- Horizonte Minerals said its Araguaia ferronickel project in Brazil could cost around $443m to build.

The estimate was part of a feasibility study just filed by the company that also said the project could have a 28-year mine life and generate net cash flows of $1.6bn.

Mineral resources were sufficient to extend the mine life beyond 28 years, it added.

The $443m cost estimate included $65.3m of contingencies equating to 17.2% of total capex budget.

The project was given an estimated net present value of $401m and an internal rate of return of 20.1%, using a base-case nickel price forecast of $14k per tonne.

At 2:23pm: [LON:HZM] Horizonte Minerals PLC share price was -0.08p at 2.05p

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