Cadence Minerals updates on its investment in the Amapa Iron Ore project

Cadence Minerals plc (LON:KDNC) has provided an update on its investment in the Amapa Iron Ore Project, Brazil.

Progress with Secured Bank Creditors

Since our last update in early August, DEV Mineração S.A’s Cadence and Indo Sino Pty Ltd have continued a constructive dialogue with the secured bank creditors and the parties are currently negotiating the settlement terms as proposed by the Bank Creditors.

As mentioned in previous announcements, the remaining major precondition for Cadence to make its initial investment in the Amapa Project requires DEV to reach a settlement agreement with the Bank Creditors. On completion of the conditions and the release of the Cadence escrow monies, Cadence will become a 20% shareholder in the Amapa Iron Ore Project via our joint venture company which will own 99.9% of DEV Mineração S.A’s.

Further details about Cadence’s rights, potential investment, and the Judicial Restructuring Plan in relation to the Amapa Project are presented in our annual accounts published at the end of June and the announcements of the 30 August 2019 and 7 August 2019.

Commercial Court of São Paulo (“the Court”)

On the 28 July, the Court, responding to an appeal by the Bank Creditors, reaffirmed its decision of April this year allowing DEV to commence shipping iron ore from the stockpiles situated at DEV’s wholly-owned port in Santana, Amapa. Cadence has been informed that the Bank Creditors have now filed an appeal to a higher court, none the less the original ruling still remains in force.

Click to view all articles for the EPIC:
Or click to view the full company profile:
Facebook
Twitter
LinkedIn
Cadence Minerals

More articles like this

Cadence Minerals

Cadence sees 15-year mine life for Amapa in new MRE

A new Mineral Resource Estimate on Cadence Minerals’ Amapa iron ore project in Brazil has shown total measured, indicated and inferred mineral resources of 276.24 million tonnes, grading 38.33% Fe. The new measured resource, which is

Cadence Minerals

Cadence Minerals steady increase in project value

Cadence Minerals plc (LON:KDNC) has updated shareholders on the progress of its principal investments. Highlights: ·      Completion of Amapa Ore Reserve Estimate supports planned 15-year mine life ·      Cadence increases Amapa stake to 30% through conversion of loans,

Cadence Minerals

Iron ore rises

Singapore and Dalian iron ore futures edged up on Monday, after data showed top steel producer China’s economy rebounded at a faster-than-expected pace in the third quarter, but concerns about COVID-19 curbs and property slump kept

Cadence Minerals

Europe joins the ‘white gold’ rush for lithium

With the EU committed to making electric vehicles widely available by 2035, the demand for metals required to produce batteries, particularly lithium, is expected to explode. The market is currently dominated by a handful of countries,

Cadence Minerals

Interview with Kiran Morzaria

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.

Cadence Minerals

Iron ore price rises

Iron ore futures rose on Tuesday, with Singapore prices rebounding after two straight sessions of losses, as top steel producer China resumed ramping up output to cash in on increased construction activity during the September-October peak

Cadence Minerals

Iron ore futures rebound

Iron ore futures rebounded from two-week lows on Thursday, bolstered by rising steel output in top producer China and expectations of higher demand for the steelmaking ingredient ahead of the country’s Golden Week holiday. The most-traded

Cadence Minerals

Iron ore price climbs

Iron ore futures rebounded on Monday after last week’s selloffs, as traders bet the bottom has been reached despite lingering concerns about intensified covid-19 restrictions in top steel producer China. The most-traded January iron ore on

Cadence Minerals

Iron ore rebounds

Dalian and Singapore iron ore futures rose on Monday, after China cut benchmark lending rates to support its economy, but the price rally is expected to be short-lived as demand outlook remains cloudy. China cut its

Cadence Minerals

Iron ore futures rebound

Dalian and Singapore iron ore futures rose on Tuesday, buoyed by news of further government support for Chinese property developers hit by a deepening financial crisis, but China’s worrying economic backdrop capped gains. The most-traded iron

Cadence Minerals

Iron ore price rises

Iron ore prices rose on Friday as a recovery in steel margins in China eased concerns over weak demand for the steelmaking ingredient. According to Fastmarkets MB, benchmark 62% Fe fines imported into Northern China were

Cadence Minerals

Iron ore creeps higher

Dalian and Singapore iron ore futures rose in a volatile session on Tuesday, as traders focused on improving steel margins in top steel producer China, while weighing prospects of further output cuts. The most-traded iron ore,

Cadence Minerals

Iron ore soars

Iron ore futures soared on Monday, extending a rally spurred by hopes of an economic rebound for top steel producer and consumer China in the third quarter, and support for the country’s troubled property sector. The

Cadence Minerals

Lithium industry is growing at a rapid pace

At this year’s Fastmarkets Lithium Supply and Raw Materials conference, experts shared their thoughts on how the geopolitics of lithium are changing. The lithium industry is growing at a rapid pace to keep up with the increasing demand