Cadence Minerals plc said that the sale and shipment of iron ore stockpiles has restarted from its joint venture (JV) iron ore stockpiles from Santana, Amapa in Brazil.
JOINT VENTURE
The company owns 27% of the project, with Indo Sino Pty Ltd owning the remaining 73%.
The JV company is Pedra Branca Alliance Pte. Ltd which owns 100% of the equity of DEV Mineração S.A.
SHIPMENTS
The shipment represents the first export of iron ore since Cadence vested its equity interest in the Amapa project earlier this year.
“We expect that this shipment will complete this month, and under the current economic environment, DEV intends to continue with the shipment and sale of its 58% iron ore stockpile,” said the company in a statement.
“There is currently circa 1.25 million tonnes of DEV stockpile at its port in Santana.”
Cadence added that DEV continued to provide ship loading and transport services for the third-party owned stockpiles at DEV’s port.