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Cadence Minerals #KDNC – Macarthur Minerals (TSX-V: MMS) (ASX: MIO) Esperance Bulk Port Rail Unloading Solution Advances with RCR Mining Technologies.
Cadence Minerals (AIM/NEX: KDNC; OTC: KDNCY) is pleased to note that Macarthur Minerals (TSX-V: MMS) (ASX: MIO) (the “Company” or “Macarthur”) has provided an update on its continued progress towards completing its route to market for the flagship Moonshine magnetite deposits at Lake Giles. Following the recent engagement of RCR Mining Technologies Pty Ltd (“RCR MT”) to provide a conceptual engineering and design solution for rail transport and unloading infrastructure of magnetite concentrate at the Port of Esperance, Macarthur and RCR MT completed a site visit to the port on 27 August 2020 in conjunction with representatives from Southern Ports Authority and Arc Infrastructure.
Highlights:
- Macarthur and RCR Mining Technologies (“RCR MT”) have completed a site visit to the Port of Esperance in conjunction with representatives from Southern Ports Authority and Arc Infrastructure.
- Subject to approval by Southern Ports Authority, RCR MT’s cutting edge ‘Helix Dumper Wagon’ (“Helix Dumper”) transport solution for Lake Giles Iron Project can be developed within the Port envelope at Esperance.
- Macarthur’s market-lead proposal for the development of the Helix Dumper solution will allow optimisation of existing Berth 3 ship-loader capacity at the Port of Esperance, enhancing its current performance from the current 2,220tph throughput to over 4,500tph capacity.
- RCR MT expects to complete its engineering design report on the Port of Esperance unloading infrastructure within weeks, creating a pathway (in collaboration with Southern Ports Authority and Arc Infrastructure) to select a preferred development option for the new rail unloading infrastructure system.
- Reaching agreement on a preferred development option for the Helix Dumper and connected conveyor path will deliver the next material piece of the rapidly emerging ‘route to market’ solution for Macarthur’s Lake Giles Iron Project.
Following completion of the engineering design report by RCR MT in coming weeks, Macarthur will be engaging with key stakeholders to endeavour to agree a preferred option for the development of unloading infrastructure at the Port.
The full release can be found at: https://web.tmxmoney.com/article.php?newsid=7383599247169787&qm_symbol=MMS
Macarthur President and Executive Chairman Cameron McCall commented: “Macarthur is continuing to forge ahead with a systematic approach to delivering every component of the infrastructure pathway that is necessary to bring Macarthur’s Lake Giles Iron Project into production and to see the first ore go over the ship’s rail. The Board is confident that it has a Management team with the unique commercial and technical capabilities to get this over the line and take advantage of the current strength and resilience of the global iron ore market.
There is a very real concerted energy building around the Lake Giles Iron Project and the Company is exceptionally excited to be working collaboratively with the great teams at Southern Ports Authority, RCR MT, Arc Infrastructure and above rail service providers to introduce cutting edge ‘Helix Dumper’ technology to the Port of Esperance.
With the added capacity that the ‘Helix Dumper’ technology can deliver, the Company considers that there is a real potential to facilitate increased trade through the Port of Esperance and to contribute to the future economic growth and job security for workers at the Port and in the Goldfields region. Macarthur welcomes the opportunity to be part of that story and to contribute a positive legacy for the State of Western Australia.”
Cadence Minerals Holding in Macarthur
Cadence holds approximately 2.2% of the issued equity interest in Macarthur, which is an Australian mining exploration company focused primarily on iron ore, nickel, lithium and gold in Western Australia. It also has a lithium project in Nevada, USA.
This news release is not for distribution to United States Services or for Dissemination in the United States.
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| For further information:Cadence Minerals plc +44 (0) 7879 584153Andrew Suckling Kiran Morzaria WH Ireland Limited (NOMAD & Broker) +44 (0) 207 220 1666James Joyce James Sinclair-Ford Novum Securities Limited (Joint Broker) +44 (0) 207 399 9400Jon Belliss |
Qualified Person
Kiran Morzaria B.Eng. (ACSM), MBA, has reviewed and approved the information contained in this announcement. Kiran holds a Bachelor of Engineering (Industrial Geology) from the Camborne School of Mines and an MBA (Finance) from CASS Business School.
Forward-Looking Statements:Certain statements in this announcement are or may be deemed to be forward-looking statements. Forward-looking statements are identified by their use of terms and phrases such as ”believe” ”could” “should” ”envisage” ”estimate” ”intend” ”may” ”plan” ”will” or the negative of those variations or comparable expressions including references to assumptions. These forward-looking statements are not based on historical facts but rather on the Directors’ current expectations and assumptions regarding the Company’s future growth results of operations performance future capital and other expenditures (including the amount. nature and sources of funding thereof) competitive advantages business prospects and opportunities. Such forward-looking statements reflect the Directors’ current beliefs and assumptions and are based on information currently available to the Directors. Many factors could cause actual results to differ materially from the results discussed in the forward-looking statements including risks associated with vulnerability to general economic and business conditions competition environmental and other regulatory changes actions by governmental authorities the availability of capital markets reliance on key personnel uninsured and underinsured losses and other factors many of which are beyond the control of the Company. Although any forward-looking statements contained in this announcement are based upon what the Directors believe to be reasonable assumptions. The Company cannot assure investors that actual results will be consistent with such forward-looking statements.
Cadence Minerals #KDNC – Macarthur Minerals (TSX-V: MMS) (ASX: MIO) Moonshine Magnetite Resource Upgrade
Cadence Minerals (AIM/NEX: KDNC; OTC: KDNCY) is pleased to note that Macarthur Minerals (TSX-V: MMS) (ASX: MIO) (the “Company” or “Macarthur”) has presented an updated Mineral Resource estimate for the magnetite deposits at its Lake Giles Iron Project in Western Australia, which has been completed by CSA Global Pty Ltd (CSA Global).
Highlights:
- RCR Mining Technologies (subsidiary of NRW Holdings ASX: NRH) appointed to examine rail unloading infrastructure solution at Esperance Port
- Macarthur Minerals announces a resource upgrade for the Moonshine magnetite deposit at Lake Giles
- Measured Mineral Resource of approximately 53.9 Mt and Indicated Mineral Resources of 218.7 Mt
- Macarthur now has sufficient resources in the appropriate categories to progress its Feasibility Study
- Resource upgrade follows recently announced Proposal for development of a Commercial Track Access Agreement received from Arc Infrastructure and the announcement of plans to develop haul road and rail siding infrastructure near Lake Giles
The previous Mineral Resource estimates presented to the market between 2009 and 2019 consisted entirely of Inferred resources, including 710 million tonnes (“Mt”) at the Moonshine deposits. During 2019 the Company completed a program of infill drilling across some of the Moonshine deposit to upgrade the Mineral Resource category to include Indicated and Measured resources. The Mineral Resource upgrade has delivered sufficient resources in the appropriate categories to underpin the current Lake Giles Iron Project Feasibility Study.
The updated Mineral Resource estimates incorporate the recent drill assays and has resulted in an increase in the size of the Moonshine mineral resources including resource category upgrades to now include Measured and Indicated resources. Approximately 30% of the Moonshine resource is now classified as Indicated with approximately 7.5% classified in the Measured category.
Highlights of Mineral Resource estimates:
- Measured resources of 53.9 Mt at 30.8% Fe head grade and 66.0% Fe DTR concentrate grade
- Indicated resources of 218.7 Mt at 27.5% Fe head grade and 66.1% Fe DTR concentrate grade
- Inferred resources of 997.0 Mt at 28.4% Fe head grade and 64.6% Fe DTR concentrate grade.
The full release can be found at: https://web.tmxmoney.com/article.php?newsid=7494834321094164&qm_symbol=MMS
Macarthur President and Executive Chairman Cameron McCall commented: “The completion of the updated Mineral Resource estimate for Macarthur’s magnetite deposits at its Lake Giles Iron Project is a major milestone for the Company as it progresses its Feasibility Study. The updated estimate includes an increase in the size of the Moonshine and Moonshine North Mineral Resource, with category upgrades including Measured and Indicated resources.
With a Measured Mineral Resource totalling 53.9 Mt and Indicated Mineral Resources of 218.7 Mt, Macarthur now has sufficient resources in the appropriate categories to progress its Feasibility Study.
Recent announcements concerning the Company’s applications to develop haul road and rail siding infrastructure near Lake Giles and the announcement that the Company has received a Proposal for development of a Commercial Track Access Agreement from Arc Infrastructure means that the Company is now edging closer than ever to making this Project real for shareholders.
The Company’s Board and Management are singularly focused on progressing through the key gateways to deliver the Project to maximise the opportunities presented in the current commodity cycle. With our focus now on the many more successes which need to follow, we have committed to a pathway of responsible, respectful and sustainable development. These are the principles and points of difference upon which the Company will focus as an emerging Australian iron ore producer. This is a great outcome for Macarthur and its shareholders.”
Cadence CEO Kiran Morzaria added: “This new updated Mineral Resource estimate for the magnetite deposits at Lake Giles marks an important development for Macarthur as an emerging Australian iron ore producer, and adds material value for shareholders. We look forward to further developments.”
Cadence Minerals Holding in Macarthur
Cadence holds approximately 2.2% of the issued equity interest in Macarthur, which is an Australian mining exploration company focused primarily on iron ore, nickel, lithium and gold in Western Australia. It also has a lithium project in Nevada, USA.
This news release is not for distribution to United States Services or for Dissemination in the United States.
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For further information:
|
Qualified Person
Kiran Morzaria B.Eng. (ACSM), MBA, has reviewed and approved the information contained in this announcement. Kiran holds a Bachelor of Engineering (Industrial Geology) from the Camborne School of Mines and an MBA (Finance) from CASS Business School.
Forward-Looking Statements:
Certain statements in this announcement are or may be deemed to be forward-looking statements. Forward-looking statements are identified by their use of terms and phrases such as ”believe” ”could” “should” ”envisage” ”estimate” ”intend” ”may” ”plan” ”will” or the negative of those variations or comparable expressions including references to assumptions. These forward-looking statements are not based on historical facts but rather on the Directors’ current expectations and assumptions regarding the Company’s future growth results of operations performance future capital and other expenditures (including the amount. nature and sources of funding thereof) competitive advantages business prospects and opportunities. Such forward-looking statements reflect the Directors’ current beliefs and assumptions and are based on information currently available to the Directors. Many factors could cause actual results to differ materially from the results discussed in the forward-looking statements including risks associated with vulnerability to general economic and business conditions competition environmental and other regulatory changes actions by governmental authorities the availability of capital markets reliance on key personnel uninsured and underinsured losses and other factors many of which are beyond the control of the Company. Although any forward-looking statements contained in this announcement are based upon what the Directors believe to be reasonable assumptions. The Company cannot assure investors that actual results will be consistent with such forward-looking statements.
Cadence Minerals #KDNC Macarthur Minerals (TSX-V: MMS) (ASX: MIO) engages RCR Mining Technologies on rail wagon and rail unloading solution for Lake Giles Iron Project.
Cadence Minerals (AIM/NEX: KDNC; OTC: KDNCY) is pleased to note that Macarthur Minerals (TSX-V: MMS) (ASX: MIO) (the “Company” or “Macarthur”) continues its progress towards a route to market for its flagship Moonshine magnetite deposits at Lake Giles, targeting a +65% Fe beneficiated magnetite concentrate, with the engagement of RCR Mining Technologies Pty Ltd (“RCR MT”) to provide a conceptual engineering and design solution for rail transport and unloading infrastructure of magnetite concentrate at the Port of Esperance. RCR MT has been engaged to examine the potential to use cutting-edge rail unloading technology that has been successfully used in Scandinavian magnetite operations for several years.
The engineering concept will employ a ‘Helix Dumper’ unloading system and Helix Dumper wagons owned and developed by Kiruna Wagon in Sweden. The Kiruna Wagon system has been successfully utilised in transporting magnetite concentrate from northern Sweden to the Port of Narvik in Norway. The system was developed specifically for magnetite concentrates to provide efficient discharge of sticky product at rates up to 25,000 tonnes per hour, and provides the potential to optimise productivity with several advantages over conventional rotary car dumpers, such as:
- Lightweight wagons, increasing gross payload;
- High-capacity continuous discharge, reducing operating costs;
- The potential for lower capital cost;
- The potential for lower operating cost with unloading powered only by the locomotive’s forward motion; and
- Wagon body shape optimised for wet concentrates.
Macarthur is currently working with Southern Ports Authority on the potential to develop this system at the Port of Esperance, in addition to negotiating access to develop a storage shed for its magnetite concentrate.
If constructed, the system will be capable of handling tonnages well in excess of Macarthur’s immediate requirements for stage 1 of its Lake Giles Iron Project, providing the potential for increased trade through Esperance, subject to capacity elsewhere within the Port. Macarthur intends to work collaboratively with the Port to ensure that the footprint of the system and associated conveyor infrastructure (which would feed directly into the storage shed) can work in with existing operations at the Port and without adversely affecting other users.
RCR MT is a subsidiary of ASX listed NRW Holdings (ASX: NWH), a leading provider of diversified services to the mining, energy and civil infrastructure sectors. RCR MT is a market leader in the design and manufacture of an extensive range of surface and bulk materials handling equipment with a reputation for delivering high quality mining technologies nationally and internationally. RCR MT holds an exclusive license to develop the Helix system in Australia and in combination with Kiruna Wagon have the ability to manufacture both the dumper and wagons in Western Australia.
Macarthur’s route to market progress:
The Company announced on 25 June 2020 details of applications lodged for haul road and rail loading tenure which maps out a solution to transport magnetite from site to the existing rail network that connects to the Port of Esperance.
The Company announced on 15 July 2020 it had received a Proposal for development of a Commercial Track Access Agreement from Arc Infrastructure, the owner of the below-rail network
Macarthur President and Executive Chairman Cameron McCall commented: “This is another positive step forward for Macarthur’s Lake Giles Iron Project and demonstrates the tenacity with which Management is progressing this essential component of project delivery. The Company’s recent announcements concerning its applications to develop haul road and rail siding infrastructure near Lake Giles and that the Company had received a Proposal for development of a Commercial Track Access Agreement from Arc Infrastructure means that the Company is now edging closer than ever to delivering its route-to-market solution and making this Project real for shareholders.
With this new cutting-edge rail unloading technology having the potential to contribute to increased trade through Esperance Port, this can only be good for future economic growth and job security in the region. Macarthur welcomes the opportunity to be part of that story and to contribute a positive legacy for the State of Western Australia and workers in the Goldfields region.”
The full release can be found at: https://web.tmxmoney.com/article.php?newsid=8680452246719917&qm_symbol=MMS
Cadence Minerals Holding in Macarthur
Cadence holds approximately 3% of the issued equity interest in Macarthur, which is an Australian mining exploration company focused primarily on iron ore, nickel, lithium and gold in Western Australia. It also has a lithium project in Nevada, USA.
This news release is not for distribution to United States Services or for Dissemination in the United States.
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For further information:
|
Qualified Person
Kiran Morzaria B.Eng. (ACSM), MBA, has reviewed and approved the information contained in this announcement. Kiran holds a Bachelor of Engineering (Industrial Geology) from the Camborne School of Mines and an MBA (Finance) from CASS Business School.
Forward-Looking Statements:
Certain statements in this announcement are or may be deemed to be forward-looking statements. Forward-looking statements are identified by their use of terms and phrases such as ”believe” ”could” “should” ”envisage” ”estimate” ”intend” ”may” ”plan” ”will” or the negative of those variations or comparable expressions including references to assumptions. These forward-looking statements are not based on historical facts but rather on the Directors’ current expectations and assumptions regarding the Company’s future growth results of operations performance future capital and other expenditures (including the amount. nature and sources of funding thereof) competitive advantages business prospects and opportunities. Such forward-looking statements reflect the Directors’ current beliefs and assumptions and are based on information currently available to the Directors. Many factors could cause actual results to differ materially from the results discussed in the forward-looking statements including risks associated with vulnerability to general economic and business conditions competition environmental and other regulatory changes actions by governmental authorities the availability of capital markets reliance on key personnel uninsured and underinsured losses and other factors many of which are beyond the control of the Company. Although any forward-looking statements contained in this announcement are based upon what the Directors believe to be reasonable assumptions. The Company cannot assure investors that actual results will be consistent with such forward-looking statements.
Cadence Minerals #KDNC – Macarthur Minerals (TSX-V: MMS, ASX: MIO) Lake Giles Iron Project a step closer with Arc Infrastructure’s Proposal for Development of a Commercial Track Access Agreement.
Cadence Minerals (AIM/NEX: KDNC; OTC: KDNCY) is pleased to note that Macarthur Minerals (TSX-V: MMS) (“Macarthur”) has received a Proposal that provides an agreed pathway to develop a Commercial Track Access Agreement (“Proposal”) from Arc Infrastructure (“Arc”) for below rail capacity from its Lake Giles Iron Project in the Yilgarn Region of south-western Western Australia to the Port of Esperance.
Macarthur and Arc have worked collaboratively on the development of Arc’s Proposal, which is a material step forward in bringing Macarthur closer to securing a fully contracted route to market. The Proposal will provide sufficient certainty to support Macarthur’s Feasibility Study for its Lake Giles Iron Project, as outlined in the Preliminary Economic Assessment Report which was prepared and released in June 2019.
Under the Proposal, the parties have agreed to work together in good faith to negotiate and agree the terms of a Commercial Track Access Agreement (“CTAA”) under which Arc would provide sufficient capacity on its Network to support the Macarthur task. The Proposal also includes indicative track access pricing based on an agreed set of operational parameters that would be incorporated into the CTAA.
The successful development of the Lake Giles Iron Project and the export of its high grade magnetite through the Port of Esperance is fully supported by the Western Australian Branch of the Australian Rail, Tram and Bus Union (RTBU) and the Western Australian Branch of the Maritime Union of Australia (MUA).
In addition, the Company is continuing to progress discussions:
- to secure an above rail haulage agreement;
- to finalise arrangements for the design, development and funding of unloading infrastructure that will avoid current unloading infrastructure constraints at the Port of Esperance;
- to secure rights to develop a 300kt iron ore storage shed and access ship-loader capacity at the Port.
Macarthur President and Executive Chairman Cameron McCall commented: “Today’s announcement is an important one for the Company. The Board considers that the Proposal received from Arc Infrastructure delivers the most substantial step forward for Macarthur in the last decade towards securing fully contracted train paths on the Kalgoorlie to Esperance rail line.
The Company’s shareholders have been patient and loyal, investing in the vicinity of AUD80 million in the Lake Giles Iron Project to date. With a substantial body of exploration work undertaken, and analysis nearing completion to upgrade the magnetite resource to a measured and indicated category, it is pleasing to see that critical pieces of the infrastructure puzzle are also now finally starting to come together for Macarthur.
Following the recent announcement of the lodgement of applications to develop a haul road and rail siding near Lakes Giles, and with above rail discussions well progressed, Management will now turn its focus to furthering the Company’s engagement with Southern Ports to progress unloading infrastructure and ship-loader capacity options at the Port of Esperance.
This is another positive step forward for Macarthur in what has been a prolific 12 months of important milestones for the Company. We look forward to continuing our productive relationship with Arc as we move forward to delivering this important project for our shareholders and for Western Australia.”
The full release, along with comments from the RTBU and MUA can be found at: https://web.tmxmoney.com/article.php?newsid=7886775262297494&qm_symbol=MMS
Cadence Minerals Holding in Macarthur
Cadence holds approximately 3% of the issued equity interest in Macarthur, which is an Australian mining exploration company focused primarily on iron ore, nickel, lithium and gold in Western Australia. It also has a lithium project in Nevada, USA.
This news release is not for distribution to United States Services or for Dissemination in the United States.
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For further information:
|
Qualified Person
Kiran Morzaria B.Eng. (ACSM), MBA, has reviewed and approved the information contained in this announcement. Kiran holds a Bachelor of Engineering (Industrial Geology) from the Camborne School of Mines and an MBA (Finance) from CASS Business School.
Forward-Looking Statements:
Certain statements in this announcement are or may be deemed to be forward-looking statements. Forward-looking statements are identified by their use of terms and phrases such as ”believe” ”could” “should” ”envisage” ”estimate” ”intend” ”may” ”plan” ”will” or the negative of those variations or comparable expressions including references to assumptions. These forward-looking statements are not based on historical facts but rather on the Directors’ current expectations and assumptions regarding the Company’s future growth results of operations performance future capital and other expenditures (including the amount. nature and sources of funding thereof) competitive advantages business prospects and opportunities. Such forward-looking statements reflect the Directors’ current beliefs and assumptions and are based on information currently available to the Directors. Many factors could cause actual results to differ materially from the results discussed in the forward-looking statements including risks associated with vulnerability to general economic and business conditions competition environmental and other regulatory changes actions by governmental authorities the availability of capital markets reliance on key personnel uninsured and underinsured losses and other factors many of which are beyond the control of the Company. Although any forward-looking statements contained in this announcement are based upon what the Directors believe to be reasonable assumptions. The Company cannot assure investors that actual results will be consistent with such forward-looking statements.
Cadence Minerals #KDNC – Macarthur Minerals (TSX-V: MMS, ASX: MIO) – Arrow Land Tenure Agreement and Applications Lodged for Haul Road and Rail Siding for Lake Giles Iron Project
Cadence Minerals (AIM/NEX: KDNC; OTC: KDNCY) is pleased to note that Macarthur Minerals (TSX-V: MMS) (“Macarthur”) has announced the completion of an agreement with Arrow Minerals Limited (ASX: AMD) (“Arrow”), for the grant of rights to apply for tenements which will support the development of infrastructure associated with a proposed magnetite processing circuit at Lake Giles.
Cadence also notes that on 25 June 2020, Macarthur lodged applications with the Department of Mines, Industry, Regulation and Safety (“DMIRS”) to develop a 93km haul road from its Lake Giles Iron Project to a proposed rail siding adjacent to the Perth to Kalgoorlie rail line in the Yilgarn region of Western Australia
Arrow Land Tenure Agreement
Pursuant to the Agreement, originally entered into in December 2019, (“Agreement”), Arrow will permit Macarthur to apply for and obtain a general purpose lease and a miscellaneous licence over a site within the boundary of Arrow’s exploration licences E30/393 and E30/394, to support the development of infrastructure associated with its planned magnetite processing circuit for its Lake Giles Iron Project (“Project”). The substantial package of land covers approximately 4,950ha and is adjacent to the Moonshine magnetite deposit. The tenure will be used for constructing supporting infrastructure for the mine including a processing plant, camp, airstrip, tailings storage facility and waste rocks dumps.
The terms upon which Arrow agreed to permit Macarthur’s application included a cash payment of A$250,000 (paid in December 2019) (“Cash Payment”) and a share payment comprising the issue of Macarthur shares to Arrow to the value of A$250,000 (exclusive of GST) at an issue price per share equivalent to a 20% discount to the average VWAP of the shares trading on ASX for the 5 trading days preceding the issue date, and on which trades for the shares were recorded (“Share Payment”). Macarthur made the Share Payment on 23 June 2020, resulting in the issue of 1,702,997 shares at an issue price of A$0.1468 per share.
The full Arrow Land Tenure release can be found at: https://web.tmxmoney.com/article.php?newsid=6417845063071316&qm_symbol=MMS
Road and Rail Links
Subject to obtaining required approvals and completion of construction, the proposed haul road and rail siding will provide optionality for the transport of iron ore by rail to either Esperance Port or the Port of Kwinana.
This key infrastructure is intended to support the development of Macarthur’s flagship Moonshine magnetite deposits at Lake Giles, targeting a +65% Fe beneficiated magnetite concentrate, and opens up the opportunity to exploit Direct Shipping Ore (“DSO”) from the Ularring hematite deposits.
In 2012, the Company completed a Pre-Feasibility Study for the mining of iron ore from its Ularring hematite deposits targeting a +60% Fe beneficiated fines sinter product. Given the current robust iron ore market, the Company is currently examining the opportunity to accelerate operations for the mining of DSO (as Stage 1) from its Ularring hematite deposits with the objective of generating early revenue flows. The development of new road and rail siding infrastructure has the potential to facilitate this, in addition to supporting the development of the Company’s flagship Moonshine magnetite resource (Stage 2) following completion of a successful Feasibility Study for the Lake Giles Iron Project which is currently being progressed.
The full Haul Road and Rail Siding Application release can be found at: https://web.tmxmoney.com/article.php?newsid=7029129052456326&qm_symbol=MMS
Macarthur President and Executive Chairman Cameron McCall commented: “The completion of the agreement with Arrow has secured the rights necessary to enable the design and location of critical inf rastructure associated with the magnetite processing plant which will be finalised as part of the Feasibility Study for the Lake Giles Iron Project.”
“Defining route-to-market infrastructure has been the core focus for the Company throughout 2020. Completion of the Lake Giles Iron Project Feasibility Study will require Macarthur to have engineering designs and tenure for a haul road from the Lake Giles Iron Project to a rail siding with access to the existing rail network. The proposed haul road and rail siding also creates the opportunity to support Stage 1 hematite mining operations at Lake Giles ahead of the commencement of Stage 2 commercial magnetite mining operations. The Board considers that advancing early-revenue generating operations would support re-rating of Macarthur as a producer and will complement the announced pathway for the development of its flagship high-grade Moonshine magnetite resource at Lake Giles.”
Cadence CEO Kiran Morzaria commented: “We are pleased to note that Macarthur is steadily advancing the Lake Giles Iron Project, and backed by a robust iron ore market is looking to accelerate operations for the mining of DSO. In our results announcement earlier today, our Chairman noted our ‘timely focus’ on iron ore opportunities. Certainly the developments announced today further validates our investment strategy, both in regard to a potential re-rating of Macarthur as a producer and into our own efforts in developing the Amapá iron ore project.”
Cadence Minerals Holding in Macarthur
Cadence holds approximately 3% of the issued equity interest in Macarthur, which is an Australian mining exploration company focused primarily on iron ore, nickel, lithium and gold in Western Australia. It also has a lithium project in Nevada, USA.
This news release is not for distribution to United States Services or for Dissemination in the United States.
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For further information:
|
Qualified Person
Kiran Morzaria B.Eng. (ACSM), MBA, has reviewed and approved the information contained in this announcement. Kiran holds a Bachelor of Engineering (Industrial Geology) from the Camborne School of Mines and an MBA (Finance) from CASS Business School.
Forward-Looking Statements:
Certain statements in this announcement are or may be deemed to be forward-looking statements. Forward-looking statements are identified by their use of terms and phrases such as ”believe” ”could” “should” ”envisage” ”estimate” ”intend” ”may” ”plan” ”will” or the negative of those variations or comparable expressions including references to assumptions. These forward-looking statements are not based on historical facts but rather on the Directors’ current expectations and assumptions regarding the Company’s future growth results of operations performance future capital and other expenditures (including the amount. nature and sources of funding thereof) competitive advantages business prospects and opportunities. Such forward-looking statements reflect the Directors’ current beliefs and assumptions and are based on information currently available to the Directors. Many factors could cause actual results to differ materially from the results discussed in the forward-looking statements including risks associated with vulnerability to general economic and business conditions competition environmental and other regulatory changes actions by governmental authorities the availability of capital markets reliance on key personnel uninsured and underinsured losses and other factors many of which are beyond the control of the Company. Although any forward-looking statements contained in this announcement are based upon what the Directors believe to be reasonable assumptions. The Company cannot assure investors that actual results will be consistent with such forward-looking statements.
Cadence Minerals #KDNC – Results for the Year Ended 31 December 2019
Cadence Minerals (AIM/NEX: KDNC; OTC: KDNCY) is pleased to announce its final results for the year ended 31 December 2019. A copy of the full results will be made available on the Company’s website from today at https://www.cadenceminerals.com/
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The information contained within this announcement is deemed by the Company to constitute inside information under the Market Abuse Regulation (EU) No. 596/2014.
For further information:
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Cadence Minerals plc |
+44 (0) 207 440 0647 |
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Andrew Suckling |
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Kiran Morzaria |
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WH Ireland Limited (NOMAD & Broker) |
+44 (0) 207 220 1666 |
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James Joyce |
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James Sinclair-Ford |
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Novum Securities Limited (Joint Broker) |
+44 (0) 207 399 9400 |
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Jon Belliss |
CHAIRMAN’S STATEMENT
For the year ended 31 December 2019
___________________________________________________________________________________
First and foremost our thoughts are with families and friends, shareholders and investors during this shape-shifting pandemic. The Board and I hope all have found comfort and safety, well being and support during these extraordinary and unprecedented times.
There is no doubt that such turbulent conditions have created major disruptions and dislocations. However the Board has been well prepared and ready. I thank my fellow Board members for this dynamism and effort. Cadence Minerals (“Cadence” or the “Company”) staff and management have been used to working remotely and via phone/ video conference and quickly adapted to this new challenge.
The Board has continued its driven agenda to proceed with the support for portfolio companies whilst at the same time progress with the main target of the Amapá iron ore project in Brazil.
To this effect and to highlight a few of the achievement by our portfolio companies I would like, with the Board to offer congratulations to MacArthur Minerals on the successful conclusion of its convertible note, the life of mine Off -take agreement with Glencore and the successful listing on the Australian Stock Exchange. These are noticeable achievements for the company and combined with the ongoing successful drilling campaigns at Lake Giles bodes well.
Further European Metal Holdings successfully concluded a lengthy negotiation with the Czech utility company CEZ. This will allow EMH to complete many of its strategic goals and to become one of Europe’s largest and lowest cost lithium producers.
Hastings Technology are JV partner in the Yangibana Rare Earths project also concluded and completed a negotiation with the German based Schaffler Group that will enable the company to pursue its targets.
The Board hope that the next few years will witness a significant harvest as projects progress to operation and revenue, and previously identified opportunities realise higher valuations. All management companies of the portfolio companies within Cadence are wished the best of success.
The recent economic contraction has been severe and turbulent. However our investments have always been based on long-term assumptions and not the idiosyncrasies of the market. There is significant hope that recently announced global stimulus measures will lead to a re opening and recovery sooner than later. This will contribute to a significant appreciation in the company’s portfolio and therefore revenue and shareholder return.
Cadence’s focus on iron ore opportunities appears particularly timely. The stimulus measures specifically relate to infrastructure which benefits Steel demand which by derivative benefits Iron Ore consumption. Argus publications have reported April and May 2020 China steel production higher than that in 2019 and have predicted that China will produce over 1 billion tons of Steel in 2020. This will require more Iron Ore globally and should support the long term Iron Ore price.
China have announced over $140 billion in provincial bonds with increasing government incentives in real estate and infrastructure, which account for over fifty percent of Chinese domestic Steel demand. It is clear that steel production and therefore Iron Ore demand is at the front and center of global stimulus policy.
A rapid global supply response to higher iron ore prices and steel demand has some serious headwinds and constraints. The tragic events at Vales Brumadinho operations and the higher capital costs of new projects represent such challenges. Economic and political struggles combined with higher governance and regulation means operational consistency and good fortune is required to continue to supply the insatiable Steel demand.
Cadence has focused enormous efforts on the Amapá iron ore project. It is immensely pleasing for the board that significant milestones and hurdles were recently achieved, all whilst the global economy was on ” pause” Cadence and its partners, lawyers and consultants all maintained dialogue and pressure to focus on the process to achieve significant results. This will initially result in the movement of of iron ore currently stockpiled and ultimately in the rehabilitation of the Amapá system. As the opportunity progresses the Board is cognizant of the need for sustainability at all levels of the opportunity. The performance and Governance metrics that will be required to re habilitate the mine; port and rail will be stringent and strict.
Cadence has proven its ability to be flexible, opportunistic and survive and thrive. The Board feels the underlying conditions are developing to optimise the portfolio.
I would like to personally thank all Cadence’s management, fellow board members, staff ,consultants, partners and of course all Shareholders for their support and confidence in the Company.
Andrew Suckling
Non Executive Chairman
25 June 2020
Link here for the full results and accounts statement
UK Investor Magazine – Cadence Minerals #KDNC – Transformation Cycle
AIM listed Cadence Minerals (AIM: KDNC) continues to make substantial progress with the former Anglo American Iron Ore mine, railway and port at Amapá in Brazil.
Since September 2018, the board has conducted an exhaustive, ongoing round of due diligence and legal processes to bring the mine out of administration, into a recommissioning programme and ultimately back to production.
Back in April 2020, Brazil’s Commercial Court of São Paulo ruled that DEV Mineração S.A., owner of the Amapá iron ore project and 99% owned by Cadence, could commence shipment of the iron ore stockpiles situated at the wholly-owned port in Santana, Amapá, Brazil.
Independent surveys of these iron ore stockpiles indicate that some 1.39 Mt of iron ore in three stockpiles are available for immediate export with an average Fe grade of 62.12%.
Despite the impact of the Covid-19 lockdown in Brazil, shipment is still expected
to commence on schedule late Q2, early Q3 2020. The net proceeds will go to pay labour and small creditors, invest in the recommissioning of the assets and essential maintenance.
Currently rehabilitation of the mine, railway and port is expected to be completed in 2022. A production ramp up will see 5.3 million tonnes of iron ore produced per annum within 3 years of completion of the rehabilitation. The local economy will also see significant benefits, with hundreds of new jobs and employment opportunities.
The financials make impressive reading too.
Net revenues after shipping from the former Anglo American mine is forecast to be approximately $265m per annum, with EBITDA of approx $136m per annum based on a conservative iron ore price of $61 per tonne. Currently the iron ore price squeeze sees the commodity trading at up to $100 per tonne.
“This is a huge step change for Cadence,” says Cadence CEO Kiran Morzaria.
“Our range of lithium and iron ore investments continue to add value, but once
settlement is finalized with our creditors, Cadence will own 27% of Amapá, with options to acquire up to 49%. Our EBITDA forecasts will deliver a material change to current valuation metrics for our company.”
While the focus is certainly on Amapá, the rest of the Cadence portfolio is nonetheless impressive. Cornerstone stakes in projects such as the Cinovec Lithium and Tin Project in the Czech republic and Macarthur Minerals’ Lake Giles Iron Project in Western Australia has provided Cadence with opportunities to invest into assets such as Amapá.
Cinovec, 50% owned by European Metals Holdings (AIM: EMH) and Eastern European utility giant CEZ is set to become a major European and Global lithium supply hub to meet the boom in batteries and electric vehicles, with demand anticipated to grow some 800% by 2030. Cadence also has a range of other lithium and rare metal investments, plus a joint venture at the Yangibana Rare Earths project in Australia with Hastings Technology Metals (ASX: HAS).
Cadence Chairman Andrew Suckling is also a non-executive director of Macarthur Minerals (TSX-V: MMS, ASX: MIO) and chairman of the Audit Committee. Macarthur stated recently it was ‘encouraged by the robust iron ore market’, and also buoyed by the recent share price performance of Cadence Minerals, one of its largest shareholders.
City institutions are also waking up to Amapá’s potential, with broker WH Ireland noting that the “healthy margin from sales of the easy to ship iron-ore stockpile could be used to pay senior bank creditors, complete a feasibility study into the reopening of the mine and pay for some of the new infrastructure required.”
AIM listed Cadence currently trades on an asset backed market cap of just £7m, although with the current transformation cycle the company is undergoing, that
could be unlikely to last.
Cadence Minerals #KDNC – Macarthur Minerals (TSX-V: MMS) announces that Assays have been completed for infill drilling of the Lake Giles Iron Project.
Cadence Minerals (AIM/NEX: KDNC; OTC: KDNCY) is pleased to note that Macarthur Minerals (TSX-V: MMS) (“Macarthur”) has recently received the final XRF and Davis Tube Recovery (DTR) assays for the infill drilling program completed at its Lake Giles Iron Project near Kalgoorlie in Western Australia. The DTR assays confirm significant intersections of magnetite mineralisation with DTR concentrate grades up to 68.9% Fe.
Cadence Minerals Holding in Macarthur
Cadence holds approximately 4.1% of the issued equity interest in Macarthur, which is an Australian mining exploration company focused primarily on iron ore, nickel, lithium and gold in Western Australia. It also has a lithium project in Nevada, USA.
Highlights:
Drilling at the Moonshine North deposit comprised 21 reverse circulation (RC) holes for 3379 metres and 9 diamond drill (DD) holes for 1676.2 metres, totalling 5055.2m. A weighted average DTR concentrate grade of 66.6% Fe and weighted average mass recovery of 31.2% was recorded. A total of 25 holes were submitted for XRF and DTR analysis.
Macarthur has now engaged CSA Global to complete an updated resource model and classification.
The full release can be found at: https://web.tmxmoney.com/article.php?newsid=5771056257152729&qm_symbol=MMS
Macarthur Executive Chairman Cameron McCall said; “The assay results for the infill drilling confirmed good intersections of magnetite. This has been a successful program, and these intersections will form the basis of a revised mineral resource estimate that will underpin the Feasibility Study. Macarthur has been working hard on progressing key components of the Lake Giles Iron Project, and is well underway in advancing discussions to achieve a contracted position with port and rail service providers. We look forward to informing investors about the outcomes of the updated resource classification that is anticipated to include Indicated and Measured Mineral Resources, and to further advising on progress on the Company’s march toward securing its route to market.”
This news release is not for distribution to United States Services or for Dissemination in the United States.
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Qualified Person
Kiran Morzaria B.Eng. (ACSM), MBA, has reviewed and approved the information contained in this announcement. Kiran holds a Bachelor of Engineering (Industrial Geology) from the Camborne School of Mines and an MBA (Finance) from CASS Business School.
Forward-Looking Statements:
Certain statements in this announcement are or may be deemed to be forward-looking statements. Forward-looking statements are identified by their use of terms and phrases such as ”believe” ”could” “should” ”envisage” ”estimate” ”intend” ”may” ”plan” ”will” or the negative of those variations or comparable expressions including references to assumptions. These forward-looking statements are not based on historical facts but rather on the Directors’ current expectations and assumptions regarding the Company’s future growth results of operations performance future capital and other expenditures (including the amount. nature and sources of funding thereof) competitive advantages business prospects and opportunities. Such forward-looking statements reflect the Directors’ current beliefs and assumptions and are based on information currently available to the Directors. Many factors could cause actual results to differ materially from the results discussed in the forward-looking statements including risks associated with vulnerability to general economic and business conditions competition environmental and other regulatory changes actions by governmental authorities the availability of capital markets reliance on key personnel uninsured and underinsured losses and other factors many of which are beyond the control of the Company. Although any forward-looking statements contained in this announcement are based upon what the Directors believe to be reasonable assumptions. The Company cannot assure investors that actual results will be consistent with such forward-looking statements.