Cadence Minerals PLC Commencement of Shipment of Iron Ore from Amapa (6405H)
07 Abril 2022 - 3:50AM
UK Regulatory
TIDMKDNC
RNS Number : 6405H
Cadence Minerals PLC
07 April 2022
Cadence Minerals Plc
("Cadence Minerals", "Cadence" or "the Company")
Commencement of Shipment of Iron Ore from the Amapa Iron Ore
Project, Brazil
Cadence Minerals (AIM/NEX: KDNC; OTC: KDNCY) is pleased to
announce that DEV Mineração S.A ("DEV") has restarted the sale and
shipment of its iron ore stockpiles from Santana, Amapa,
Brazil.
This shipment represents the first export of iron ore since
Cadence vested its equity interest (27%) in the Amapa Iron Ore
Project ("Amapa Project") earlier this year. The shipments
completed last year were approved via a court petition and were
before our equity interest in the Amapa Project.
We expect that this shipment will complete this month, and under
the current economic environment, DEV intends to continue with the
shipment and sale of its 58% iron ore stockpile. There is currently
circa 1.25 million tonnes of DEV stockpile at its port in
Santana.
In addition to this shipment DEV has continued to provide ship
loading and transport services for the third party owned stockpiles
at DEV's port.
About the Amapa Project
Amapa commenced operations in December 2007 with the first
production of iron ore concentrate product of 712 kt in 2008. In
2008 Anglo American (70%) and Cliffs (30%) acquired the Amapa
Project in 2008 as part of a larger package of mining assets in
Brazil.
Production steadily increased to 4.8 Mt and 6.1 Mt of iron ore
concentrate product in 2011 and 2012. During this period, Anglo
American reported operating profits from its 70% ownership in the
Amapa Project of US$ 120 million (100% US$ 171 million) and US$ 54
million (100% US$ 77 million). Before its sale in 2012, Anglo
American valued its 70% stake in the Amapa Project at US$ 866
million (100% US$ 1.2 billion). It impaired the asset in its 2012
Annual Accounts to US$ 462 million (100% US$ 660 million).
Cadence updated the Mineral Resource Estimate on November 2nd
2020, increasing the MRE by 21%. The current MRE contains a Mineral
Resource of 176.7 million tonnes grading 39.7% Fe in the Indicated
category and Mineral Resource of 8.7Mt at 36.9% in the Inferred
category, both reported within an optimised pit shell and using a
cut-off grade of 25% Fe.
Details of Ownership and Joint Venture Agreement
Cadence owns 27% of the Amapa Project, with our joint venture
partner, Indo Sino Pty Ltd ("Indo Sino"), owning the remaining 73%.
The ownership of Amapa is via a joint venture company, Pedra Branca
Alliance Pte. Ltd. ("JV Co"), which owns 100% of the equity of DEV
Mineração S.A. ("DEV"). Should Indo Sino seek further investors or
an investment in the JV Co, Cadence has a first right of refusal to
increase its stake to 49%.
- Ends -
For further information: Cadence Minerals plc +44 (0) 7879 584153
Andrew Suckling
Kiran Morzaria
WH Ireland Limited (NOMAD
& Broker) +44 (0) 207 220 1666
James Joyce
Darshan Patel
Novum Securities Limited
(Joint Broker) +44 (0) 207 399 9400
Jon Belliss
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.
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 Cadence
Minerals Plc'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 Cadence
Minerals Plc. Although any forward-looking statements contained in
this announcement are based upon what the Directors believe to be
reasonable assumptions. Cadence Minerals Plc cannot assure
investors that actual results will be consistent with such
forward-looking statements.
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