Business
Port Concession Update, Amapa Project
Port Concession Update, Amapa Project.
About this update from Cadence Minerals Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 8805Q\n Cadence Minerals PLC\n 01 November 2021\n \n \n \n \n Cadence Minerals Plc\n \n \n \n \n \n (\"Cadence Minerals\", \"Cadence\")\n \n \n \n \n \n Port Concession Update, Amapa Project\n \n \n \n \n \n Cadence Minerals (AIM/AQX: KDNC; OTC: KDNCY) is pleased to announce \n the approval of the change of control request for the federal port concession owned by DEV Mineraço S.A.'s (\"DEV\") (\"Port Change of Control\"). Alongside the reinstatement of the life of mine railway concession by the State of Amapa in December 2019, details of which can be found \n \n here\n \n , both these approvals represent two essential regulatory requirements over the critical infrastructure to operate the integrated Amapa Iron Ore Mine (\"Amapa Project\")\n \n \n \n \n \n DEV, Cadence and Indo Sino Pte. Ltd. (\"Indo Sino\") have been liaising with the Agencia Nacional De Transportes Aquaviarios (\"ANTAQ\") to approve the Port \n Change of Control. The federal port concession is one of the licenses required to operate DEV's privatley owned port in Santana, Amapa. The approved Port Change of Control will occur once Cadence's and Indo Sino's joint venture company Pedra Branca Alliance Pte. Ltd. (\"JV Co\") is the 99.9% owner of DEV. As part of the Port Change of Control, ANTAQ has agreed to cease the recommended abrogation of the port concession. In addition, DEV has agreed to pay the outstanding fines of approximately US$267,000 to ANTAQ, 30 days after our JV Co takes control of DEV.\n \n \n \n \n \n DEV ownership will pass to the JV Co once DEV, Cadence and Indo Sino have executed the settlement agreement with the secured bank creditors. Further details of the settlement agreement can be found \n \n here\n \n .\n \n \n \n \n \n This approval represents a significant step forward in the licensing process to bring the Amapa project back into production. DEV continues to progress the licensing workstream across the multiple regulatory authorities, and we will update our shareholders as this progresses.\n \n \n \n \n \n \n Cadence CEO, Kiran Morzaria, commented:\n \n \n \n \"The Port Concession marks another significant step along the road to bring the Amapa Project back to life. Licensing and permitting often represent a substantial risk in the development of minera...