Cadence reports that it has identified cost reductions for the Amapá iron ore project (35.1% Cadence) in Brazil following on-going efforts to enhance project economics. Mining costs have been reduced by over 35% and FOB costs are in turn reduced by over 19% derisking the project and enhancing Amapá’s position as a low-cost project. We update our fair value from 18.9p to 21.8p.