RE: RNS2 Nov 2020 07:04
Non-Executive Chairman Andrew Suckling commented:
"On behalf of our board, I am delighted to report progress with the legal drafting of the settlement agreement with the Amapá bank creditors. Bringing Amapá out of administration and into the recommissioning phase is a complex and detailed process, and I would like to thank all those involved for their tireless efforts in making this happen, despite the severe restrictions imposed by COVID-19."
"The excellent developments on the operational front move us ever closer to bringing Amapá back to life, and along with the updated mineral resource statement, we see the value, both in the project and also on a macro level, the potential for prosperity and employment in the Amapá region, increase exponentially."
Cadence CEO Kiran Morzaria commented:
"I have said on many occasions that putting together and executing a transaction to bring Amapá out of administration is a complex and protracted progress. Nonetheless, we have made excellent progress in bringing this previously abandoned iron ore mine back to life and towards completion of the first phase of our investment. Once made, this investment will mark a historic milestone for Cadence, and as our Chairman has pointed out, it will potentially transform the prospects for employment and prosperity in the region of Amapá. I look forward to updating the market on further progress."
"I would also like to put on record my sincere thanks to the board and our team on the ground, who have worked tirelessly to bring us to this point amidst the unprecedented disruption created by COVID-19."
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