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Cadence Minerals submits Amapa Project environmental reports early

18th Apr 2024 14:38

(Alliance News) - Cadence Minerals PLC announced on Thursday it had submitted environmental reports ahead of schedule for the licencing of its Amapa Ore Project.

The investment and development company focused on energy transition minerals submitted an environmental control plan and an environmental control report earlier than planned for the mine and railway of its Amapa Ore Project in Brazil.

The plan and report are part of the state environmental approval process needed to obtain an installation licence, which would allow construction at the project to start. The environmental licensing is due to be submitted in the third quarter of this year.

Cadence Minerals has completed the sampling of two tonnes of iron ore, which represents the life of mine material. It will be sent to an engineering firm in Canada to test the 67% iron 'green iron' flow sheet. This involves a comprehensive analysis of the ore.

At the end of March, Cadence Mineral's total investment in the Amapa Project was approximately USD13.2 million. Its equity stake in the project is approximately 34%.

Chief Executive Officer Kiran Morzaria said: "The Candence board and management team are thrilled with the recent uptick in the pace of developments at the Amapa Iron Ore Project.

"The early submission of our environmental report underscores the project's commitment to sustainability and efficient project management, and this, along with the anticipated approval of our installation licence for the current year, is paving the way for the rehabilitation and commissioning of the Amapa Project. Our dedication to the Green Iron initiative reflects our vision for an environmentally lower carbon iron ore product. I look forward to reporting further progress to you in the coming weeks and months."

Candence Minerals shares were up 2.8% to 3.65 pence each in London on Thursday afternoon.

By Emily Parsons, Alliance News reporter

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