Page212 Apr 2021 23:22
The mining company's president also thanked the partners of the journey in Amapá. “I would like once again to record my sincere thanks and gratitude for the tireless efforts of the management of Cadence, IndoSino and DEV and advisors to bring the project to fruition. Despite the severe interruption created by COVID-19, management remained focused on delivering the Amapá project as planned, while supported by a robust iron ore market that continues to justify the opportunity. At all times, our primary concern has been to ensure the safety and well-being of all our employees, and we continue to maximize our efforts to ensure that employees, shareholders, contractors and their families continue to remain safe and protected in these challenging times. . ” Cadence Minerals CEO Kiran Morzaria commented: “Amapá's first iron ore shipment since 2015 and the resulting gains represent a milestone of enormous significance, both for our board and for the team that worked so hard to bring the project back to life and for potential opportunities and benefits it will bring to the community in general in Amapá. With regard to secured bank creditors, we believe that all parties are aligned to conclude and execute the agreement that will see Cadence become a 20% shareholder in Amapá. I look forward to updating you on new developments as we move forward to complete the final phase of phase 1 of our investment plan in Amapá ”, he added. Wake upAlso according to the NMB, the first part of the net revenue obtained from the sale of the ore, of US $ 2.5 million, will be used to pay small creditors and employees. After that, about US $ 6 million will be allocated to start the commissioning studies for the Amapá iron ore project. The remainder of net revenue will be used "to provide working capital for operations and amortization of the balance due to creditor banks". RailroadCadence Minerals even announced that, following the approval of the judicial restructuring plan, in 2019, together with its partners, it agreed with the State of Amapá to reestablish a concession of the mine-railroad-port system to transport production. The so-called Amapá System belonged to Anglo American and Cliffs Natural Resources and consists of a large-scale iron ore mine, beneficiation plant, railroad and private port.
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