Horizonte Minerals receives Brazilian government approval for Araguaia project
South American focussed nickel development company Horizonte Minerals announced on Tuesday that it had received formal approval from Brazil's National Mining Agency (ANM) for its Araguaia project south of the Carajas.
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After Horizonte's final exploration reports were approved for the planned 28-year life span of the mine at Araguaia, the asset's economic development plan was also submitted to the ANM, and the group was awaiting its mine construction license from the State Environmental Authority (SEMAS).
Upon receipt of the license, Horizonte intended to commence principal mining at Araguaia immediately.
Horizonte chief executive, Jeremy Martin, said "In addition to the Mine Construction Permit filed last month, the submission of the Mine Plan marks another important permitting milestone for the Araguaia Project as both advance us towards receipt of the principal permits necessary to commence mine construction."
"We are pleased that ANM has approved the final exploration reports for all of the Mineral Reserves to cover Araguaia's initial 28-year mine life, a strong endorsement by Brazil's National Mining Agency. The permitting steps for developing a new mine in Brazil follow a stage gate process and the approval of the final exploration reports have now allowed us to progress to the Mine Plan stage," he added.
As of 1045 GMT, shares had gained 7.18% to 4.85p.