Horizonte Minerals (AIM:HZM) has donated 300 food parcels to Conceição do Araguaia, Floresta do Araguaia and Xinguara, in light of the socio-economic impact caused by Covid-19.
The Brazil-focused nickel company has committed to delivering the parcels to the three municipalities throughout April and May with the first going out to families this week.
The donations will benefit families in the vicinity of Horizonte's Araguaia nickel project municipalities that have been identified as vulnerable during this unprecedented time.
"These donations reflect an effort to ensure that help is provided directly to where it is needed most,” said Jeremy Martin, Chief Executive of Horizonte Minerals.
The packages are to be distributed in partnership with the Social Welfare Departments of each respective municipality.
Shares in Horizonte Minerals closed at 1.95p on Monday afternoon.
The group has taken measures in line with those recommended by the World Health Organization (WHO) and the Brazilian Ministry of Health in order to prevent the spread of the coronavirus amongst its employees, suppliers and neighbouring communities.
“We will continue to consult with stakeholders and seek out other areas within these communities where Covid-19 is having a detrimental effect and where Horizonte can contribute,” added Martin.
Last week, the group said it was well-funded to see through the current pandemic crisis and that it remains confident due to the fundamentals of the nickel market being ‘robust.’
Horizonte reported a strong cash balance of £17.8m for the year ended 31 December 2019 following a $25m cash injection from Orion Mine Finance in October 2019.
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