Horizonte Minerals has submitted its mine plan for its Araguaia nickel project to Brazil's National Mining Agency (ANM).
- Formal ANM approval received for Horizonte's final exploration reports, covering the Mineral Reserves for the planned 28 year mine life at Araguaia;
- Submission of the Mine Plan containing Araguaia's Economic Development Plan to ANM
-ANM approval of mine plan together with approval of the mine construction licence from the State Environmental Authority (SEMAS) will grant Horizonte the principal mining and environmental permits to commence construction of Araguaia.
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.
'The Mine Plan submission, as part of Araguaia's ongoing Feasibility Study, marks an important shift taking the Project from the exploration stage into the mining development phase and therefore further de-risking the Project.
'The past three months has seen an increase in nickel prices amid a backdrop of strengthening fundamentals and increasing investor interest in the metal, driven in part by a robust stainless-steel market and the new demand anticipated from the developing electric vehicle market.
'This positive market sentiment aligned with our upcoming project milestones for the next 6 to 12 months should allow us to build value for our shareholders going forwards.'
At 8:00am: (LON:HZM) Horizonte Minerals PLC share price was +0.3p at 4.83p