The Horizonte Minerals Plc (LON: HZM) share price edged 3% higher after revealing that it had submitted the Environmental and Social Impact Assessment (EIA) for its Vermelho Nickel-Cobalt Project located 160 km from its flagship Araguaia Nickel Project.
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The mining company noted that a Feasibility Study of the project was ongoing and that it had also submitted the Relatório de Impacto Ambiental (RIMA) associated with EIA to the Pará State Secretariat for Environment and Sustainability (SEMAS). The company expects the EIA/RIMA to be approved by mid-2024 and a Preliminary Licence (LP) granted.
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Horizonte Minerals noted that granting an LP was the first stage of a three-stage process through which companies looking to establish a mine in Brazil must complete before acquiring all the necessary environmental licences before initiating mining activities.
Investors cheered the announcement after Horizonte clarified that it had taken 18 months of hard work in collaboration with the Rambol Group (a leading global environmental and social consultancy firm) and Integratio (a leading Brazilian social consultancy firm) to collect and analyse the baseline social and environmental data as required SEMAS.
The three companies then documented the current biological, physical and social settings at Vermelho before coming up with the final data for the EIA/RIMA application.
Horizonte acknowledged that the process could have taken much longer had it not used the extensive database of historical social and environmental data collected at Vermelho by Vale S.A (Vale), the project’s previous owner. Horizonte acquired Vermelho from Vale in 2017.
Jeremy Martin, Horizonte Minerals CEO, commented: “The submission and filing of the EIA/RIMA mark another key milestone along Vermelho’s development pathway, as we continue to de-risk our project pipeline. Over the coming months, we will continue to work closely with local stakeholders as Vermelho is expected to contribute significant employment opportunities for the region and deliver significant socio-economic value.”
The CEO further added that Horizonte was making good progress on its Araguia mine, which was on track and on budget and was scheduled to start producing nickel in Q1 2024.
*This is not investment advice.
Horizonte Minerals (HZM) share price.
The Horizonte Minerals share price rallied 3.04% to trade at 135.5p, from Monday’s closing price of 131.5p.
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