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Nickel woes worsen for Glencore-backed miner as budget jumps 87%

• Tuesday, February 20, 2024
• Source:ferro-alloys.com

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• Keywords:nickel, ore, steel

[Ferro-Alloys.com] 

Nickel woes worsen for Glencore-backed miner as budget jumps 87%

Glencore Plc-backed Horizonte Minerals Plc is warning that it needs a whole new financing package to restart a nickel project in northern Brazil after a review revealed the mine will cost 87% more than thought.

 

In the latest sign of the challenges facing mining projects around the world, the London-listed firm said it’s engaging with existing and potential new investors on a “full financing solution” as well as holding talks to restructure company debt facilities.

 

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