Cadence Minerals PLC 4th Amapa Iron Ore Shipment Completed & En Route (1829J)
25 Abril 2022 - 02:53AM
UK Regulatory
TIDMKDNC
RNS Number : 1829J
Cadence Minerals PLC
25 April 2022
Cadence Minerals Plc
("Cadence Minerals", "Cadence" or "the Company")
Fourth Amapa Iron Ore Shipment Completed and En Route
Further to the announcement made on the 7 April 2022, Cadence
Minerals (AIM/NEX: KDNC; OTC: KDNCY) is pleased to announce that
DEV Mineração S.A's ("DEV") has completed the sale and shipment of
Iron Ore from the Amapa Iron Ore Project ("Amapa Project").
Highlights:
-- DEV has shipped and sold the fourth batch of iron ore from the stockpiles.
-- The loading of the 48,492 wet tonnes of iron ore sinter fines
(approx. 58% Fe) at Companhia Docas de Santana ("CDSA") was
completed on the 23 April
-- Iron Ore 62% Fe, CFR China at US$150 per tonne (22/04/2022)
-- Approximately 1.2 Mt of iron ore is currently stockpiled in DEV's wholly-owned port
DEV has shipped and sold the fourth batch of the iron ore from
the stockpiles at Santana, Amapa, Brazil. The loading of the 48,492
iron ore sinter fines (approx. 58% Fe) at CDSA was completed on 23
April, and the ship departed yesterday, 24 April. This shipment
represents the first iron ore export since Cadence vested its
equity interest (27%) in the Amapa Project earlier this year.
The first three shipments occurred in the first half of last
year and were approved via a court petition ("Approved Court
Petition"). Details of the Approved Court Petition can be found
here . The Approved Court Petition limited the sales of the iron
ore stockpiles to US$10 million of net profits ("Approved Court
Disposal Funds").
The Approved Court Disposal Funds were applied per the Approved
Court Petition, with DEV retaining a portion of the net profits.
These net profits and the earnings from the current shipment will
be paid to the Secured Banks Creditors as per the settlement
agreement announced on 29/12/2021.
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 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 under the Market Abuse
Regulation (EU) No. 596/2014
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