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Rns, this to me is a done deal,
Couple due later this month, but I presume could be shifted back if the deal isn't signed? Especially the second one. DCE closed crazily up! :-)))
Just for eyeguy: lol
Me neither but on the feed it does have green filtered posts appear. Today none.
Same as last time.
Excellent RNS.
By the way, The JRP schedule states the historic liabilities represents a discounted NPV10 debt value of approximately US$106 million, the majority of which is to be paid between years 7 to 17 of production.
when’s the next one ob... ??/??/??...
EG, I don't see any of their tosh, they are all filtered. ATB
At this stage of the process this news doesn’t get much better. All on track and accelerating the project ...
Well done Team Cadence!
Not one comment from the famous filtered 5.
Just like last time.
They will tell you how worried they are about how much the rail refurbishments may cost and run over, but they have nothing to say when the best RNs in years hits. Told ya
Well done BOD ! Long time coming and just the start of a great period for Kdnc going forward.
It’s a cracker ;)
it is... i’m reposting this from an earlier rns... i still think people are kidding themselves if they are waiting for the 20% rns... read it carefully... it explains exactly what is happening right now...
‘the jrp is part of a regulated process under the laws of brazil... in which the company under judicial review and investors can submit a recovery plan which will allow the company under judicial review... in this case... the amapá... to trade under a protected status while it recovers from its financial difficulties’...
Cadence CEO Kiran Morzaria commented, "We are pleased and proud that the sale and shipment of the second batch of iron ore from Amapa has completed so quickly. That the customer is once again one of the world's largest globally diversified natural resource companies is a clear signal that Amapa is very much back in business, with keen demand for its product."
"On behalf of the Cadence board, our gratitude and appreciation goes out once again to the men and women working to bring Amapa back to life, and who have worked tirelessly to complete this second shipment in a safe and efficient manner. "
Although in line with the Approved Petition, it is nonetheless immensely gratifying to see a substantial amount of Amapa's outstanding debts to former employees and creditors settled with the shipment sale profits, marking a small step along the road to improving prospects for employment and economic activity in the region."
Brilliant RNS . Up there with the best in years from this company
10 May 2021
Cadence Minerals Plc
("Cadence Minerals", "Cadence" or "the Company")
Second Iron Ore Shipment & Operational Update from the Amapa Project
Cadence Minerals (AIM/NEX: KDNC; OTC: KDNCY) is pleased to provide an operational update on the Amapa, Iron Ore Project, Brazil ("Amapa Project").
Highlights:
-- Shipping continues at pace - DEV Mineração S.A. ("DEV") has shipped and sold the second batch of iron ore from the stockpiles.
-- The loading of the 48,670 wet tonnes of iron ore sinter fines (approx. 58% Fe) at Companhia Docas de Santana ("CDSA") was carried out in record time.
-- R$7.5 million deposited into the judicial account, to be utilised to pay ex-employees and small creditors
-- The remainder of the profit from the first shipment is being utilised as per the Approved Court Petition
-- Key personnel have been engaged, including the head of shipping operations and the previous general manager of mine operations.
-- Re-instatement of operating licenses is progressing with a focus on DEV's private port concession.
Shipping
DEV has shipped and sold the second batch of the iron ore from the stockpiles at Santana, Amapa, Brazil. The loading of the 48,670 of the iron ore sinter fines (approx. 58% Fe) at CDSA was completed in record time (60 hours), which bodes well for DEV's plan to increase the frequency of shipping from CDSA over the coming months.
DEV worked with Indo Sino Pte Ltd ("Indo Sino") and Cadence to carry out a competitive bid process for the cargo. The buyer is one of the world's largest globally diversified natural resource companies and a major producer and marketer of commodities.
This shipment was approved via a court petition ("Approved Court Petition"), details of which can be found here , allowing DEV to export sufficient iron ore to realise a US$10 million profit.
Part Payment of Former Employees and Small Creditors
As part of the Approved Court Petition, DEV undertook that it would pay certain outstanding claims from former employees and small creditors from the net profit of the sale of the iron ore stockpile.
In this regard, DEV has transferred R$7.5 million to the judicial deposit account, representing some three-quarters of the amounts owed. KPMG Brasil will manage the payments to these creditors. Once fully paid, this will mark the completion of a crucial step in the Judicial Restructuring Plan ("JRP") approved by the creditors on 29 August 2019.The remainder of the profit from the first shipment of Iron Ore (Sinter Fines 58% Fe) is being utilised as per the Approved Petition.
Operations
Operations have continued to progress in regard to the recommissioning of the Amapa Project.
Key personnel have been engaged. A new head of shipping operations is now responsible for the efficient and safe movement of the iron ore shipments.
In addition, DEV has engaged a former general manager of mine operations. With over 27 years of operational and manageri