Cadence Minerals (LON: KDNC) is closer to reopening the Amapá iron ore operation, located in the namesake state in northern Brazil, which was owned by Anglo American and Cliff Natural Resources until late 2013.
The mining company now has bank credit committee approval for its secured bank creditors to execute a settlement agreement that would grant it a 20% stake in the project. Inked in 2019, the $6 million deal allows it to acquire up to a 27% stake in Amapá from Indo Sino.
Cadence Minerals plc (LON:KDNC) provides mining services. The Company focuses on finding lithium and other technology minerals in new places, as well as offers extracting services.