RE: RNS11 Oct 2021 08:07
Cadence Non-Executive Chairman, Andrew Suckling, commented; "As I have said previously, in my time working with commodity projects around the world, I have rarely if ever seen a lapsed mining project with this sort of potential. Today's announcement is a landmark for Amapa, both in terms of certainty for DEV employees, the wider Amapa community and for Cadence shareholders. I know how hard the team on the ground there have worked to make this happen, and on behalf of our board I would like to express our thanks and gratitude to DEV, the Government of Amapa, the team of local Government officers and bank committees and administrators for contributing to this momentous step in our history."
"In its previous life, Amapá's output contributed significantly to the regional economy. Once again it is set to create new opportunities for the community, and will help to improve prospects in employment, health and education for this region in Brazil as the world emerges from the COVID crisis."
Cadence CEO, Kiran Morzaria, commented: "After a long and protracted process, I am delighted to be able to announce to you that we have now received Credit Committee Approval for the secured bank creditors to execute the Settlement Agreement. Cadence can then vest its initial 20% and eventually a further 7%, which in practical terms means we have a clear path and process to get Amapá recommissioned, licensed and back into production."
"On my arrival at Amapá last week, I was deeply impressed by the rapid progress made by the DEV team, with reconstruction of some of the administrative and community infrastructure already well advanced. We look forward to working alongside both DEV and Indo Sino to continue to develop this asset , creating further opportunity and prosperity for the Amapa region, and of course delivering ongoing value for all stakeholders."
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