Horizonte Minerals PLC (05676866): administration
- Status
- Administration ended
- Administration began
- 2024-05-16
- Administrators' firm
- FRP Advisory
- Formerly
- Horizonte Minerals Holdings PLC
- Incorporated
- 2006-01-16
- Location
- London
- Industry
- 08990 Other mining and quarrying n.e.c.
Why it went into administration
- Funding withdrawn / unable to refinance
- Cash flow / liquidity pressure
- Loss-making contracts / project overruns
From the administrators' statement
The Company was incorporated and commenced trading in January 2006. The Company is the parent company of the Group.
The Company was listed on the Alternative Investment Market (“AIM”) at the London Stock Exchange as well as the Toronto Stock Exchange (“TSX”) in May 2006 and February 2012, respectively. The Company’s largest shareholders are La Mancha, Orion and Glencore (together “the Cornerstones”).
The Group operates in the mining industry and has focused on the development, construction of Nickel mines in the city of Conceicao do Araguaia, in the State of Para, Brazil, with a view to production. The Group had two live projects, Project Vermelho, which was operated by the Brazilian entity Trias and Project Araguaia, which was operated by the Brazilian entity ANML. Both projects held licences to develop and produce Nickel.
Administrators' statement of proposals (2024-07-10) · Companies House register