Cadence Minerals: First Amapa iron ore shipment completed and en route

Cadence Minerals plc (LON:KDNC) has announced that, further to the announcement made on the 29 March, DEV Mineração S.A’s has completed the sale and shipment of the first Iron Ore from the Amapa Iron Ore Project since 2015.

Loading of the ship was completed on the 30 March and she left the port of Santana yesterday, en route to the buyer. Operations continue at DEV to prepare for the next shipment.

Other Updates

Cadence is also pleased to announce that it has made the final repayment due under the convertible loans announced in 2019. There are no further convertible loan notes outstanding.

Webinar

Cadence will be presenting an investor webinar hosted by Vox Markets.The webinar will take place on 7th April 2021 at 5.30pm. Please register your interest and submit questions at: https://voxmarkets.brand.live/c/vox-markets-webinar-wednesday-april-7th

Cadence CEO Kiran Morzaria commented, “We are delighted to announce that the first Amapa iron ore shipment has completed and is now en route.”

“On behalf of the Cadence board, I would like to put on record our gratitude and appreciation of the tireless efforts of all of those involved in getting this shipment completed in an safe and efficient manner and ahead of schedule. This landmark first shipment from Amapa would not have been possible without the support of the local authorities and the state agencies who have not only assisted us in completing our first shipment but have also made a material difference in our efforts to create ne  employment and economic activity in the region.”

“I look forward to updating you further in the upcoming webinar after Easter.”

Cadence Interest In the Amapa Iron Project

In early September 2020, we announced that DEV Mineração S.A’s, Cadence and Indo Sino Pty Ltd agreed in principle to the settlement terms proposed by the secured bank creditors. Detailed discussions and drafting of the legal documents continue.

The execution of a settlement agreement with the Bank Creditors would represent the satisfaction of Cadence Minerals’ remaining major precondition to make its initial 20% investment in the Amapa Project. On completion of the conditions and the release of the KDNC escrow monies, the company will become a 20% shareholder in the Amapá Project via our joint venture company, which will own 99.9% of DEV.

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