Cadence Minerals shares rise on Amapa environmental licence grant

(Alliance News) - Cadence Minerals PLC on Tuesday hailed a "highly significant regulatory milestone" after it was granted a preliminary environment licence for its Amapa mine in Brazil.

Shares in Cadence climbed 25% to 3.95 pence on Tuesday afternoon in London.

The investment and development firm said the licence, which was granted by the State of Amapa environmental authority, confirms the environmental feasibility, location and design of the mine' at its full planned capacity.

This comprises 5.5 million tonnes per annum of direct-reduction-grade iron ore concentrate.

The licence applies to the entire mine development plan, and covers open-pit mining, mineral processing, waste rock handling and associated tailings storage infrastructure, Cadence said.

The licence's progression is contingent on certain requirements being completed, which Chief Executive Kiran Morzaria said are "progressing well".

Looking ahead, Cadence said the next stage is the installation licence, which authorises the construction, refurbishment and installation of mine infrastructure.

"This is a highly significant regulatory milestone for Amapa. The grant of the preliminary licence confirms environmental acceptance of the mine at its full intended scale and marks a decisive step forward in the project's redevelopment," said Morzaria.

"Importantly, the LP validates the complete mine plan and provides the regulatory foundation to advance the Azteca processing plant as the first step toward production. With this key de-risking milestone achieved, our focus now turns to securing the installation licence and progressing refurbishment activities in line with our staged development strategy."

By Roya Shahidi, Alliance News reporter

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