all part of our business plan as we move to become a significant nickel producer, allowing shareholders to realise value from our exceptional, wholly-owned asset base."
     
  12. Groucho

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    NEWS RELEASE

    17 June 2021


    Araguaia Project

    Financing Update


    Horizonte Minerals Plc, (AIM: HZM, TSX: HZM) ('Horizonte' or 'the Company') the nickel company focused on Brazil, is pleased to provide a financing update for the Araguaia Nickel Project ('Araguaia' or 'the Project') as the Project moves towards construction.


    Highlights:

    · Credit approval process underway following completion of due diligence by the International Lenders. Credit approval anticipated to be received in Q3 2021.

    · Senior Debt Facility expected to benefit from significant Export Credit Agency support.

    · Cornerstone strategic investor and final offtake agreements well advanced and expected to be finalised shortly after credit approvals.

    The Company has made excellent progress on all key project finance workstreams during the course of 2021 and is pleased to confirm that all five international banks (together the "International Lenders"), mandated for the US$325 million debt component of the project finance package ("Senior Debt Facility"), have each now commenced with their formal credit approval processes. This follows a comprehensive due diligence process, including technical and environmental and social due diligence undertaken by the International Lenders' independent consultants Micon International Limited and Arcadis respectively, which has confirmed the robust nature of the Project and the best-in-class approach to Environmental, Social and Governance ("ESG") standards that have been employed by Horizonte to date and will continue to be employed during project implementation. Good progress also continues to be made on discussions with Brazilian financial institutions.

    As previously announced, the Company has also been in discussions with a number of Export Credit Agencies ("ECA") to provide credit support for a significant portion of the Senior Debt Facility. With the Company close to finalising the selection of key equipment and service providers for the Project, these discussions are now well progressed and a significant level of ECA credit support is now expected.

    The receipt of credit approvals from the International Lenders is the catalyst for finalising all other components of the project finance package. Whilst the Company has continued to work towards a target date of the end of H1 2021, the credit approval process is not a timeline Horizonte has control over. The Company is targeting receipt of credit approvals in Q3 2021.

    In anticipation of final credit approvals for the Senior Debt Facility, Horizonte has continued to progress all other components of the project finance package and is in detailed documentation with a major cornerstone strategic investor and, having received significant interest in the Araguaia product, is also in final negotiations on a long-term offtake agreement for the Project. These other aspects of the overall project finance package are well advanced, and the Company therefore expects to be in a position to finalise agreements shortly after receiving credit approvals.


    Horizonte CEO, Jeremy Martin commented: "We are now finalising the project financing for Araguaia. A significant amount of work has been completed by the team in the past six months particularly in the comprehensive due diligence process required by the international lenders. I would like to thank everyone involved in this process to enable us to reach this critical point, particularly in their flexibility and dedication in overcoming the challenges the Covid-19 pandemic has caused.

    The completion of this rigorous process further underpins Araguaia's tier one status. In addition, the support from Export Credit Agencies as part of the package means we will be shortly finalising the major contracts for project execution enabling us to start construction on close of financing."
     

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