Officials from Horizonte Minerals said in a construction update that work is advancing on schedule and on budget – and safely – at the Araguaia nickel project in Brazil as it fixes its focus on a 1Q24 production start.
The company said overall project progress to completion is 28%, and earthworks are significantly advanced and due to be concluded in January 2023. The detailed engineering works are 87% complete and due to be completed in the first quarter of next year.
Horizonte has secured a 10-year power contract “at globally competitive prices” for the mine, which will be a foundation that will keep its future production costs in the lowest quartile.
About 75% of its capital expenditure, or about US$415 million, has been awarded to date for the work.
The miner said all of this has been done with a strong safety performance: zero lost-time injuries (LTIs) with more than 990,000 hours worked.
“We are very pleased with the construction progress achieved to date which places us in a strong position to deliver the project on-budget and on-schedule, and most importantly with a strong safety track record,” said CEO Jeremy Martin.
“Araguaia is expected to bring significant social and economic benefits to our host communities and local stakeholders. Overall, it has been a transformational year for the company…[and] I firmly believe that our collective efforts will enable us to quickly unlock significant value at Araguaia as we move closer to producing first nickel.”
Source: Horizonte Minerals