Cadence Minerals said there was now bank credit committee approval for the secured bank creditors to execute the settlement agreement.
“Cadence can then vest its initial 20% and eventually a further 7%, which in practical terms means we have a clear path and process to get Amapá recommissioned, licensed and back into production,” CEO Kiran Morzaria said yesterday.
Cadence had agreed to acquire 27% of Amapa from Indo Sino in 2019.
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.