Horizonte Announces Best Efforts Offering Of Ordinary Shares And Concurrent Private Placement - Yahoo Finance
state securities laws. This press release is for information purposes only and shall not constitute an offer to sell or the solicitation of an offer to buy securities, nor shall there be any sale of these securities, in the United States or any jurisdiction in which such offer, solicitation or sale would be unlawful. About Horizonte Minerals: Horizonte Minerals Plc is an AIM and TSXlisted 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 cutoff. A Prefeasibility Study has been completed which underpins the robust economics of developing a mine with a targeted 15,000tpa nickel in ferronickel output with a 20% FeNi 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 posttax NPV of US$519 million at a discount rate of 8% and an IRR of 20%, with a capital cost of US$582 million .
Nigeria risks scare investors out of equities into bonds - Yahoo News
Asset management firm FSDH, which manages over 50 billion naira, said it viewed the equity market as overbought and had cut its exposure in favour of treasury bills. At the end of March, pension funds had 13 percent of industry assets worth 4.2 trillion naira invested in equities and 68 percent in government bonds, data from the pensions regulator showed. Pension funds can invest half of their portfolio in stocks. SECURITY RISK Nigeria rebased its GDP in April, pushing it up to $500 billion and enabling it to overtake South Africa to become the continent's largest economy, although it also slashed growth estimates for 2012 and 2013. But a spike in violence by Boko Haram in the same month underscored the growing instability faced by Nigeria. It had previously had a muted impact on financial markets, as attacks had been largely restricted to the north, but this year they have radiated towards the centre again to cities such as Jos and the capital Abuja.