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First Iron Ore Shipment From Amapa Since 2015
First Iron Ore Shipment From Amapa Since 2015.
About this update from Cadence Minerals Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 7252T\n Cadence Minerals PLC\n 29 March 2021\n \n \n \n \n Cadence Minerals Plc\n \n \n (\"Cadence Minerals\", \"Cadence\" or \"the Company\")\n \n \n \n \n \n Inaugural Shipment of Iron Ore from the Amapa Iron Ore Project, Brazil\n \n \n \n \n \n Cadence Minerals (AIM/NEX: KDNC; OTC: KDNCY) is pleased to announce that DEV Mineraço S.A's (\"DEV\") has commenced the shipment of the iron ore stockpiles from Santana, Amapa, Brazil. This shipment was approved via a court petition (details of which can be found \n \n here\n \n ) and represents the first shipment of Iron Ore from this asset since its closure in 2015.\n \n \n \n \n \n Highlights:\n \n \n \n \n \n · \n The first shipment of 45,000 tonnes of iron ore from the Amapa Iron Ore Project has commenced\n \n \n · \n The vessel is currently loading and is due to sail this week\n \n \n · \n Iron Ore 62% Fe, CFR China at US$167.05 per tonne (26/02/2021)\n \n \n · \n Approximately 1.39Mt of iron ore currently stockpiled as DEV's wholly-owned port\n \n \n · \n Operations are continuing in Brazil to prepare for the next shipment\n \n \n \n \n \n On 19 February 2021, the State of São Paulo Upper Court published the ruling allowing DEV to export sufficient iron ore to realise a US$10 million profit. Soon after, operations restarted moving material from DEV's wholly-owned port to Docas De Santana some 2 km away.\n \n \n \n \n \n DEV worked with Indo Sino Pty Ltd (\"Indo Sino\") and Cadence to start operations, charter a vessel and carry out a competitive bid process for the cargo. The buyer is one of the world's largest globally diversified natural resource companies and a major producer and marketer of commodities.\n \n \n \n \n \n The first portion of the net revenues shall be used to pay historic small and employee creditors (~US$2.5 million), after which approximately US$ 6 million of the net revenues will be used to begin recommissioning studies on the Amapa Iron Ore Project. The remaining net revenues will be used to provide working capital for the operations and payment against the outstanding amount due to the Bank Creditors.\n \n \n \n \n \n Operations continue at the port in preparation for the next shipment, and at the mine, security has been put in place and tailing dam maintenance has co...