Cadence Minerals PLC Approval of further Amapa Iron Ore Shipment (4345G)
26 Julio 2021 - 3:50AM
UK Regulatory
TIDMKDNC
RNS Number : 4345G
Cadence Minerals PLC
26 July 2021
Cadence Minerals Plc
("Cadence Minerals", "Cadence" or "the Company")
Approval of the Shipment of a further net US$10 million of Iron
Ore from the Amapa Project.
Cadence Minerals AIM/NEX: KDNC; OTC: KDNCY) is pleased to
announce that DEV Mineração S.A ("DEV") has been permitted to
export a further US$10 million (after the deductions of all
logistical, regulatory, shipping and sale costs) of iron ore from
its stockpiles situated at its port in Santana, Amapa, Brazil
("Second Permission"). This authority is in addition to the first
permission granted to DEV on 10 February 2021, in which it was
permitted to ship an initial US$10 million, net of costs, of iron
ore ("First Permission").
In August, DEV is scheduled to complete its fourth and last
shipment under the First Permission; the four shipments of 58%
beneficiated iron ore has netted approximately US$10 million to
DEV. On completion, DEV will begin the shipments to fulfil the
Second Permission.
The net profit from the sale of the iron ore will be used
primarily for commissioning studies, capital projects and working
capital. As per the First Permission, 10% of the net profits will
be reserved for payment against the amounts owed to the secured
bank lenders ("Bank Creditors").
A separate update as to the operational progress will be
published soon.
Cadence Interest in the Amapa Iron Project
As previously announced, in early September 2020, we announced
that DEV Mineração S.A's ("DEV"), Cadence and Indo Sino Pty Ltd
("the Investors") agreed in principle to the settlement terms
proposed by the Bank Creditors. The principal commercial terms
agreed in 2020 have not varied materially, and at the time of
writing, the final settlement is currently with the Bank Creditors
for comment and/or approval.
The execution of a settlement agreement with the Bank Creditors
would represent the satisfaction of Cadence's remaining major
precondition to make its initial 20% investment in the Amapa
Project. On completion of the conditions and the release of the
Cadence escrow monies, Cadence will become a 20% shareholder in the
Amapá Project via our joint venture company, which will own 99.9%
of DEV.
- 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
James Sinclair-Ford
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
funding sources), competitive advantages business prospects and
opportunities. Such forward-looking statements re ect the
Directors' current beliefs and assumptions 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 in this announcement are
based on 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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