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Cadence Minerals PLC on Monday said the licensing timeline for its flagship Amapa iron ore project in Brazil has been shortened. The London-based investor, which finances ‘undervalued’ assets in the mineral resource sector, said the licensing timeline for the mine, railway and port at Amapa will is expected to bet around 12 to 16 months, as opposed to a typical timeline of up to 36 months. Due to the revised timeline, Cadence now expects the granting of mine installation licences during the course of 2024, as well as an operational licence after construction is completed. Cadence owns 30% of the Amapa project alongside its joint venture partner, Indo Sino Pty Ltd. After operations ceased in 2014, Csence and Indo Sino have been seeking to redvelop the project. Cadence Choef Executive Officer Kiran Morzaria said: ‘We are delighted with the progress we saw first-hand in our recent visit to Amapa. Agreeing a shortened route to the operational licence is key to getting the Amapa Project back into production in the shortest time possible.’ Shares in Cadence were up 4.6% at 7.27 pence each in London on Monday afternoon. Copyright 2023 Alliance News Ltd. All Rights Reserved.
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