The Horizon looks bleak

 $HZM.L fails to secure funding

Horizonte Minerals announced Monday it's exploring a sale, liquidation, or raising financing at the subsidiary level.

It warned, however, that it "does not believe that any of these options are likely to recover any value for the company's shareholders".

Shares sank a further 84% to 0.4p in early trading on Monday, having been worth more than £1.30 in September, before cost overruns and delays were announced the following month that have brought the cost of construction up 87% to more than $1 Billion. At that time its market capitalization was more than £400MM vs today's £6MM! 

Horizonte said the majority of the 39 parties that entered into non-disclosure agreements for financing had cited the unfavourable nickel market as the reason for opting against backing the project.

See the whole article on the FT here:

https://on.ft.com/3UjeyNM

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Gulf states putting their $ into #Mining

"Middle East is looking to diversify and has a war chest."

Interesting article from the FT on the new kids on the Mining block.

#Zambia's Mopani #Copper deal with #UAE's International Resources Holding IRH, part of the $240bn business empire of powerful Abu Dhabi royal Sheikh Tahnoon bin Zayed al-Nahyan, finalized at the end of March marks a new force sweeping through the global mining sector.

"Gulf nations, hungry to diversify their economies beyond fossil fuels, are redirecting petrodollars to secure copper, nickel and other minerals used in power transmission lines, electric cars and renewable power."

"Washington has welcomed the Gulf's expanding role in mining for helping to break Beijing's monopoly over processing critical minerals. The US has been actively brokering Saudi, Emirati and Qatari investment

#China stands out as largest buyer of #gold this year

Central banks have bought 800 tonnes in first nine months of the year, up 14% year-on-year, according to a report by the World Gold Council 

Central banks in emerging markets look to reduce reliance on US dollar for reserves holdings

China has stood out as the largest purchaser of gold this year as part of a 11-month buying streak. The People’s Bank of China has reported snapping up