StockMarketWire.com - Horizonte Minerals posts a pre-tax loss of GBP1.6m for the year to the end of December - up from GBP1.2m last time.

Revenues were nil - unchanged from a year ago - and the operating loss of GBP1.3m was up from GBP1.1m in 2014.

Chief executive Jeremy Martin said: "2015 was another productive year for the Company, despite a backdrop of highly challenging commodities prices. The successful pilot plant programme proves the suitability of Araguaia to generate ferronickel product using the proven RKEF process, while the agreement with Glencore to acquire the adjacent nickel project is a game changing transaction for Horizonte, and as a result we have been able to create one of the leading nickel projects in Brazil.

"For the first half of 2016 work will focus on the integration of the Glencore Project with the Araguaia Project - this includes updating the combined Mineral Resource Estimate with the phase 4 drilling completed in 2015, an updated process flow sheet with the data and results from the pilot programme and updated capital costings which will all flow into an updated Pre-Feasibility Study.

"We are well positioned for the recovery in the mining sector over the next few years, with a low cost strategy to de-risk Araguaia to ensure we can deliver maximum value for shareholders."




At 8:09am: [LON:HZM] Horizonte Minerals PLC share price was 0p at 1.8p



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