Business
Progress at the Amapá Project & Corporate Update
Progress at the Amapá Project & Corporate Update.
About this update from Cadence Minerals Plc
[{"type":"text","content":"\n\nCadence Minerals Plc\n \n(\"Cadence Minerals\", \"Cadence\", or \"the Company\")\n \nProgress at the Amapá Iron Ore Project and Corporate Update\n \nCadence Minerals (AIM/NEX: KDNC; OTC: KDNCY) is pleased to provide an update on the developments at the Company's flagship Amapá Iron Ore Project in Brazil (\"Amapá Project\"), with updates also provided on our other investments.\n \nHighlights:\n \n· Optimisation studies to reduce Amapá plant capital expenditure are nearing completion.\n· An additional processing flow sheet is being developed to increase product quality to 67% iron ore concentrate.\n· Operational environmental licensing at the Amapá Project is on schedule, with the expected grant of the installation licenses over the mine, wholly owned port, railway, beneficiation plant and mine during 2024.\n· Project financing discussions continue, with expressions of interest in project equity financing. This is in addition to the current MoU with TCIDR for the debt financing of the Amapá Project.\n \nCadence CEO Kiran Morzaria commented: \"I am delighted to report that the Amapa project has taken a substantial series of steps forward since we announced the MoU with TCIDR in October 2023. The Board fully expects to be able to deliver cost savings once the capital and operating expenditure review is complete, added to which the engineering team have identified a flowsheet which can produce a 67% concentrate product instead of the previously proposed 62% and 65% product mix. This will mean an improvement in margins and project economics, building upon an already robust U$949 million net present value.\"\n \n\"As we remain on schedule to secure the installation licences by the end of this year, we are seeing expressions of interest from potential partners to invest into the project equity finance element. Once completed, the recommissioned Amapá mine can restart production.\"\n \n\"Your Board have also completed the sale of Hastings Technology Metal shares, delivering a 30% realised return, which has been immediately reinvested into Amapá, with the cancellation of our Aquis listing also delivering a further cost saving. I look forward to reporting...