Horizonte announces filing in Canada of financial statements
23 Jul, 2014, 07:00 ET
TORONTO, July 23, 2014 /CNW/ - Horizonte Minerals Plc (TSX:HZM, AIM:HZM) (the "Corporation") announces that it has today filed in Canada its audited annual consolidated financial statements for the year ended December 31, 2013, and its unaudited interim condensed consolidated financial statements for the three months ended March 31, 2014 prepared in accordance with Canadian reporting requirements.
The filing is required by regulatory authorities in Canada so that that the financial statements filed in Canada are prepared in accordance with "International Financial Reporting Standards" and "International Standards on Auditing", rather than "International Financial Reporting Standards as adopted by the European Union" and "International Standards on Auditing (UK and Ireland)", respectively required for reporting on the London Stock Exchange.
In either case the Corporation's primary statements – comprising the Consolidated Statement of Comprehensive Income, Consolidated Statement of Financial Position, Consolidated Statement of Changes in Shareholders Equity and Consolidated Statement of Cashflows – are unchanged.
The Corporation's consolidated financial statements will continue to be prepared in accordance with "International Financial Reporting Standards as adopted by the European Union" and audited in accordance with "International Standards on Auditing (UK and Ireland)" as applicable for reporting on the London Stock Exchange, and also in accordance with "International Financial Reporting Standards as adopted by Canada" and audited in accordance with "International Standards on Auditing (Canada)".
The financial statements are available on SEDAR.
About Horizonte Minerals:
Horizonte Minerals Plc is an AIM and TSX‐listed nickel development company focused in Brazil, which wholly owns the advanced Araguaia Project located to the south of the Carajas mineral district of northern Brazil.
The Corporation is developing the Araguaia Project as the next major nickel mine in Brazil, with targeted production by 2017.
The Araguaia Project, which has excellent infrastructure in place including rail, road, water and power, has a current Mineral Resource estimate of 71.98Mt grading 1.33% Ni (Indicated) and 25.4Mt at 1.21% Ni (Inferred), prepared in accordance with National Instrument 43-101 ("NI 43-101"). Included in the Mineral Resources is a Probable Mineral Reserve base of 21.2Mt at 1.66% Ni at a 0.95% Ni cut‐off.
A Prefeasibility Study has been completed which underpins the robust economics of developing a mine with a targeted 15,000tpa nickel in ferro‐nickel output with a 20% Fe‐Ni product over a 25 year mine life utilising the proven pyrometallurgical process of Rotary Kiln Electric Furnace technology. At these production rates, the Araguaia Project has a post‐tax NPV of US$519 million at a discount rate of 8% and an IRR of 20%, with a capital cost of US$582 million.
Horizonte has a strong shareholder structure, including Teck Resources Limited (42.5%), Henderson Global Investors (15.1%) and Anglo Pacific Group (9.2%).
The scientific and technical information contained in this news release has been reviewed and approved by David Hall, BSc, MSc, Fellow SEG PGeo, Chairman of Horizonte, a qualified person within the meaning of NI 43-101.
For further details on the Araguaia Project, please refer to the technical report entitled "NI 43-101 Technical Report, Prefeasibility Study (PFS) for the Araguaia Nickel Project, Pará State, Brazil", dated March 25, 2014, which is available on the Corporation's website at horizonteminerals.com and on SEDAR at www.sedar.com.
CAUTIONARY STATEMENT REGARDING FORWARD LOOKING INFORMATION
Except for statements of historical fact relating to the Corporation, certain information contained in this news release constitutes "forward‐looking information" under Canadian securities legislation. Forward‐looking information includes, but is not limited to, statements with respect to the standards under which the Corporation will prepare its financial statements in the future; the potential of the Corporation's current or future property mineral projects; the success of exploration and mining activities; cost and timing of future exploration, production and development; the estimation of mineral resources and reserves and the ability of the Corporation to achieve its goals in respect of growing its mineral resources; and the realization of mineral resource and reserve estimates. Generally, forward‐looking information can be identified by the use of forward‐looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward‐looking information is based on the reasonable assumptions, estimates, analysis and opinions of management made in light of its experience and its perception of trends, current conditions and expected developments, as well as other factors that management of the Corporation believes to be relevant and reasonable in the circumstances at the date that such statements are made, and are inherently subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Corporation to be materially different from those expressed or implied by such forward‐looking information, including but not limited to risks related to: exploration and mining risks; competition from competitors with greater capital; the Corporation's lack of experience with respect to development‐stage mining operations; fluctuations in metal prices; uninsured risks; environmental and other regulatory requirements; exploration, mining and other licences; the Corporation's future payment obligations; potential disputes with respect to the Corporation's title to, and the area of, its mining concessions; the Corporation's dependence on its ability to obtain sufficient financing in the future; the Corporation's dependence on its relationships with third parties; the Corporation's joint ventures; the potential of currency fluctuations and political or economic instability in countries in which the Corporation operates; currency exchange fluctuations; the Corporation's ability to manage its growth effectively; the trading market for the ordinary shares of the Corporation; uncertainty with respect to the Corporation's plans to continue to develop its operations and new projects; the Corporation's dependence on key personnel; possible conflicts of interest of directors and officers of the Corporation, and various risks associated with the legal and regulatory framework within which the Corporation operates.
Although management of the Corporation has attempted to identify important factors that could cause actual results to differ materially from those contained in forward‐looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. The Corporation does not undertake to update any forward-looking information contained in this news release, except in accordance with applicable securities laws.
SOURCE: Horizonte Minerals plc
For further information: visit www.horizonteminerals.com or contact: Jeremy Martin, Horizonte Minerals plc, Tel: +44 (0) 20 7763 7157; David Hall, Horizonte Minerals plc, Tel: +44 (0) 20 7763 7157; Joanna Weaving, finnCap Ltd (Corporate Broking), Tel: +44 (0) 20 7220 0500; Matthew Robinson, finnCap Ltd (Corporate Finance), Tel: +44 (0) 20 7220 0500; Scott Mathieson, finnCap Ltd (Corporate Finance), Tel: +44 (0) 20 7220 0500; Felicity Edwards, St Brides Media & Finance Ltd (PR), Tel: +44 (0) 20 7236 1177; Lottie Brocklehurst, St Brides Media & Finance Ltd, Tel: +44 (0) 20 7236 1177
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