- Horizonte Minerals has announced the issuance of a request for proposals to engage consulting firms to prepare a definitive feasibility study for the company's 100% owned Araguaia nickel project which is being developed as the next major nickel project in Brazil.

The RFP follows from positive economic results of the new pre-feasibility study released in October and the successful fundraise of £9 million approved by shareholders on 30 November.

Araguaia is located south of the Carajas mining district in the State of Para in northern Brazil.

The tender process will close in January and successful groups will be announced and commence work in February.

Chief executive Jeremy Martin said: "The preparation for the Feasibility Study for Araguaia is another milestone for the Company, as we advance the Project towards construction. The selection of the Engineering group or EPCM group to undertake the feasibility study will be a key decision, we want to ensure that the study will allow a seamless progression into the implementation phase.

"It has been a busy year for Horizonte having delivered the robust economics for Araguaia in the PFS and work at the Project continues to progress according to schedule as we move into the final stages of the year and into the Feasibility stage. As we enter this exciting stage it is encouraging to see the nickel price increase with a number of positive reports in the market place continuing to point to robust fundamentals for the metal for 2017 and beyond.

"We are confident that the project milestones going forward are well aligned with nickel fundamentals. 2017 will be a very active year for the Company and we look forward to keeping the market updated with our progress."

At 8:16am: [LON:HZM] Horizonte Minerals PLC share price was +0.08p at 2.83p

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