Horizonte Minerals has received approval from two export credit agencies for $146 million in project financing to finance its Araguaia nickel and iron project in Brazil.
The company said it will begin investment in a Araguaia nickel and iron project once the financing is completed, and Chief Executive Officer Jeremy Martin said On Monday he expects to announce credit approvals for senior credit balances during the rest of the third quarter.
The initial production phase of the feasibility study for the Araguaia project was to process approximately 900,000 mt/yr of ore through rotary kiln electric furnace (RKEF), with an annual capacity of 52,000 mt/yr of nickel iron and 14,500 mt/yr of nickel. A second RKEF line was added in the third year of the project, doubling nickel capacity to 29,000 tonnes per year. FeNi products will be transported by road to Vila do Conde port in the northern part of the state for sale to overseas customers.
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