[Ferro-Alloys.com] 

Horizonte goes into administration amid funding shortfall for Brazil nickel project

Horizonte Minerals has appointed Chad Griffin and Geoff Rowley as administrators, following its inability to secure full financing for the Araguaia nickel project, in Brazil.

Despite negotiations with secured creditors and both existing and potential investors to explore alternative restructuring options, the board had concluded that administration was necessary to safeguard the company’s value for creditors and stakeholders.

In February, Horizonte reported that the Araguaia project would cost $1-billion, up from a previous $537-million budget. The cost review followed a decision last year to restrict the project to critical works.

• [Editor:邢亚敏]