Horizonte Minerals PLC said Jan. 14 that the Brazilian Pará State Environmental Agency approved the construction license for its Araguaia ferronickel project.
The permit will allow the company to construct the Araguaia rotary kiln electric furnace processing plant and associated infrastructure. Araguaia is now fully permitted to start construction.
A recent preliminary economic assessment for the second-stage expansion of Araguaia indicated a posttax net present value, discounted at 8%, of US$741 million, with a 23.8% internal rate of return.
The project will create around 500 direct and indirect jobs in Para state, over 28 years of operations. The peak construction workforce is expected to reach over 1,000.
During the mine's life, Araguaia is estimated to contribute over US$400 million in company taxes and more than US$280 million in employee and contractor wages.