Cadence Minerals PLC Corporate Update - Hastings Technology Metals (3585I)
04 Agosto 2023 - 2:55AM
UK Regulatory
TIDMKDNC
RNS Number : 3585I
Cadence Minerals PLC
04 August 2023
Cadence Minerals Plc
("Cadence Minerals", "Cadence", or "the Company")
Corporate Update - Hastings Technology Metals
Cadence Minerals (AIM/NEX: KDNC; OTC: KDNCY) is pleased to note
the announcement by Hastings Technology Metals (ASX: HAS)
("Hastings") that it has executed the Engineering, Procurement and
Construction (EPC) contract with West Australian company GR
Engineering Services Limited ("GRES") (ASX: GNG) for delivery of
the Yangibana beneficiation plant and associated
infrastructure.
The contract has no material departures from the binding terms
sheet that both parties signed in May 2023, including the contract
value of $210 million. It includes a process guarantee which aligns
with the current planned ramp up of the beneficiation plant and
supported by all process test work completed to date
Highlights:
-- Long form EPC contract signed with GR Engineering Services
(GRES) for delivery of the beneficiation plant and associated
infrastructure for the Yangibana Rare Earths Project.
-- Fixed price contract award for $210 million in line with the
staged development strategy endorsed by the Board in May 2023:
o Fixed price component of $180 million for the beneficiation
plant.
o Provisional component of $30 million mainly for the plant and
TSF earthworks.
-- EPC contract minimises risk of capital cost increases and provides guarantees on project
schedule, product throughput and plant recovery.
-- GRES continuing to work with Hastings on engineering and
procurement under an early works agreement until mobilisation to
site in Q4 2023 following satisfaction of conditions precedent
including finalisation of project funding as standard for an EPC
contract.
-- Construction planned to be complete in Q1 2025 with first
concentrate on truck in Q2 2025 Hastings
Link here to view the full Hastings announcement
Hastings Executive Chairman Charles Lew commented: "The signing
of the EPC contract with GR Engineering for the delivery of the
beneficiation plant at Yangibana is another important milestone in
our development plan for bringing this world-class project into
production. The fixed price contract and strong credentials of GR
Engineering gives us a high level of confidence in the delivery of
this critical infrastructure ahead of first rare earth concentrate
production in Q2 2025."
GR Engineering Services Managing Director, Mr Tony Patrizi,
said: "GR Engineering is pleased to be working on this world-class
rare earths project in the Gascoyne region of Western Australia.
The fact that Hastings has recognised the high level of expertise
and experience within the GRES process team and broader business is
extremely satisfying. We look forward to engaging closely with the
Hastings team to deliver safe and successful outcomes for this
important project in the critical minerals sector."
Cadence shareholding in Hastings
On 25 January 2023, Cadence completed the sale of its 30% stake
in several mineral concessions forming part of the Yangibana Rare
Earths project for a consideration of 2.45 million Hastings shares,
equating to approximately 1.9% Hastings issued share capital. This
consideration was a premium over the Net Present Value ("NPV") of
the Cadence portion of the mineable material, based on the
definitive feasibility ("DFS") updated by Hastings on 21 February
2022.
The full announcement concerning the Yangibana sale is available
here .
For further information
contact:
Cadence Minerals plc +44 (0) 20 3582 6636
Andrew Suckling
Kiran Morzaria
WH Ireland Limited (NOMAD
& Broker) +44 (0) 207 220 1666
James Joyce
Darshan Patel
Brand Communications +44 (0) 7976 431608
Public & Investor Relations
Alan Green
Qualified Person
Kiran Morzaria B.Eng. (ACSM), MBA, has reviewed and approved the
information contained in this announcement. Kiran holds a Bachelor
of Engineering (Industrial Geology) from the Camborne School of
Mines and an MBA (Finance) from CASS Business School.
Cautionary and Forward-Looking Statements
Certain statements in this announcement are or may be deemed to
be forward-looking statements. Forward-looking statements are
identi ed by their use of terms and phrases such as "believe",
"could", "should", "envisage", "estimate", "intend", "may", "plan",
"will", or the negative of those variations or comparable
expressions including references to assumptions. These
forward-looking statements are not based on historical facts but
rather on the Directors' current expectations and assumptions
regarding the company's future growth results of operations
performance , future capital, and other expenditures (including the
amount, nature, and sources of funding thereof) competitive
advantages business prospects and opportunities. Such
forward-looking statements re ect the Directors' current beliefs
and assumptions and are based on information currently available to
the Directors. Many factors could cause actual results to differ
materially from the results discussed in the forward-looking
statements, including risks associated with vulnerability to
general economic and business conditions, competition,
environmental and other regulatory changes actions by governmental
authorities, the availability of capital markets reliance on key
personnel uninsured and underinsured losses and other factors many
of which are beyond the control of the company. Although any
forward-looking statements contained in this announcement are based
upon what the Directors believe to be reasonable assumptions. The
company cannot assure investors that actual results will be
consistent with such forward-looking statements.
The information contained within this announcement is deemed by
the company to constitute Inside Information as stipulated under
the Market Abuse Regulation (E.U.) No. 596/2014, as it forms part
of U.K. domestic law under the European Union (Withdrawal) Act
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