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(Alliance News) - Investment company Cadence Minerals PLC on Monday said it has agreed to reinstate a railway permit to transport ore between the Amapa iron ore mine and the Santana port in Brazil.
The reinstatement of the railway concessions follows Cadence's investment in the Amapa project and the subsequent release of USD2.5 million currently held in escrow.
Following settlement of a second precondition - to reach a settlement agreement with the bank creditors in regards to the secured bank lending - Cadence will own 20% of the Amapa project.
The reinstatement of the railway concessions was agreed among Cadence, Indo Sino Pte Ltd and the Amapa state government. The railway will be improved to an initial capacity of 5.5 million tonnes of iron ore per annum and will provide a passenger and goods service.
Cadence Minerals shares were up 4.8% at 8.12 pence each in London on Monday afternoon.
By Tapan Panchal; tapanpanchal@alliancenews.com
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