Why the economics of mining no longer makes sense

From investorschronicle.co.uk

In August, Horizonte Minerals (HZM) told investors there was a significant re-rating potential “as [nickel project] Araguaia transitions to a producer”, and stuck to a Q1 2024 start date for the new mine. Just two months later, it became a very different story. Management revealed in October that Araguaia had a $160mn (£126mn) funding hole, taking the total build cost to around $700mn. Even with the extra cash, needed to pay for increased civil construction works plus various other cost overruns, the mine would be late to production. This week, Horizonte’s chief executive, Jeremy Martin, was shown the door ... (full story)