(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 Cadence has a 9.8% stake in, is currently listed in Canada but is now seeking advice for a potential listing in the Australian Stock Exchange.
Operationally, the company has commenced drilling in Lake Giles to obtain samples for metallurgical test work and for a resource category upgrade.
The investee has also engaged in discussions with commercial partners to provide power and water supply, mining services and for road and rail haulage.
Talks with commercial partners have also discussed the provision of port infrastructure development as well as process plant design and construction, Cadence said.
As well as the Lake Giles project, Macarthur, which is headquartered in Australia, operates a lithium project in the US state of Nevada.
Cadence Chief Executive Kiran Morzaria said: "The Cadence board remain enthused by the considerable scope of the Lake Giles iron ore project. We note Chief Executive Cameron McCall's comments regarding the proposed dual listing and completion of the feasibility study, and look forward to further progress."
Shares in Cadence closed 2.2% lower at 0.10 pence each in London on Thursday afternoon.
Cadence Mineral (KDNC)