Cadence Minerals poised to take 20% stake in Amapá iron ore project

Cadence Minerals is poised to become a 20% shareholder in the Amapá iron ore project in Brazil once the mine’s current owner reaches a settlement agreement with its secured bank creditors.

The London-based company and its joint-venture partners, Indo Sino Pte Ltd, have been in their own negotiations with the creditors and have offered a settlement involving a discount on the amounts owed by current owner, DEV Mineração SA (Dev), Cadence said.

Once the settlement is reached and $2.5 million held in escrow in a judicial trust account is released, Cadence will become a 20% shareholder in Amapá via its joint-venture company, which will own 99.9% of Dev. The $2.5 million will then be used for the payment of former employees and small trade...

Published

Andrea Hotter

March 16, 2020

17:44 GMT

New York