Further to the announcement made on the
Highlights:
DEV has shipped and sold the fourth batch of iron ore from the stockpiles.
The loading of the 48,492 wet tonnes of iron ore sinter fines (approx. 58% Fe) at
Iron Ore 62% Fe, CFR China at
Approximately 1.2 Mt of iron ore is currently stockpiled in DEV's wholly-owned port
DEV has shipped and sold the fourth batch of the iron ore from the stockpiles at Santana,
The first three shipments occurred in the first half of last year and were approved via a court petition ('Approved Court Petition'). Details of the Approved Court Petition can be found. The Approved Court Petition limited the sales of the iron ore stockpiles to
The Approved Court Disposal Funds were applied per the Approved Court Petition, with DEV retaining a portion of the net profits. These net profits and the earnings from the current shipment will be paid to the Secured Banks Creditors as per the settlement agreement announced on 29/12/2021.
Details of Ownership and Joint Venture Agreement
Cadence owns 27% of the
Contact:
T: +44 (0) 7879 584153
NOMAD & Broker)
T: +44 (0) 207 220 1666
Joint Broker
T: +44 (0) 207 399 9400
Qualified Person
Forward-Looking Statements:
Certain statements in this announcement are or may be deemed to be forward-looking statements. Forward-looking statements are identi?ed by their use of terms and phrases such as 'believe' 'could' 'should' 'envisage' 'estimate' 'intend' 'may' 'plan' 'will' or the negative of those variations or comparable expressions including references to assumptions. These forward-looking statements are not based on historical facts but rather on the Directors' current expectations and assumptions regarding the Company's future growth results of operations performance future capital and other expenditures (including the amount. nature and sources of funding thereof) competitive advantages business prospects and opportunities. Such forward-looking statements re?ect the Directors' current beliefs and assumptions and are based on information currently available to the Directors. Many factors could cause actual results to differ materially from the results discussed in the forward-looking statements including risks associated with vulnerability to general economic and business conditions competition environmental and other regulatory changes actions by governmental authorities the availability of capital markets reliance on key personnel uninsured and underinsured losses and other factors many of which are beyond the control of the Company. Although any forward-looking statements contained in this announcement are based upon what the Directors believe to be reasonable assumptions. The Company cannot assure investors that actual results will be consistent with such forward-looking statements.
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