Prunes,Both of Horizonte's projects are laterites. Thus not...

Prunes,

Both of Horizonte's projects are laterites. Thus not directly comparable, but I think we can let that slide, despite very few laterite projects being completed at anywhere near the DFS capex number and also struggle to meet intended capacity. A fairly reasonable number of them go bust and it appears to me that the 2nd or 3rd owner is the one that finally makes some money.

I would also note that our very dear friends at Vale initially pressed the go button in 2005, but then pressed to stop button shortly after when they bought, gasp, nickel sulphide projects in Oh Canada.

Horizonte bought the projects from Vale in 2017.

Araguaia is clearly described as having a FeNi output product. The indicated capex is cira USD433m. So a bit like what our Chinese friends are doing in Indonesia: "pig nickel".

The PFS for Velhemo appear more ambitious: full HPAL process into sulphate from the laterite ore. The 2019 PFS capex estimate is circa USD652m. I might humbly suggest this could easily double given historical precedent for laterite HPAL projects. No DFS. 145.7m tonnes at 1.05%.

Thus: smaller reserves when combined vs CTM, higher capex; mid 20% IRR; laterite ores; more high risk processing.

I can clearly see how you find CTM and HZM as being directly comparable.

Love your work.

I haven't gotten to your other love child yet.

my 2 cents, ymmv, dyor etc etc