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7.65 0.40 (5.52%)

Bid:

7.30

Ask:

8.00

Spread: 0.70 (9.589%)

Market Cap: £31.31m

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Cadence Minerals shares jump on upwardly revised Amapa project value

Tue, 09th Jul 2024 12:13

(Alliance News) - Cadence Minerals PLC on Tuesday said its Amapa ore project in Brazil had a higher value than initially expected, following an updated prefeasibility study.

Cadence Minerals shares rose 29% to 3.99 pence each on early Tuesday afternoon in London.

The investment and development company noted a 20% increase of post-tax net present value to USD1.14 billion at a discount rate of 10%, with profit after tax of USD3.14 billion over the life of mine.

Further, it said there has been a 10% increase in average production after ramp-up to 5.82 million dry metric tonnes.

Cadence Chief Executive Kiran Morzaria said: "On behalf of our board, I am thrilled with the positive outcomes from the updated economic study at the Amapa ore project, along with further he significant progress made at Amapa. The increased net present value of USD1.15 billion and the enhanced post-tax internal rate of return demonstrate substantial improvements to the project's already robust economics."

He added: "The ongoing development of the 67% 'Green Iron' processing flow sheet and the project's 100% renewable power source exemplify our commitment to propelling Amapa forward to meet the growing demand for low-carbon iron ore and steel, while at the same time demonstrating a potential 43% uplift in projected annual net operating profit."

By Tom Budszus, Alliance News slot editor

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