Commodities
Nickel Woes Worsen for Glencore-Backed Miner as Budget Jumps 87%
- Horizonte says Brazil mine is now expected to cost $1 billion
- Completion of work is subject to ‘a full financing solution’
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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.