The share price of Horizonte Minerals (HZM) has continued its rapid climb in the past month, soaring by nearly 70 percent just after a month following Tesla’s Elon Musk pleading with miners to ‘please, produce more nickel’.
The comments came from Musk after a post-earnings call in July according to Reuters in which Musk also added that ‘Tesla will give you a giant contract for a long period of time’ should any miner be able to deliver nickel in an efficient way that is respectful to the environment.
Use of nickel for stainless steel continues to to be its primary purpose, but the battery market is expected to change the demand landscape – something of which HZM told investors in an investor presentation during May.
Besides the growing use of nickel in the battery market as those such as Tesla seek to reduce the costs of a key component, the increase in HZM’s share price appears to have gathered serious pace following a market announcement on 12 August.
The announcement was that it has secured a portion of funding related to the development of its Araguaia ferro-nickel project in Brazil.
Following the news, Jeremy Martin, CEO of HZM added that it moves it one step closer to its global aspirations:
“This major milestone moves us closer to our goal of becoming a nickel producer. We look forward to updating the market throughout the rest of this year on our progress.”