HomeMarket NewsMiningHorizonte Minerals Shares Plunge 60% Amidst Cost Overruns and Delays at Araguaia...

Horizonte Minerals Shares Plunge 60% Amidst Cost Overruns and Delays at Araguaia Mine

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Last year, Horizonte Minerals announced an increase in the capital expenditure for its Araguaia mine to $537 million. The company had started construction on the mine operations in May with the goal of producing 29,000 tonnes of nickel per year, mainly for the stainless steel market. The facility includes an open pit and a processing plant, which will produce ferronickel over a projected 28-year period.

Initially, Horizonte Minerals had anticipated that the mine would begin operations in early 2024. However, the company now expects to delay the first production to Q3 2024. This change in timeline has had a significant impact on investor confidence, and shares of Horizonte Minerals have fallen 60% as of 12:44 p.m. EDT. Currently, the company has a market capitalization of $241 million.

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