Business
Bacanora Minerals update
Bacanora Minerals update.
About this update from Cadence Minerals Plc
[{"type":"text","content":"\n \nRNS Number : 1209F Cadence Minerals PLC 15 May 2017 \n\nCadence Minerals Plc\n \n(\"Cadence Minerals\" or \"Cadence\")\n \nBacanora Minerals Board Changes and Project Update\n \nCadence (AIM/NEX: KDNC; OTC: KDNCY) is pleased to announce that Bacanora Minerals Plc (\"Bacanora\") has announced changes to its board as well as providing an update on its flagship Sonora Project ('Sonora') in Mexico where a Feasibility Study ('FS') for a 35,000 tonnes per annum lithium carbonate operation is now on course for completion in late 2017. The Company has also recently commenced a FS for the Zinnwald Project ('Zinnwald') located near Dresden, Germany. \n The full Bacanora release is available at: http://www.investegate.co.uk/bacanora-minerals-ld--bcn-/rns/board-changes-and-operations-update/201705150700100678F/ .\n Project Updates\nSonora, Mexico\nFS activities continue on the Sonora Project, which is one of the world's larger lithium resources. Metallurgical test work continues at the SGS laboratories in Perth and Ausenco Limited is currently completing the flow sheet design and mass balance to finalise operating and capital cost estimates. IMC Mining Consultants in Tucson has commenced mine planning and equipment selection for the open pit mining operation. Within Sonora, local infrastructure, energy and natural gas supplies and consumable chemicals for the project continue to be a focus as a result of the previously reported increases in costs for natural gas and chemical reagents. The FS report will also include an updated Mineral Resource Estimate ('MRE') and geological model by SRK Consulting (UK) Limited based on the infill drilling programme which was completed in Q3 2016. \n The pricing environment for lithium carbonate has strengthened to close to US$12,000/t from an average of around US$6,000/t in 2015 (source: http://trugroup.com/lithium-market-conference.shtml). The pricing of lithium carbonate shipments to China and Japan remained strong in January 2017, with reported sales by major producers in the region of $12,000/t and spot sales in Japan and China around $15,000/t (source: (https://seekingalpha.com/article/4040100-lithium-miner-news-month-january-2017). With this in mind, the Company will update the pricing assumptions in its FS and expects...