Cadence Minerals (AIM/NEX: KDNC; OTC: KDNCY) reports that Auroch Minerals has announced ithas terminated the agreement with its joint venture partners over the Alcoutim Project in south-eastern Portugal. Auroch Minerals fulfilled all obligations under the Alcoutim Prospecting Licence as required by the agreement. An application for the renewal of the licence was submitted on time to the DGEG (Portuguese Directorate of Energy and Geology). However, as the licence is not yet renewed (which is a condition precedent of the agreement), Auroch Minerals has elected to terminate the agreement.
Auroch Minerals is now focused on the recently acquired Arden and Bonventura projects located in the world class mining region of South Australia
Cadence currently owns a 7.7% equity stake in Auroch Minerals, which is an exploration company targeting principally zinc, cobalt and lithium.
The full release can be found at: https://wcsecure.weblink.com.au/pdf/AOU/01979913.pdf
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|Cadence Minerals plc||+44 (0) 207 440 0647|
|WH Ireland Limited (NOMAD & Broker)||+44 (0) 207 220 1666|
|Hannam & Partners LLP (Joint Broker)||+44 (0) 207 907 8500|
|Square1 Consulting||+44 (0) 207 929 5599|
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.
About Cadence Minerals:
Cadence is dedicated to smart investments for a greener world. The planet needs rechargeable batteries on a global scale – upcoming supersized passenger vehicles, lorries and buses – require lithium and other technology minerals to power their cells. Cadence is helping find these minerals in new places and extracting them in new ways, which will meet the demand of this burgeoning market. With over GBP20 million vested in key assets globally, Cadence is helping us reach tomorrow, today.
Cadence invests across the globe, principally in lithium mining projects. Its primary strategy is taking significant economic stakes in upstream exploration and development assets within strategic metals. We identify assets that have strategic cost advantages that are not replicable, with the aim of achieving lower quartile production costs. The combination of this approach and seeking value opportunities allows us to identify projects capable of achieving high rates of return.
The Cadence board has a blend of mining, commodity investing, fund management and deal structuring knowledge and experience, that is supported by access to key marketing, political and industry contacts. These resources are leveraged not only in our investment decisions but also in continuing support of our investments, whether it be increasing market awareness of an asset, or advising on product mix or path to production. Cadence Mineral’s goal is to assist management to rapidly develop the project up the value curve and deliver excellent returns on its investments.