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Cadence Minerals begins maiden iron ore shipment from Amapa project in Brazil
StockMarketWire.com
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Cadence Minerals said DEV Mineracao had shipped the first iron ore stockpiles from the Amapa iron ore project in Brazil since its closure in 2015.
The first shipment was 45,000 tonnes of iron ore.
The first portion of the net revenues shall be used to pay small and employee creditors of about $2.5 million, after which approximately US$ 6 million of the net revenues will be used to begin recommissioning studies on the Amapa iron ore project, the company said.
The remaining net revenues will be used to provide working capital for the operations and payment against the outstanding amount due to the creditors, it added.
'As regards the secured bank creditors, we believe all parties are aligned to complete and execute the agreement which will see Cadence become a 20% shareholder in Amapa,' the company said.
At 8:41am: (LON:KDNC) Cadence Minerals Plc share price was 0p at 15.75p
Story provided by StockMarketWire.com
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