Nickel woes worsen for Glencore-backed miner as budget jumps 87%

Glencore-backed Horizonte Minerals is warning that it needs a whole new financing package to restart a nickel project in northern Brazil after a review revealed the mine will cost 87% more than thought.

In the latest sign of the challenges facing mining projects around the world, the London-listed firm said it’s engaging with existing and potential new investors on a “full financing solution” as well as holding talks to restructure company debt facilities.