Undervalued29 Apr 2020 20:30
Cadence Chairman Andrew Suckling commented; "The ruling from Brazil's São Paulo court marks a significant milestone for the re-opening of the Amapá iron ore project and its long-term benefits for stakeholders and the region. I would like to put on record my sincere thanks and gratitude for the tireless efforts by Cadence management, IndoSino and DEV and its advisors. This ruling brings the Amapá Project back to life.
Despite the severe disruption created by COVID-19, management has remained focused on delivering the Amapá Project as planned, all the while supported by a robust iron ore market that continues to justify the opportunity. Regardless, our primary concern at this time has been to ensure the safety and wellbeing of all our staff, and it is my fervent hope that employees, shareholders, contractors and their families continue to remain safe and secure through this challenging time."
Cadence CEO Kiran Morzaria commented; "For Cadence, this a significant step forward for the redevelopment of the fully integrated Amapá iron ore project. We are truly entering the operational phase of the asset, and despite the current turbulent and volatile market conditions, the iron ore prices remain robust. The whole Cadence and JV team have been active in delivering an excellent outcome for Amapá.
The shipment of the iron ore stockpile at the port of Santana will now trigger long overdue payments to hundreds of local ex-employees and small creditors. It will assist with funding the necessary recommissioning studies required to re-open the mine, which will, in turn, will rejuvenate the regional economy and provide significant employment, health and educational benefits for its people."
Our Chairman has previously referred to Amapá as a "Company Changing" project for Cadence, and it is now on its way to deliver this goal. With this in mind, I now look forward to providing shareholders with further updates as the recommissioning process moves forward."
From the court approval rns that states of take agreements plan to be met early q3, this is last official information from the company to share holders. Interview says 5 mil a month, no guess but a discussed roundabout figure, and also said they want to show shareholders they can do what that say and they are saying 5mil a month offtake end of q2 early q3. Surely that news will take us close to 40p, with emh and other assets maturing over the coming 12-24 months, surely we are at the begining of a transformational 6 months?
Am I super niece and can anyone without being harsh explain what it's wrong to think that what the rnss and interviews are saying are wrong?
He was literally asked do you think your mcap is reflecting your worth and said with 6 mil ( at the time, currently 8 ) and a ebida of 130 120, but soon with upcoming milestones will start to reflect. That is literally from the recent interview.
Any info would be appricated. Thank you