Member Info for Mullins58

428.48 at the moment

https://www.bloomberg.com/quote/CO1:COM

Thanks for posting.

B1, thanks. ATB

Y1101284, To spend his life annoying people. Very strange ! ATB

https://www.hellenicshippingnews.com/cadence-minerals-court-approval-to-commence-iron-ore-shipments/

All taken from the RNS. ATB

https://www.miningweekly.com/article/court-ruling-marks-major-milestone-for-reopening-of-amapa-iron-ore-mine-2020-04-14

Filterd

Finally
Cadence Chairman Andrew Suckling commented; "As we await final settlement with the bank creditors, our board took the decision that it was vital to commence shipment of iron ore as soon as possible. The enthusiasm shown by our JV partners in getting iron ore shipments underway promptly is also shared by the Cadence board, and in this regard I would like to thank shareholders, who have supported the placing to provide a bridging loan to make this possible."

Cadence CEO Kiran Morzaria commented; "As we move ever closer to the Amapá restart, I am delighted that DEV are already at contract stage with several principal local contractors to commence the iron ore shipments and enter the operational phase of the asset. I now look forward to providing you all with further updates as operations gathers pace."

Cadence Amapá Project stake

As mentioned in previous announcements there remains only one major precondition for Cadence to make its investment in the Amapá Project and release the sum of US$2.5 million currently held in escrow in a judicial trust account ("Escrow Monies").

This precondition requires DEV to reach a settlement agreement with the secured bank creditors. On satisfaction of the prerequisites and the release of the Escrow monies, Cadence will become a 20% shareholder in the Amapá Project via our joint venture company which will own 99.9% of Dev.

Cadence's rights over the Amapá Project have been formalised in the Judicial Restructuring Plan of DEV and ratified by the São Paulo Bankruptcy court. Dev officers have been appointed in the Judicial Restructuring Plan, with acceptance of creditors.

While we await the settlement with the secured bank creditors, The JV Partners will work with DEV to advance the restart of the Amapá Project using the proceeds of the iron ore, accelerating the production from the Amapá Project.

About the Project

The Amapá Project was owned by Anglo American plc and Cliffs Natural Resources and consists of a large-scale iron ore mine, beneficiation plant, railway and private port. In 2012 the operation produced 6.1 Mt of iron ore concentrate and reported operating profits from their 70% ownership in the Amapá Project of US$120 million (100% - US$171 million). Before its sale in 2012, Anglo American valued its 70% stake at US$462m in its 2012 Annual Report (100% - US$600m).

As previously announced, the total historical mineral resource contains an estimated 348 Mt of ore @ 38.9% iron content ("Fe"). The ore is beneficiated at the mine to 65% Fe Pellet Feed and 62% Fe Spiral Concentrate. Based on available historic mine plans and an independent consultant review, it is expected that at full production the Amapá Project has a mine life of 14 years and at full capacity is targeting to produce up to 5.3 Mt of iron ore per annum.

Highlights

· Shipping of first iron ore is on target for late Q2 2020 / early Q3 2020

· Shipment is planned via 45,000-tonne bulk carriers at a rate of 2 -3 every two months

· Independent surveys of these iron ore stockpiles indicate that some 1.39 million tonnes of iron ore are available for export with a stockpile average Fe grade of approx. 62.14%

· Principal local contractors are identified, and contracts are being finalised

· Movement of the stockpile to public port is expected in July 2020

· Cadence has agreed to fund initial working capital via a bridging loan to DEV Mineração S.A., owner of the Amapá iron ore project ("DEV") and has funded this via a placing of new ordinary shares to raise £525,000

The news flow will start shortly and the SP will respond accordingly.

obs, I agree mate.

tom. incredible that some think we borrowed rather then lent. I have them filtered. ATB

Exactly. ATB

rjt, Thanks for posting. HAGWE

DEV has identified that it will require start up working capital to begin operations and Cadence has agreed to fund these amounts, via a bridging loan bearing an annual interest rate of 18% and repayable over four months from the date of advance, which we expect to be in early May 2020.

https://www.bloomberg.com/quote/CO1:COM

this morning. ATB