Less Ads, More Data, More Tools Register for FREE

Pin to quick picksCadence Mineral Share News (KDNC)

Share Price Information for Cadence Mineral (KDNC)

London Stock Exchange
Share Price is delayed by 15 minutes
Get Live Data
Share Price: 4.10
Bid: 4.00
Ask: 4.20
Change: 0.00 (0.00%)
Spread: 0.20 (5.00%)
Open: 4.10
High: 4.10
Low: 4.05
Prev. Close: 4.10
KDNC Live PriceLast checked at -

Watchlists are a member only feature

Login to your account

Alerts are a premium feature

Login to your account

Cadence Minerals jumps as it leaps last hurdle for Amapa ownership

Wed, 29th Dec 2021 09:27

(Alliance News) - Cadence Minerals PLC said Wednesday it has entered into a binding settlement agreement with the secured bank creditors of Dev Mineracao SA, the owner of the Amapa iron ore project in Brazil.

Shares in the London-based investor in mineral resources were 36% higher in London on Wednesday morning at 26.50 pence each.

The agreement is the last major precondition for Cadence to vest its initial USD2.5 million for 20% of the large-scale Amapa iron ore mine, beneficiation plant, railway and private port.

As a result, Cadence and Indo Sino's joint venture have now secured 100% ownership of Amapa. Cadence has already begun work on the next investment phase to earn an additional 7% of Amapa for USD3.5 million.

Chief Executive Kiran Morzaria said the deal represents its "greatest achievement to date as a mining investment company".

The original credit facility provided to Dev Mineracao had a principle amount outstanding of USD135 million. The agreement settles all of the principle amount plus all interest, default interest, outstanding costs and fees, Cadence said. The new facility is secured over all of Dev Mineracao's equity and assets.

The agreement will see the total principle amounts owed to the creditors reduced to USD103 million from about USD231 million. This will be paid over two years and will come from the net profits from the sale of Dev Mineracao's iron ore stockpiles.

"We have already embarked on Phase 2, where Cadence will vest an additional USD3.5 million to take our holding to 27%. Given the rate of progress that I saw on visiting Amapa in October, I have every confidence that the day when our newly recommissioned mine re-commences production will come, at which point the nascent value in the project will be realised for the benefit of all our investors and shareholders," Morzaria added.

Non-Executive Chair Andrew Suckling said: "The opportunity is simply huge. Amapa was once owned Anglo American PLC, and we fully intend to restore the mine and infrastructure to its former glory, and more besides given that we intend to produce a higher quality product mix. Even now, the value of this transaction is only starting to register with the markets, something I truly believe will change dramatically in the coming years."

Anglo impaired the asset in its 2012 accounts to USD462 million, holding a 70% stake in the mine at the time.

By Paul McGowan; paulmcgowan@alliancenews.com

Copyright 2021 Alliance News Limited. All Rights Reserved.

More News
9 Dec 2019 14:36

Cadence Minerals Reinstates Railway Permit For Amapa Mine

Cadence Minerals Reinstates Railway Permit For Amapa Mine

Read more
25 Nov 2019 17:27

Cadence Minerals Yangibana Partner Reports Successful Bulk Sample Test

Cadence Minerals Yangibana Partner Reports Successful Bulk Sample Test

Read more
20 Nov 2019 14:26

European Metals Signs Cinovec Partnership And Investment Deal With CEZ

European Metals Signs Cinovec Partnership And Investment Deal With CEZ

Read more
4 Nov 2019 16:03

Cadence Minerals Reports Revised Mineral Resource At Yangibana Project

Cadence Minerals Reports Revised Mineral Resource At Yangibana Project

Read more
22 Oct 2019 11:11

Cadence Minerals Yangibana Partner Hastings Awards EPCM Contract

Cadence Minerals Yangibana Partner Hastings Awards EPCM Contract

Read more
14 Oct 2019 10:13

Bacanora Lithium Shares Jump 20% On Completion Of Chinese Investment

Bacanora Lithium Shares Jump 20% On Completion Of Chinese Investment

Read more
27 Sep 2019 11:02

Cadence Minerals Loss Narrows Very Sharply On Assets Held For Sale

Cadence Minerals Loss Narrows Very Sharply On Assets Held For Sale

Read more
16 Sep 2019 18:15

Cadence Investee Macarthur Continues Moonshine Drilling Program

(Alliance News) - Cadence Minerals PLC said Monday investee Macarthur Minerals has started its diamond and reverse circulations drilling program in the central region of the Moonshine deposit at a

Read more
16 Sep 2019 14:41

Cadence Minerals Investee Auroch Starts Saints Nickel Project Drilling

(Alliance News) - Natural resources investment company Cadence Minerals PLC said Monday that investee Auroch Minerals Ltd has started its maiden drilling programme on its recently acquired Saints

Read more
13 Sep 2019 16:03

UK Shareholder Meetings Calendar - Next 7 Days

Monday 16 SeptemberBCA MarketplaceCobham (re acquisition by AI Convoy Bidco)Tuesday 17 Trust of

Read more
3 Sep 2019 13:30

Cadence Minerals Says Investee Auroch Seals Approval For New Drilling

(Alliance News) - Cadence Minerals PLC said Tuesday that investee Auroch Minerals Ltd had received all permits to begin its maiden drilling programme as a recently acquired nickel Auroch - in a -

Read more
30 Aug 2019 10:32

WINNERS & LOSERS SUMMARY: Grafton Rises On Higher Profit And Dividend

(Alliance News) - The following stocks are the leading risers and fallers within the main London indices on Friday.----------FTSE 250 - WINNERS----------Grafton, up a

Read more
22 Aug 2019 17:27

REPEAT: Cadence Says Macarthur Mulls Dual Listing, Drills Lake Giles

(Alliance News) - Cadence Minerals PLC said its investee Macarthur Minerals Ltd is mulling a dual listing and has begun drilling in its Lake Giles project in Australia.Macarthur, which has

Read more
22 Aug 2019 17:25

Cadence Says Macarthur Seeks Dual Listing, Being Lake Giles Drilling

(Alliance News) - Cadence Minerals PLC said its investee Macarthur Minerals Ltd is mulling a dual listing and has begun drilling in its Lake Giles project in Australia.Macarthur, which has

Read more
20 Aug 2019 11:26

Cadence Minerals leaps as Yangibana Project wins environmental approval

(Sharecast News) - Cadence Minerals shares jumped on Tuesday as it announced the granting of an environmental permit for the Yangibana Rare Earths Project in the Gascoyne region of Western Australia.

Read more

Login to your account

Don't have an account? Click here to register.

Quickpicks are a member only feature

Login to your account

Don't have an account? Click here to register.