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The company stated in a press release that it is now exploring options such as a sale, liquidation, or raising financing at the subsidiary level, following an 87% increase in the estimated cost to build the mine, to more than $1 billion.
“Horizonte Minerals does not believe that any of these options are likely to recover any value for the company’s shareholders,” the company stated. Shares of Horizonte Minerals plummeted by 89% by 10:10 p.m. EDT. The developer now has a market capitalization of $8 million, compared to $241 million last October.As of April 10, 2024, Horizonte Minerals had a cash balance of $16.2 million, excluding cash segregated for the development of the
“Despite the strong long-term outlook for nickel, investor sentiment has been dampened by low spot prices and near-term uncertainties, including the supply surplus from Indonesia,” the company said., Jim Lennon, a veteran nickel market analyst at Macquarie, said at a recent seminar that he could see less than 100,000 tonnes of nickel from new projects outside of Indonesia entering the market in the next three to four years. This compares with 3.
The illegal workers had entered Argentina under tourist visas and started working for the mining company at the Güemes Industrial Park.
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