Horizonte Minerals widens FY loss, achieves Araguaia milestones

Shares in Horizonte Minerals are up almost 2% after it booked a marginally wider full-year pre-tax loss and confirmed achieving several milestones at the Araguaia Nickel Project in Brazil.

"These (milestones) include the delivery of a Pre-Feasibility Study, the receipt of our Preliminary Environmental Licence, and raising the (£9m) funds to deliver a Feasibility Study in 2017," the company said in a statement.

"We are now focused on taking this project up the value curve, through the Feasibility Study process and into development as one of the lower cost ferro-nickel operations in the market, benefiting from its high grade resource and low capital intensity."

Horizonte's full-year pre-tax loss was £1.7m, from £1.5m. It possessed a strong balance sheet with net assets of £37m.

At 10:22 GMT, shares in AIM-listed Horizonte were up 1.64% to 3.1p each.