Cadence today announces it has signed a Heads of Terms with an “offtaker” for funding the restart of the Azteca plant as part of the Amapá project in Brazil. This project will reprocess the “Dyke 5 partially processed high-grade material” to produce 380kt/yr for ~3 years of 65% iron ore to ship to China. The project funding required is $4.6m which is split $3.5m for the plant ($1.1m for licence and permitting, $2.4m for plant refurbishment and, payable in tranches) and $1.2m for working capital ....
