Horizonte Minerals (AIM:HZM) : Dont be afraid of Laterites - Araguaia could be Tier 1 Recommendation - Buy sp 25p Target 32p Alison Turner (+44 (0)20 7614 8389)
We believe Araguaia represents a potentially world-class nickel resource which could be of interest to global majors.

Investors may be inclined to be wary of nickel laterites but it is important to differentiate between HPAL projects - which Araguaia is not - and lower-risk processing routes.

The Falc�o gold project and AngloGold greenfield exploration alliance add further interest.

We initiate coverage with a Buy recommendation and 32p price target.
04 April 2011
Equity Research
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