What Horizonte Minerals does

Horizonte Minerals plc was a London-headquartered, AIM- and TSX-listed nickel development company focused on advancing two tier-one mining projects in Pará State, Brazil: the Araguaia ferronickel project and the Vermelho nickel-cobalt project. Araguaia, a 100%-owned asset acquired in 2015 from Glencore (Araguaia Norte deposit) and advanced through a 2018 Feasibility Study, employs Rotary Kiln Electric Furnace (RKEF) technology to produce ferronickel (approximately 30% nickel) for the global stainless steel market, with a planned Phase 1 capacity of 14,500 tonnes of nickel per year, a 28-year reserve life, US$443 million initial CAPEX, and projected first-quartile C1 cash costs. Vermelho, acquired from Vale in December 2017, uses High Pressure Acid Leach (HPAL) technology to produce high-purity nickel sulfate and cobalt sulfate for lithium-ion battery cathode chemistry, alongside a sellable kieserite (magnesium sulfate) fertilizer by-product, with planned production of 25,000 tonnes of nickel and 1,250 tonnes of cobalt annually over a 38-year reserve life, US$652 million initial CAPEX, and comparable first-quartile cost positioning.

The intended business model was direct, enterprise-level sales to stainless steel manufacturers (Araguaia) and EV battery producers (Vermelho) via long-term offtake agreements, with products priced against London Metal Exchange (LME) nickel benchmarks and shipped globally via the Port of Vila do Conde. Distribution relied on direct sales channels rather than intermediaries, and the company pursued global investor roadshows and analyst engagement to fund project construction. Significant shareholders as of February 2024 included La Mancha (23.09%), Glencore (17.74%), and Orion Resource Partners (10.49%), with US$325 million of senior debt from a five-bank syndicate secured in August 2020.

In April 2024, after engaging over 150 capital providers, the company acknowledged it could not secure full financing for Araguaia against the backdrop of an unfavorable nickel market pressured by Indonesian supply. Following repeated waiver extensions from senior lenders, Horizonte Minerals plc was placed into Administration on 16 May 2024, with Chad Griffin and Geoff Rowley of FRP Advisory appointed as Joint Administrators to wind down operations. Trading on AIM and TSX was suspended, the Vermelho project has been separately identified for potential future development, and the Brazilian operating subsidiary (Araguaia Níquel Metais Ltda) obtained a judicial injunction to support restructuring negotiations with secured creditors.

Name

Horizonte Minerals

Legal name

Horizonte Minerals plc

Website

https://horizonteminerals.com

Company type

Public

Founded year

2006

Operating status

Closed

Headcount range

51–100 employees

Short description

Horizonte Minerals was a London-listed, Brazil-focused nickel developer advancing two Brazilian projects — Araguaia (RKEF ferronickel for stainless steel) and Vermelho (HPAL nickel-cobalt sulfate for EV batteries) — which entered administration in May 2024 after failing to secure full project financing.

Ownership category

akta.pro rank

Product category

Nickel Mining

NAICS

Copper, Nickel, Lead, and Zinc Mining (212230)

SIC

Metal Mining (1000)

akta.pro primary industry

Nickel Mining & Concentrates (IMAKAFAB)

akta.pro secondary industries

Battery-Grade Chemical Processing (LiOH/Li2CO3, Ni/Co Sulfates, Mn Sulfate) (IMAKAFAI), Battery Raw Materials Mining & Refining (Lithium, Nickel, Cobalt, Manganese, Graphite) (EUAFABAA), Exploration & Resource Development (Critical Minerals) (IMAKAFAL)

Keywords

• Nickel mining
• Ferronickel production
• Nickel sulfate
• Cobalt sulfate
• Mineral exploration

Headquarters

HQ city

London

HQ country

United Kingdom

HQ region

Europe

Offices4 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Operations, Infrastructure, Personnel, Supply Chain, Others

Revenue model

1. Ferronickel Sales (Araguaia): The Araguaia project will produce ferronickel (FeNi) containing approximately 30% nickel for sale to stainless steel manufacturers globally. Production capacity targets 14,500 tonnes of nickel per year in Phase 1, with potential to double to 29,000 tonnes with Phase 2 expansion.
2. Nickel-Cobalt Sulfate Sales (Vermelho): The Vermelho project will produce high-purity nickel sulfate and cobalt sulfate for the electric vehicle battery market. Production targets 25,000 tonnes of nickel and 1,250 tonnes of cobalt annually.
3. Kieserite (Fertilizer By-product): Vermelho project produces kieserite (magnesium sulfate) as a sellable by-product, which can be used as fertilizer, providing additional revenue stream.

Pricing tiers

Go-to-market motion1 record

Distribution channels3 records

Marketing channels5 records

Core offering

Horizonte Minerals is a nickel development company advancing two tier-one projects in Pará State, Brazil: the Araguaia ferronickel project using RKEF technology to produce ferronickel (~30% Ni) for the global stainless-steel industry, and the Vermelho nickel-cobalt project using HPAL technology to produce high-purity nickel sulfate and cobalt sulfate for the electric vehicle battery market. The combined asset portfolio targets more than 60,000 tonnes of annual nickel production, with primary sellable outputs being ferronickel, nickel sulfate, cobalt sulfate, and a kieserite fertilizer by-product.

Product overview

Horizonte Minerals is developing two tier-one nickel projects in Pará State, Brazil: the Araguaia ferronickel project and the Vermelho nickel-cobalt project. Both are high-grade, lower quartile, long mine life projects. The portfolio provides a scalable production profile of over 60,000 tonnes of annual nickel production. The Araguaia project uses RKEF (Rotary Kiln Electric Furnace) technology to produce ferronickel for the stainless steel industry, while the Vermelho project uses HPAL (High Pressure Acid Leach) technology to produce nickel sulfate and cobalt sulfate for the electric vehicle battery market. As a critical component in both stainless steel and electric vehicle battery technology, nickel is a key enabler of the clean energy transition.

Differentiator

Problem solved

Functional benefit

Products and services

• Araguaia Nickel Project 100%-owned ferronickel mining project located in Pará State, Brazil, using RKEF (Rotary Kiln Electric Furnace) technology to produce ferronickel (FeNi) containing approximately 30% nickel for sale to stainless steel manufacturers globally. Resource base: 27.2 Mt at 1.69% Ni proven and probable reserves supporting a 28-year initial mine life, with Phase 1 production targeted at 14,500 t/a Ni (scalable to 29,000 t/a).
• Vermelho Nickel-Cobalt Project 100%-owned nickel-cobalt project located in the Carajás Mining District, Pará State, Brazil, using HPAL (High Pressure Acid Leach) technology to produce high-purity nickel sulfate and cobalt sulfate for sale to electric-vehicle battery manufacturers. Probable reserves of 141.3 Mt at 0.91% Ni support a 38-year mine life at ~25,000 t/a Ni and 1,250 t/a Co.
• Ferronickel (FeNi, ~30% Ni) Ferronickel product containing approximately 30% nickel produced from the Araguaia project using RKEF processing, targeted for sale to global stainless steel industry customers for use in 300-series stainless-steel production.
• Nickel Sulfate High-purity nickel sulfate produced from the Vermelho project using HPAL processing, intended for direct sale to electric-vehicle battery manufacturers for use in lithium-ion NCM cathode chemistries.
• Cobalt Sulfate Cobalt sulfate produced as a co-product of the Vermelho project's HPAL process, intended for sale to electric-vehicle battery manufacturers supplying NCM cathode materials.
• Kieserite (Magnesium Sulfate By-product) Magnesium sulfate (kieserite) by-product generated from the Vermelho project's HPAL processing, used as a fertilizer and sold regionally in Brazil to the agricultural sector.

Quantifiable outcome

• Araguaia Phase 1: NPV of US$401-740M, IRR of 20-28%, 4.2 year payback at $14,000-16,800/t Ni
• +2 more outcomes

Named customers2 records

Segments2 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Seven partnerships are on record, tiered core and minor.

• ValecoreStrategic or Co-development PartnerIn December 2017, Horizonte acquired 100% of the advanced Vermelho nickel-cobalt project from Vale. Vale had previously advanced the project to construction approval in 2005 before suspending it after acquiring Canadian nickel producer Inco. Vale conducted extensive work including 152,000m of drilling and pilot testing.
• SENAIcoreStrategic or Co-development PartnerPartnership with SENAI (National Service for Industrial Training) for professional development training programs in Conceição do Araguaia. Offers free vocational training courses including ore processing operator, industrial electrician, industrial mechanic, electromechatronics technician, and administrative assistant, totaling nearly 400 spots.
• EMATERcoreStrategic or Co-development PartnerPartnership with EMATER-PA (Technical Assistance and Rural Extension Company of Pará State) for agricultural development programs including cocoa cultivation training and farmer support in the Araguaia region.
• SENARcoreStrategic or Co-development PartnerPartnership with SENAR (National Service for Rural Training) for agricultural training programs supporting local farmers in the Araguaia region.
• Instituto Federal do Pará (IFPA)minorStrategic or Co-development PartnerPartnership with IFPA for agricultural research including cassava variety trials at Horizonte's administrative site to support community farming projects.
• Instituto Barong CulturalcoreStrategic or Co-development PartnerPartnership with Instituto Barong Cultural for the 'Juventude: A Nossa Vez!' sexual and reproductive health education program for youth in Conceição do Araguaia and Floresta do Araguaia.
• COPAG (Cooperativa Mista dos Pequenos Agricultores do Araguaia)minorStrategic or Co-development PartnerSupport for COPAG agricultural cooperative, which produces frozen fruit pulp from member farmers in the Araguaia region.

Scale indicators10 records

Recent moves7 records

Expansion highlights4 records

Broad incumbents

• BHP Group: Major nickel producer (formerly via Cerro Matoso and Western Australia Nickel) with class-1 nickel output and downstream battery-materials strategy similar in end-market focus to Vermelho.
• Vale S.A. Global nickel and cobalt producer (Onça Puma, Sudbury, Voisey's Bay). Previously owned and advanced Vermelho to construction approval before selling it to Horizonte in 2017.
• Sibanye-Stillwater: Diversified miner with nickel and cobalt exposure (via Sandouville refinery and prior Atlantic Nickel operations) — relevant as a comparable diversified battery-metals producer and as a potential acquirer profile.
• Glencore: Major diversified miner and commodity trader with significant nickel operations (Koniambo, Murrin Murrin) and a 17.74% shareholder of Horizonte — directly relevant both as peer and as restructuring counterparty.

Emerging players

• Canada Nickel Company: Canadian developer of large-scale nickel sulfide projects (Crawford) targeting stainless steel and EV battery end markets — comparable as a Western-listed nickel developer of tier-1 assets.
• Power Nickel: Canadian junior developer of the NISK high-grade nickel sulfide project with copper-PGM credits — comparable as a publicly listed development-stage nickel company targeting EV battery supply chains.
• Talon Metals: US-listed nickel developer (Tamarack) focused on supplying Class-1 nickel for the EV battery supply chain, with similar end-market targeting to Vermelho's nickel sulfate output.

Direct peers

• Nickel Mines Limited: ASX-listed nickel producer with RKEF ferronickel operations in Indonesia, directly comparable to Araguaia's RKEF-based ferronickel production and offtake-driven business model.
• ERAMET: French mining group producing ferronickel at New Caledonia (SLN) and developing HPAL projects for battery-grade nickel — direct technical and product analog to Horizonte's dual RKEF/HPAL portfolio.
• Sherritt International: Operates the Moa nickel/cobalt HPAL joint venture in Cuba, producing nickel and cobalt sulfates — the closest operating analog to Horizonte's Vermelho HPAL project.

Market position

Strengths4 records

Weaknesses5 records

Competitive moat4 records

Key risks7 records

Key highlights6 records

Customer concentration

• Xx.com/horizontePLC
• LinkedInlinkedin.com/company/horizonteminerals

Revenue estimate

Valuation estimate

Number of profiles

Profiles4 records

Subsidiaries1 record

Funding overview

Funding rounds4 records

Investors7 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Horizonte Minerals