Horizonte Minerals PLC on Thursday reported another loss in its latest half year, but said construction and studies at its Araguaia nickel project are continuing to make good progress.

The London-based nickel development company, which owns two projects in Brazil, said its pretax loss for the first six months of 2023 was $2.8 million, compared with $927,000 the year before.

Its loss per share widened to 1.045 pence from 0.487p basic and diluted.

Shares in Horizonte were down 2.7% at 144.55p on Thursday in London.

Administrative expenses increased 43% to $10.5 million from $7.3 million, and Horizonte incurred share-based payments of $1.2 million not having paid any the prior year. Its gain on foreign exchange however increased 17% to $11.0 million from $9.4 million.

Horizonte said construction activities on Line One of its Araguaia nickel project, in northern Brazil’s Para State, ‘continued to make good progress’ during the half year. It is on schedule to start metal production in the first three months of 2024, with about 65% of overall construction completed as at June 30.

Horizonte has so far spent $329 million on the construction, out of its $537 million budgeted capital requirement.

The feasibility study on Line Two of the project, meanwhile, is scheduled for publication later this year. Horizonte said the study aims to double Araguaia’s nickel production.

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