TIDMKDNC
RNS Number : 9979H
Cadence Minerals PLC
09 August 2021
Cadence Minerals Plc
("Cadence Minerals", "Cadence")
Macarthur Minerals (TSX-V: MMS, ASX: MIO) Strengthens DSO Export
Position in the Yilgarn Region With Additional Rail Haulage
Deal.
Cadence Minerals (AIM/NEX: KDNC; OTC: KDNCY) is pleased to note
that Macarthur Minerals (TSX-V: MMS) (ASX: MIO) (the "Company" or
"Macarthur") has announced that it has agreed terms with Aurizon
("Aurizon"), for the transport of direct shipment ore (DSO) at a
rate of up to 500,000 tonnes per annum between West Kalgoorlie and
Kwinana.
Macarthur's combined rail position now extends the Company's
potential access to rail haulage capacity in Western Australia to
almost 1 million tonnes over the next 12 months, and up to 2.1
million tonnes in aggregate over 4 years, subject to securing
matching port access.
Increasing Macarthur's aggregated rail access is critical to
accelerating the Company's early revenue objectives. The maximising
of rail capacity is subject to successfully securing matching
capacity at Fremantle and Esperance ports.
The Company's continued incremental approach to building rail
access is both deliberate and strategic as it seeks to maximise
opportunities for the export of iron ore products at the earliest
available opportunity.
Key Agreement Terms
The rail haulage agreement with Aurizon requires the transport
of a minimum of 450,000 tonnes over a term of 12 months and is
subject to satisfaction of certain conditions precedent (which
include Macarthur securing matching port access on commercially
acceptable terms, and Aurizon achieving a number of regulatory
approvals).
Enhancing the Pathway for Export
The agreement with Aurizon increases Macarthur's potential
contracted rail capacity in Western Australia to just under 1
million tonnes over the next 12 months (and up to 2.1 million
tonnes in aggregate over the next 4 years).
Aurizon's Bulk business is the largest transporter of Iron Ore
outside the Pilbara. Rail Capacity is an important link in an
emerging transport solution that will enable Macarthur to take
advantage of the strong iron ore pricing conditions and target
early revenue generation in the current commodity cycle.
Macarthur's early revenue generation targets include the export of
GWR's DSO products whilst the Company completes its planning
mining, production and export of a DSO product from Ularring at the
earliest available opportunity.
DSO and Magnetite Project Financing to be Accelerated
With Macarthur's various production strategies now gaining
material traction, the Company is determined to accelerate its
project financing.
Anticipated cash inflows from Warrants
During the course of September and December this year, a
material number of in-the-money warrants are anticipated to be
exercised. Those warrant holders electing to exercise will be
delivered an opportunity to consolidate their position, and this
will in turn, provide the Company with funds to support the pursuit
of revenue generating activities.
DSO Funding
In response to material milestones being achieved on project and
logistics planning, Macarthur now intends to accelerate
arrangements for project financing to support DSO mining operations
at Ularring. Management has already advanced its pre-planning over
the course of the last several months, and a funding process (at a
yet to be determined future price) to support the debt/equity
capital requirements for the DSO mining operations is being
progressed.
The Company is intending to open formal negotiations for
mandates for the purpose of settling the engagements and
structuring for the raise of required debt/equity funding to
support future DSO mining operations.
Magnetite Funding
Finally, the Company intends to open negotiations for a mandate
(or mandates) to secure an early, conditional equity and debt
funding deal that will enable Macarthur to progress towards first
magnetite production following delivery of the current Feasibility
Study. Part of this funding would be allocated to necessary
pre-production activities to streamline the delivery of the
magnetite project. Opportunities for an early combined funding
solution that can support both the planned DSO mining operations
and financing of magnetite mining operations through to first
production are being actively pursued.
The acceleration of Macarthur's financing strategy is now firmly
in motion as it strengthens its resolve to transition into
production as quickly as possible.
Andrew Bruton, CEO of Macarthur Minerals commented: "This
agreement has the potential to increase Macarthur's overall access
to rail haulage capacity and enhances the foundations for the
Company's ambitions to commence iron ore exports as soon as
possible. It is another pleasing step towards realising our
objective to transition to revenue generating activities and
Macarthur is delighted to be partnering with Aurizon. With
continued diligence, resolve and respectful engagement with key
stakeholders, we remain very optimistic that it is now not a matter
of if, but when, the Company will finally conclude the balance of
the necessary arrangements that will enable it to commence moving
and exporting iron ore products. This is only the beginning of the
next phase of Macarthur's journey - walk with us and discover
something big."
Link here for the full announcement:
https://finance.yahoo.com/news/macarthur-strengthens-dso-export-position-120000481.html
Cadence Minerals Holding in Macarthur
Cadence holds approximately 1% of the issued equity interest in
Macarthur, which is an Australian mining exploration company
focused primarily on iron ore, nickel, lithium and gold in Western
Australia. It also has a lithium project in Nevada, USA.
This news release is not for distribution to United States
Services or for Dissemination in the United States.
- 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 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.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
MSCGIGDILXGDGBC
(END) Dow Jones Newswires
August 09, 2021 04:39 ET (08:39 GMT)
Cadence Minerals (LSE:KDNC)
Gráfica de Acción Histórica
De Mar 2024 a Abr 2024
Cadence Minerals (LSE:KDNC)
Gráfica de Acción Histórica
De Abr 2023 a Abr 2024
