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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Horizonte Minerals Plc | HZM | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| -0.025 | -5.26% | 0.45 | 16:35:12 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 0.475 | 0.425 | 0.475 | 0.45 | 0.475 |
| Industry Sector |
|---|
| MINING |
| Top Posts |
|---|
Posted at 15/4/2024 12:50 by excellance For HZM investors it doesn't matter who gets it. HZM holders will lose everything after contributing half a billion dollars.Maybe someone will bid more? |
Posted at 15/4/2024 11:49 by impossible123 This was a costly error. It's also an ongoing learning curve in "investing" in AIM companies.This project will be revived, the question is by who? A new behemoth in a jv with existing senior lenders and major holders; retail investors whistling in the wind, sadly, once again. But, I do hope the Brazilian government will come in for its people mainly those in the area of the project. This project is for the near future utilising newly constructed infrastructure and designed plan. |
Posted at 01/4/2024 18:03 by impossible123 'JakNife', thanks for the info. I've been in this game for over 3 decades with a break of maybe 4 years, but never shorted a stock.This was my 2nd bite into HZM (another then was BEM and BAO), but deemed extremely lucky to get out within 10 mins of market opening at 76p average; tried to unload 12.5k stocks but market size restriction meant could only sell in 3 blocks thus averaging 76p. I hope most still holding could recoup some losses when HZM is refinanced, and relisted at some stage with retail investors given a chance to partake (again). But, I'll not be amongst them. Good luck everyone still holding! |
Posted at 30/3/2024 16:36 by jaknife impossible123,"Out of interest what would happen if one still holds a short position post a suspension? This is a genuine question as I do not short." What happens depends very much on the specific circumstances, but assuming Horizonte is "normal" then within about three months of suspension an administrator's report will be published that gives some basic facts but is vague about the possible recoveries for investors. Then six months after that an updated administrators report is published which makes it crystal clear that creditors stand to get a fraction of their claims and shareholders stand to get nothing. The spread bet firms will then settle all longs and shorts at zero. In the meantime though generally (a) your position is marked at the suspension price and subject to 100% margin, and (b) you pay interest and borrow fees, which would be in the ballpark of 5% on a short. Personally I'm happy to hold and wait for the zero because, no matter what the suspension price, you're going to get paid out after about nine months: 100% of the suspension price less 9 / 12 x 5% x suspension price which is always greater than zero. JakNife |
Posted at 30/3/2024 15:09 by impossible123 I can see two probable scenarios here.1) New funds materialised, but existing holders will be wiped out. 2) Funders will be from within, and new entrants eg major holders; existing retail investors will be frozen out. If relisting just maybe retail investors would be invited to participate. Would anyone be foolish or blindingly brave to partake again? |
Posted at 28/3/2024 15:07 by nigelpm Exactly that Jak - history is there for all to see.I'm sad for the long term investors here - I was invested myself a while back but as soon as inflation started to ramp thankfully I got out. |
Posted at 03/3/2024 10:44 by mrscruff Hi all. This post is for potential new investors. Over 30 years I've seen been through the growth of companies like SQZ at 3p goto 400p. HZM is potentially a similar story. One strategy is to buy say 1% of your portfolio now at about 3p and then hope financial package will be done at a higher price because the NAV minus debt and excluding the metal in the ground is higher. But this is AIM and funding could be done at say 2p and this is when you should double up.I feel sorry for holders here being eaten up by inflation. Inflation is going down and we get through this and I see HZM becomes a SQZ for new investors. Take all forum posts with a pinch of salt (like mine) and keep things simple. |
Posted at 19/2/2024 17:01 by mirabeau 19 February 2024HORIZONTE PROVIDES UPDATED CAPEX AND SCHEDULE ESTIMATE HIGHLIGHTS: · Horizonte announces preliminary Cost-to-Complete estimate and achievable schedule for Araguaia Line 1 · Estimate prepared by specialized mining construction and engineering firm G Mining Services · Graham Crew appointed as interim Chief Operating Officer (iCOO) · Actively engaging existing and new potential investors on a full financing solution Horizonte Minerals Plc (AIM/TSX: HZM) ("Horizonte" or the "Company") announces the preliminary results of a review of the Cost-to-Complete ("CTC") estimate and schedule for its 100%-owned Araguaia Nickel Project ("Araguaia" or "the Project"). The preliminary results of the review indicate that the estimated capital required to complete the construction of Araguaia, commission the project and deliver first metal is approximately US$454 million. As a result, the Estimate at Completion ("EAC") currently stands at US$1,004 million, approximately 87% higher than the previously disclosed capex budget of US$537 million (prior to October 2023). The Company anticipates achieving mechanical completion in Q1 2026. G Mining Services ("GMS"), a specialized mining construction and engineering firm, were engaged by the Company to undertake the review process, delivering the re-estimated CTC and achievable schedule estimates. GMS is currently constructing the Tocantinzinho gold project located in Pará state and have notable accomplishments in the successful construction of other mining projects including Lundin Gold's Fruta del Norte Project in Ecuador, Newmont Mining's Merian Mine in Suriname and IAMGOLD's Greenstone project in Ontario. The Company will continue to work closely with its major shareholders and senior lenders on a full funding solution, targeted for Q2 2024. As part of these conversations and given the increase in the CTC estimate, discussions to restructure the Company's debt facilities are being held in conjunction with actively engaging existing and new potential investors. The Company notes that additional interim funding will be required to implement such full funding solution. Interim CEO Karim Nasr commented, "Since our last update, a significant volume of work has been completed to develop a new Project Execution Plan, develop a realistic mine plan and business plan, all while continuing to proactively engage with the Company's cornerstone shareholders, senior lenders, vendors and contractors as well as the community and local authorities. "While the new Cost-to-Complete is higher than previously announced by the company, it is now built on solid methodologies, which is a testament to the hard work undertaken to date by the whole Horizonte team. The Company is pleased to partner with G Mining Services, who have a track record of success in the region and are currently building the Tocantinzinho project with G Mining Ventures in Para state. The Company is now in a position to properly assess its ability to finance and complete the Araguaia Nickel Project (Line 1) and bring it into production. "It is important to note that while completing the Cost-to-Complete estimate is a significant milestone, resuming and completing construction activities at Araguaia are still subject to the successful completion of a full financing solution, which the company will seek to develop in the coming weeks, but with no guarantee of success. Further, the CTC estimate is the capital required to complete the construction of Araguaia, commission the project and deliver first metal. The final financing amount will be higher and will depend on a variety of factors including discussions with Senior Lenders, suppliers, cornerstone investors and other third parties." BASIS OF COST TO COMPLETE ("CTC") ESTIMATE Based on the work to date, a total of around 4.7 million work-hours are required to finish construction of Araguaia Line 1. The current optimized plan assumes a smaller workforce which drives a revised construction schedule of approximately 18 months. The EAC currently stands at US$1,004 million, of which a total of US$479 million has been spent up to the end of 2023, US$52 million is outstanding to trade creditors, US$15 million for critical activities during the slowdown period and US$4 million pre-first metal mining costs, resulting in a CTC of US$454 million. The capex estimate includes all the direct and indirect costs, local taxes and duties and US$54 million contingency deemed to be required to complete the construction of Line 1, commission the project and deliver first metal. This estimate is based on the Association for the Advancement of Cost Engineering (AACE) Class 3 standard, with an accuracy range between -10% and +30%, of the final project cost. The Company intends to work with GMS over the refinancing period to refine this to a control estimate, AACE Class 1 with an accuracy range of -3% to +15%. The costs for these items have been derived from vendor quotes for the equipment and materials. The capex estimate is after tax, including growth and contingency and excluding escalation. The CTC excludes the owner's costs incurred during the slow-down phase between 10 November 2023 and June 2024, which are being funded with current cash and the aforementioned additional interim funding requirement. The CTC also excludes working capital, capitalized ramp-up costs and financing costs which will be included in the full funding solution. SCHEDULE ESTIMATE The project schedule has been re-estimated by GMS following a complete review of the quantities remaining, the procurement packages and logistics, and re-estimation of the work-hours required to complete construction and commissioning. GMS have been working with key equipment suppliers including Hatch Ltd and FLSmidth to fully assess the remaining work. The current project schedule estimate anticipates approximately 18 months of construction from re-mobilisation to the projected first metal date. Remobilisation is currently planned for Q3-2024 with a first metal date of Q1-2026, subject to successful refinancing and restart decision. One of the key inputs for the new schedule was the productivity assumptions that drive the estimated progress for the principal project workstreams. GMS provided updated productivity figures based on their experience at the Tocantinzinho gold project located in Pará state, Brazil and therefore has recent, first-hand experience of achievable productivity rates for the main trades. Further, as part of the review exercise, the Company reviewed the production ramp-up schedule and associated working capital and capitalized operating costs requirements. The original schedule assumed a 12-month ramp up to nameplate capacity; while achievable, this was considered to be a best-case scenario and has since been replaced by a more conservative 18-month ramp-up. PROJECT EXECUTION PLAN GMS have also re-developed the Project Execution Plan (PEP) as a self-perform model as employed at Tocantinzinho and other projects GMS have been involved in. Under this model the Company will directly employ the owner's team and construction employees with expertise and support from GMS. GMS employees brought into the project will be seconded directly to Araguaia Nickel Project with objectives, salaries and any incentives set and paid by the Company. The benefits of this model include a simplified management structure, a reduction in the number of contractors and consultants, and full alignment of the owner's team and construction team. Specialist contractors and OEMs will continue to be critically important partners in the project execution. SENIOR MANAGEMENT CHANGES Maryse Bélanger, interim Chief Operating Officer ("COO") of the Company will step down as COO effective 21 February 2024, following a period of handover to Graham Crew, who is appointed as new interim COO. The Company wishes to thank Mrs. Belanger for her invaluable assistance in this challenging period. Mr Crew was Chief Technical Officer of La Mancha Resource Capital LLP ("La Mancha"), which advises La Mancha Resource Fund SCSp, one of the Company's major shareholders. Mr Crew has been on a period of secondment to the Company in recent months having stepped down from his day-to-day executive role within La Mancha. He was previously a Non-executive Director at Golden Star Resources Limited before becoming Chief Operating Officer. He has extensive operational experience in Australia, Africa and Asia and was previously Operations Manager for La Mancha Resources Australia, including the development and construction and ramp up of the Mungari processing facility, prior to the divestment of those assets to Evolution Mining. He began his career with Western Mining Corporation at Olympic Dam and Leinster Nickel Operations. He holds a B.Eng (Mining Engineering) from the West Australian School of Mines, is a Member of the Australian institute of Corporate Directors and a Fellow of the Australasian Institute of Mining & Metallurgy. Completion of construction activities at Araguaia will be subject to successful completion of a full financing solution in 2024. There can be no certainty at this stage that the full financing solution will be achieved and further updates will be provided in due course. This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014, as retained in the UK pursuant to the European Union (Withdrawal) Act 2018. |
Posted at 03/12/2023 16:10 by strow It seems that what we have now come down to discussing is whether these 3 cornerstone investors will engineer a situation where they can steal private investors equity because that's what it would be there being so many other possible ways of doing things.What you are all implying on here as well as many previously implying that even the old board was dishonest is that our three cornerstone investors are also dishonest and that is what is happening to its point of finality. |
Posted at 03/10/2023 15:04 by pensionplanner Hope it works out for you all, albeit I sold some time ago and I don't like to post after as it can be misconstrued as being negative. I made it known I wasn't too happy about more directors, especially those with a track record of failed companies.These things are seldom miscalculation, or bad luck, but deliberation. Often on good assets that someone else has their eye on from the outset and what better than to line up retail investors to do the donkey work, then steal it off them, often in a very similar situation to what may have occurred here. Even some larger investors are often in on it, but always in the know, and its almost like covered betting for them. Indeed even financiers may step in with finance, being also holders, finding it much more lucrative to pull the plug and walk away with a good asset. Hope this is not the case, but its no surprise companies don't want to list in the UK, with the most appalling record and an FCA that seems to think its remit is to protect everyone except retail investors. If there is a cheap placing though, I'll take part as that would indicate its about greed for more of the cake, taking it from retail investors, rather than the worst option of taking the lot! One thing you can always be sure of with London, is they all know everything way before shareholders do Best of luck |
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