Business
Macarthur & Jin Sung Intl - Strategic Agreement
Macarthur & Jin Sung Intl - Strategic Agreement.
About this update from Cadence Minerals Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 0037C\n Cadence Minerals PLC\n 15 June 2021\n \n \n \n \n Cadence Minerals Plc\n \n \n (\"Cadence Minerals\", \"Cadence\")\n \n \n \n \n \n Macarthur Minerals (TSX-V: MMS) (ASX: MIO) \n \n Signs Strategic Co-Operation Agreement With Diversified Conglomerate Jin Sung International.\n \n \n \n \n \n \n Cadence Minerals (AIM/NEX: KDNC; OTC: KDNCY) is pleased to note that Macarthur Minerals (TSX-V: MMS) (ASX: MIO) (the \"Company\" or \"Macarthur\") has signed a Cooperation Agreement (\"Agreement\") with diversified Singaporean-based conglomerate Jin Sung International Pte Ltd (\"Jin Sung\"), paving the way for a potential strategic investment into Macarthur's iron ore and non-iron ore assets.\n \n \n \n \n \n Established in 1967, the Jin Sung Group is a large, diversified producer of construction products with a procurement and trading business. Jin Sung is headquartered in Singapore and has diversified interests in a range of producing businesses and is also involved in the procurement and trading of coal, clinker, aggregate, molybdenum concentrate, copper cathodes, gold and silver. Jin Sung is now partnering with Macarthur under a non-binding Co-operation Agreement to explore the potential to bring high grade iron ore and battery minerals into its diverse portfolio of investments.\n \n \n \n \n \n The Jin Sung Group's interests had a total sales turnover of some USD700 million in 2020. The majority of the Group's 2020 turnover was attributable to its construction interests, predominantly in concrete products which have formed an integral part of a post Covid-19 infrastructure-led recovery. The Group's significant international operations are focused in south-east Asia, and include Korea, Singapore, Malaysia, Indonesia, Vietnam, Myanmar and Bangladesh.\n \n \n \n \n \n The non-binding Cooperation Agreement sets out the terms and conditions upon which the Parties intend to progress discussions on the development of a transaction involving a strategic equity investment in Macarthur's iron ore and non-iron ore assets (at the project level). Following completion of further due diligence, a strategic investment into Macarthur by Jin Sung would be subject to the execution and closing of definitive transaction documentation. \n \n \n \n \n \n The Agreement also facilitates...