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Left-leaning Brazilian President Dilma Rousseff’s recent re-election does not unduly concern Jeremy Martin, chief executive officer of Horizonte Minerals (HZM), which hopes to take its wholly-owned Araguia nickel project in the north of the country into production in 2017 at a rate of 15,000 tonnes a year. Based in London and quoted on AIM and Toronto, the company, which raised £6 million in July in Canada and London at 6p, has begun a six-month drilling programme at Araguia, following a pre-feasibility study, which suggested $580 million (£362.5 million) capital spending would be needed to start the mine envisaged at Araguia.
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