Cadence Minerals plc said it had now vested its 27% of the Amapa iron ore project in Brazil.
SECOND STAGE
The company completed all necessary documents for its second stage of investment to acquire a further 7% (US$3.5m) of Pedra Branca Alliance (PBA).
PBA is the Cadence and IndoSino (73%) joint venture company, which owns 100% equity of DEV Mineraço S.A which in turn owns the Amapa project.
Completion of the investment follows Cadence’s recent fundraising.
The company has invested $6m over two stages to acquire its 27% interest.
REHABILITATION
Chief executive Kiran Morzaria added that the mine rehabilitation plan was progressing on schedule.
The current mineral resource estimate is 176.7 million tonnes grading 39.7% iron in the indicated category and 8.7Mt at 36.9% in the inferred category.