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MarketScreener Homepage  >  Equities  >  London Stock Exchange  >  Cadence Minerals PLC    REM   GB00B067JC96

CADENCE MINERALS PLC

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Cadence Minerals : Looks to Acquire 27 Percent Stake in Amap Mine

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05/23/2019 | 09:13am EDT

Cadence Minerals (AIM:KDNC) has entered a non-binding Heads of Terms (HOT) with IndoSino to acquire up to 27 percent of the Amap iron ore mine, beneficiation plant, railway and private port, formerly owned by Anglo American (LSE:AAL,OTCQX:NGLOY) and Cliffs Natural Resources (NYSE:CLF).

As stated in the press release:

The Amap Project is a large-scale iron open pit ore mine with associated rail, port and beneficiation facilities and commenced operations in December 2007. Production increased to 4.8 million tonnes and 6.1 million tonnes of iron ore concentrate product in 2011 and 2012 respectively.

The HOT stipulates that Cadence, upon entering into a binding investment agreement, will have the right to acquire 27 percent of the Amap project by investing a total of US$6 million over two stages into a joint venture company, Pedra Branca Alliance Pte Ltd. (PBA). Cadences investment is conditional, amongst other matters, on the approval of a judicial restructuring plan (JRP) submitted by Cadence and IndoSino to the Sao Paulo Commercial Court in Brazil, the transfer of 99.9 percent of the issued share capital of Amap to PBA and Cadence raising the required finance. Cadence is in discussions with potential strategic investors to fund all or part of this investment via equity.

Kiran Morzaria, Cadence Minerals CEO, commented:

It is rare in our industry to be presented with an opportunity to put forward a relatively modest investment to participate in such a project that we believe provides us with a potentially transformative asset for our company. The Amap Project gives Cadence the potential for an exceptional ROI in the run up to full production and an opportunity to become a significant shareholder in a mid tier iron ore producer.

(c) The Observer 2019 Observer Media Ltd. All rights reserved. Provided by SyndiGate Media Inc. (Syndigate.info)., source Middle East & North African Newspapers

Stocks mentioned in the article
ChangeLast1st jan.
ANGLO AMERICAN -2.01% 2121.5 Delayed Quote.21.38%
CADENCE MINERALS PLC -0.94% 0.1375 Delayed Quote.17.02%
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