Cadence today announces that it will begin shipping iron ore from its 1.4Mt stockpile this week. A first shipment of 45kt of iron ore from the port site will be exported to allow for a $10m profit. The profit will be used to 1) settle the “small” and employee creditors ($2.5m); 2) begin recommissioning studies in the Amapa iron ore mine itself ($6m)and; 3) the remaining ($1.5m) for working capital for the Cadence JV (DEV Mineração S.A - between Cadence and its partner Indo Sino Pty Ltd) for lo ....
01 Apr 2021
WHI First Light: Cadence Minerals (KDNC) - First shipment of iron ore from Amapa stockpile
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WHI First Light: Cadence Minerals (KDNC) - First shipment of iron ore from Amapa stockpile
Cadence Minerals PLC (KDNC:LON) | 3.7 0 0.0% | Mkt Cap: 7.31m
- Published:
01 Apr 2021 -
Author:
Paul Smith -
Pages:
4
Cadence today announces that it will begin shipping iron ore from its 1.4Mt stockpile this week. A first shipment of 45kt of iron ore from the port site will be exported to allow for a $10m profit. The profit will be used to 1) settle the “small” and employee creditors ($2.5m); 2) begin recommissioning studies in the Amapa iron ore mine itself ($6m)and; 3) the remaining ($1.5m) for working capital for the Cadence JV (DEV Mineração S.A - between Cadence and its partner Indo Sino Pty Ltd) for lo ....