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Horizonte Minerals Pic Vermelho PFS Results

Mining News - Published on Tue, 22 Oct 2019

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Horizonte Minerals Pic has published the results of the Pre-Feasibility Study for the 100% owned Vermelho Nickel-Cobalt Project in Brazil's Para State. Horizonte CEO, Jeremy Martin, said “I am delighted to deliver the Pre-Feasibility Study for the Vermelho nickel-cobalt project which represents another significant milestone delivered by the Company this year. The Study now positions Horizonte as a multi-asset nickel developer with a combined NPV in excess of USD 2.5 billion at current nickel prices across the Araguaia and Vermelho projects.”


The Study confirms Vermelho as a large, high-grade resource, with a long mine life and low-cost source of nickel sulphate for the battery industry

The compelling economic and technical results from the study support further development of the project towards a full Feasibility Study;

A 38-year mine life estimated to generate total cash flows after taxation of USD 7.3billion1

An estimated Base Case post-tax Net Present Value of USD 1.7 billion2 and Internal Rate of Return of 26%;

At full production capacity the Project is expected to produce an average of 25,000 tonnes of nickel and 1,250 tonnes of cobalt per annum utilising the High-Pressure Acid Leach process

The base case PFS economics assume a flat nickel price of USD 16,400 per tonne for the 38-year mine life

Cl (Brook Hunt) cash cost of USD 8,020/t Ni (USD 3.64/lb Ni), defines Vermelho as a low-cost producer

Initial Capital Cost estimate is USD 652 million (AACE class 4), including USD 97.7 million of contingencies (equating to approximately 18% of capital)

Vermelho is set to deliver significant socio-economic benefits for communities in the Para state, including over 1,800 direct jobs in the construction phase, and over 600 jobs during operation, as well as additional economic and social development programs.

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Posted By : Rabi Wangkhem on Tue, 22 Oct 2019
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