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Cadence Minerals #KDNC – Macarthur Minerals (TSX-V: MMS, ASX: MIO) Lake Giles Feasibility Study Advancing under Steady Hand of Global Consultancy Stantec.
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 the progress of the current Feasibility Study for the Company’s flagship Lake Giles Iron Project.
The Company’s lead consultant, Engenium now Stantec (Stantec), are advancing metallurgical process test work, process flow sheet development and key non-process infrastructure engineering design work for the Feasibility Study that is presently being undertaken on the Company’s flagship high grade magnetite Lake Giles Iron Project in Western Australia.
Stantec’s highly experienced metallurgical process consultant Mr Neville Dowson leads the metallurgical test work and development of the process flow sheet and engineering works for a metallurgical process plant design that will target delivery of a high grade +65% Fe magnetite concentrate. Under Stantec’s guidance, metallurgical sample testing is underway in Perth utilising the expertise of Bureau Veritas (a world leader in inspection, resting and certification). The results of this test work will provide Stantec with the crucial outputs to complete the metallurgical process flow sheet engineering design work.
Stantec is a highly regarded global consultancy with extensive experience in the mining sector. Stantec’s presence in Australia and Canada provides the perfect platform to deliver Macarthur’s Feasibility Study to required standards for the Australian and Canadian markets. The Stantec team have considerable experience in the design of magnetite processing plants. Dr Richard Peck, Macarthur’s magnetite processing subject matter expert is providing oversight on Stantec’s process design, metallurgical test work programme and preparation of the process design criteria, flow diagram and mass balance.
Jose Granado, Stantec Country Leader for Australia commented: “We are proud to leverage our global expertise and passion for applying sustainable best practice to help advance the Lake Giles Iron Project. By continuing our partnership with Macarthur Minerals, we are ready to deliver a feasibility study that paves the way forward for this important project.”
Macarthur Minerals CEO Andrew Bruton commented: “Following the onset of the Global Covid-19 pandemic early last year and throughout the balance of 2020, the Company has been steadily progressing the foundational work required to underpin the delivery of the study. Much of that work has focused on necessary background work to advance route to market concepts and delivery mechanisms. Although much of that work has not been visible to the market, it is essential.
The Feasibility Study is on track for delivery this year, and with the combined technical capabilities and experience of Stantec’s team lead by Neville Dowson and Macarthur’s highly experienced metallurgical consultant Dr Richard Peck and mining engineer Bernard Holtshousen, the Company has high expectations, and an equally high level of confidence, that the Feasibility Study will meet the expectations of the market.
Stantec’s involvement in key areas will help bring the Feasibility Study in on time and within budget. We look forward to continuing to work with them through these final phases of delivery.”
Link here for the full announcement: https://finance.yahoo.com/news/lake-giles-feasibility-study-lake-120000253.html
Cadence Minerals Holding in Macarthur
Cadence holds approximately 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.
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:
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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 Cadence Minerals Plc’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 Cadence Minerals Plc. Although any forward-looking statements contained in this announcement are based upon what the Directors believe to be reasonable assumptions. Cadence Minerals Plc cannot assure investors that actual results will be consistent with such forward-looking statements
Cadence Minerals #KDNC – Notice of Annual General Meeting (AGM).
Cadence Minerals (AIM/AQX: KDNC; OTC: KDNCY) is pleased to confirm that it has posted the notice of the 2021 AGM and forms of proxy to registered shareholders. The AGM will be held at 11 am 4th August 2021 at the offices of Hill Dickinson LLP, The Broadgate Tower, 8th Floor, 20 Primrose Street, London, EC2A 2EW.
Please note that due to the current Covid-19 situation, arrangements for this year’s AGM are different from those of previous years. In keeping with health and safety advice, the meeting will be held with a Board quorate only. Consequently, we kindly request that shareholders do not attend the meeting in person. Please do not travel to the meeting, as you will be refused entry.
To ensure that shareholders can still participate in an orderly and safe AGM during the Covid-19 pandemic, this year’s meeting will be held via an electronic platform. The platform will permit shareholders to hear the meeting’s chairman and to submit questions on the resolutions and business of the meeting. AGM specific questions can be submitted via the platform during a 48-hour period from 11:00 am 2nd August 2021 and real-time during the AGM. Questions submitted via any other method than the platform will not be answered.
Whilst this year’s AGM structure utilises certain special pandemic-related discretionary powers, it remains wholly in accordance with KDNC’s articles of association and the Companies Act. It also fully complies with the Company’s Covid-19 policy and governmental Covid-19 safety advice.
Shareholders are therefore strongly encouraged to exercise their AGM voting rights by submitting the proxy form attached with the AGM notice. The deadline for submission of proxies to the Registrar is 11 a.m. on 2 August 2021 or 48 hours before any adjourned meeting. You are strongly advised to appoint the chairman of the meeting as your proxy to ensure your vote is counted.
The Circular and notice of AGM is available at: https://www.cadenceminerals.com/investors/aim-rule-26/.
The result of the AGM will be announced shortly after its conclusion and published on the Company’s website
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For further information:
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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 Cadence Minerals Plc’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 Cadence Minerals Plc. Although any forward-looking statements contained in this announcement are based upon what the Directors believe to be reasonable assumptions. Cadence Minerals Plc cannot assure investors that actual results will be consistent with such forward-looking statements
Cadence Minerals #KDNC – Macarthur Minerals (TSX-V: MMS, ASX: MIO) a Step Closer to DSO Export Pathway With Pacific National Rail Deal
Cadence Minerals (AIM/NEX: KDNC; OTC: KDNCY) is pleased to note that Macarthur Minerals (TSX-V: MMS) (ASX: MIO) (the “Company” or “Macarthur”) has announced that it has entered into a term sheet with rail haulage service provider Pacific National, regarding the transport by rail of up to 400,000 tonnes per annum of iron ore between Kalgoorlie and Esperance. The deal will support a potential direct shipment ore (DSO) export pathway.
The Company’s plans to pursue commencement of mining, production and export of a DSO product at Ularring Lake Giles Iron Project at the earliest available opportunity are being advanced. With suitable rolling stock anticipated to be available from Q1 2022, the Company aims to complete the balance of its transport solution as quickly as possible.
Highlights
The Term Sheet with Pacific National provides for an exclusive negotiation period within which the parties will negotiate a rail haulage agreement, subject to the satisfaction of certain conditions precedent (which include Macarthur securing matching port access and materials handling arrangements on commercially acceptable terms) and agreement of the terms and conditions by both parties. Any such rail haulage agreement will be for an initial term of 24 months with options to extend for up to a further 2 years.
The potential deal will deliver an innovative solution for access to above and below rail haulage capacity for Macarthur by enabling the Company to leverage off existing rail paths along the Kalgoorlie to Esperance rail line. This places Macarthur in a unique position to access rail transport in the current market.
Paul Scurrah, Chief Executive Officer and Managing Director of Pacific National commented: “We are delighted to be progressing discussions with Macarthur Minerals to commence direct shipment of ore from their Lake Giles project for export out of Esperance.
The proposed service will utilise available capacity on our existing services operating between Esperance and Kalgoorlie and presents an opportunity to support a greenfield mining operation and create capacity on the network without requiring additional paths. We look forward to supporting Macarthur Minerals in this initial phase of the Lake Giles project and building a sustaining partnership for the future.”
Andrew Bruton, CEO of Macarthur Minerals commented: “At the top of the current strong iron ore market, securing new export pathways for bulk iron ore products in Western Australia remains challenging. Despite these challenges, Macarthur has worked hard to achieve an innovative transport solution in collaboration with the team at Pacific National – placing us in a unique position to access the rail network to Esperance.
The Company intends to continue to target commencement of commercial DSO mining operations at Ularring, and this deal with Pacific National will help lay the foundation for Macarthur’s ambitions to commence iron ore exports at the earliest available opportunity.
Macarthur is very pleased to be partnering with Pacific National. We look forward to updating the market on further developments shortly.”
Link here to view the announcement: https://finance.yahoo.com/news/macarthur-step-closer-dso-export-120000259.html
Cadence Minerals Holding in Macarthur
Cadence holds approximately 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.
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:
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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 Cadence Minerals Plc’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 Cadence Minerals Plc. Although any forward-looking statements contained in this announcement are based upon what the Directors believe to be reasonable assumptions. Cadence Minerals Plc 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 Feasibility Study Update. Macarthur to commence geotechnical drill programme at Moonshine to support mine planning for flagship magnetite project.
Cadence Minerals (AIM/NEX: KDNC; OTC: KDNCY) is pleased to note that Macarthur Minerals (TSX-V: MMS) (ASX: MIO) (the “Company” or “Macarthur”) has announced that it is about to commence a geotechnical drilling campaign to support mine planning work being undertaken as part of the current Feasibility Study for its flagship Lake Giles Iron Project in the Yilgarn region of Western Australia.
The drill programme is planned to commence during July and will involve the drilling of 8 diamond core holes for a total depth of 1560m, with varying depths of between 175 to 230m each.
The drill programme will be undertaken as efficiently as possible and is expected to take between 6 to 8 weeks to complete.
An image accompanying this announcement showing the planned geotechnical holes at the Lake Giles Iron Project preliminary layout is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/c0def0e3-a8f6-47ed-bb00-eb689b97cc27
Macarthur Minerals CEO Andrew Bruton commented: “This important phase of drilling work will provide information targeting the footwall and the hanging wall of the main pits for the first phase of magnetite mining operations at Moonshine and will be used to support mine planning work being undertaken by Orelogy Mine Consulting and Pells Sullivan Meynink (“PSM”) as part of Macarthur’s current Feasibility Study for our flagship, high grade magnetite Lake Giles Iron Project.
The scheduling of the drill programme aligns with the Company’s expectations for delivery of the Feasibility Study. The mobilisation of the drill crew and equipment on site will commence shortly and we look forward to keeping investors updated on the progress of this work over the course of the next few months.”
Link here to view the full announcement and drill hole detail:
https://finance.yahoo.com/news/lake-giles-feasibility-study-macarthur-120000554.html
Cadence Minerals Holding in Macarthur
Cadence holds approximately 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.
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:
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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 Cadence Minerals Plc’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 Cadence Minerals Plc. Although any forward-looking statements contained in this announcement are based upon what the Directors believe to be reasonable assumptions. Cadence Minerals Plc cannot assure investors that actual results will be consistent with such forward-looking statements
Alan Green discusses Panther Metals #PALM & Cadence Minerals #KDNC on his weekly Stockbox Media Research talk
Alan Green discusses Panther Metals #PALM & Cadence Minerals #KDNC on his weekly Stockbox Media Research talk
Vox Markets podcast – Cadence Minerals #KDNC CEO Kiran Morzaria, John Meyer & Alan Green
Cadence Minerals #KDNC CEO Kiran Morzaria discusses the company investment strategy, the company’s flagship Amapa Iron Ore asset, full year results and financials and outlook. John Meyer discusses 5 mining companies and 38 minutes 10 seconds in Alan Green discusses Power Metal Resources #POW, ECR Minerals #ECR & Ananda Developments #ANA.
Cadence Minerals #KDNC – Macarthur Minerals (TSX-V: MMS, ASX: MIO) makes application for additional tenure adjacent to flagship Lake Giles Iron Project to support planned DSO operation
Cadence Minerals (AIM/NEX: KDNC; OTC: KDNCY) is pleased to note that Macarthur Minerals (TSX-V: MMS) (ASX: MIO) (the “Company” or “Macarthur”) has advised that it has made an application for a Miscellaneous Licence covering an area of 74 hectares adjacent to its flagship Lake Giles Iron Project in the Yilgarn region of Western Australia.
The tenure, which is adjacent to the Snark deposit of the Ularring Hematite Project, will support Macarthur’s non-process infrastructure for its planned direct-shipping iron ore (“DSO”) campaign, initially targeting mining of the Snark and Drabble Downs deposits at Lake Giles.
A figure accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/55cc022b-92db-4bf9-898f-1862e15aad8d
Macarthur recently executed an Access Agreement to support the Application over this ground with its long-term associate, local prospector Mel Dalla-Costa. Macarthur intends to advance the Application as quickly as possible to allow the Company to target commencement of DSO production at the earliest available opportunity. The tenure will accommodate the mining operations centre that includes support infrastructure such as vehicle workshops, water storage, site offices, fuel supply and product stockpiling and loadout facilities.
Macarthur Minerals CEO Andrew Bruton commented: “Macarthur continues to advance mine and transport planning for a DSO mining operation at Ularring. This tenure application is another important step towards that objective.
The earliest commencement of revenue generating activities remains one of the Company’s key priorities. With a clear view of the transport logistics challenges that are always evident in a heated commodity market, Management has been taking time over the last several months to ensure that this objective can be optimised in its delivery, to enable the Company to take advantage of current iron ore prices.
The market has been patiently awaiting further details on our progress, and as we continue to advance arrangements for the mining of DSO at Ularring, we expect to provide further updates on this and other planned product export activities shortly.”
Link here for the full Macarthur announcement: https://finance.yahoo.com/news/lake-giles-ularring-dso-macarthur-120000697.html?guccounter=1
Cadence Minerals Holding in Macarthur
Cadence holds approximately 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.
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:
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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 Cadence Minerals Plc’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 Cadence Minerals Plc. Although any forward-looking statements contained in this announcement are based upon what the Directors believe to be reasonable assumptions. Cadence Minerals Plc cannot assure investors that actual results will be consistent with such forward-looking statements.
Cadence Minerals #KDNC – Results for the year ended 31 December 2020
Cadence Minerals (AIM/NEX: KDNC; OTC: KDNCY) is pleased to announce its final results for the year ended 31 December 2020. A copy of the full results will be made available on the Company’s website at https://www.cadenceminerals.com/ and will be posted to shareholders today.
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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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CHAIRMAN’S STATEMENT
I am pleased to present the Company’s Annual Report and Audited Financial Statements for the year ended 31 December 2020.
In my previous statement to you as Chairman, I surmised that the economic contraction, whilst severe and turbulent, would hopefully recover rapidly due to global stimulus measures. Today, despite the persistent dislocations and disruptions of the global pandemic, this view is supported by several key metrics, including higher commodity prices.
On behalf of the Board of Directors (“Board”) and management, I wish to express our thanks and gratitude to all our service providers, consultants, advisors and most importantly to our shareholders for their support throughout a difficult year. Despite the unpredictable nature of the pandemic, the Board and the Company have been able to operate efficiently and successfully. We are well-positioned to transition back to our regular pre-COVID work schedule as and when that is permitted. Our sincere hope that all within our community have kept themselves and their families safe and well.
Without any specific order or priority, our Board wishes to congratulate the successes and achievements of our portfolio companies. Bacanora has successfully negotiated agreements with one of the Worlds biggest Lithium producers, European Metal Holdings has continued to develop Cinovec, the largest hard rock Lithium deposit in Europe, Macarthur Minerals has taken great strides forward with the Lake Giles Iron project and its respective BFS, and Hastings Technology Metals has been at the front and centre of the global focus on rare earth metals. While remaining as supportive shareholders to these companies, our Board remains focused on unlocking and accelerating the value across our entire portfolio. To this extent, despite the challenges thrown up by COVID in conducting thorough due diligence, we have continued to look for new investment opportunities to complement our geographic and geological spread.
The pandemic has provided new perspectives on developing our portfolio, none more so than at our key pending investment – the Amapa Iron Ore (“Amapa Project”) project in Brazil. The main priority for the Board has been following the processes and protocols outlined in the Judicial Review Procedure, which have been meticulously and publicly disclosed at every step of the journey. Our management team have maintained a patient and persistent approach, following what was always expected to be a protracted route to bring the mine and community back to life. Today, supported by a 21% increase in total mineral resources compared to the equivalent MRE published by Anglo American 2012 and with the global supply of iron ore still falling short of predicted global demand, the Amapa opportunity looks better than ever.
The unprecedented levels of global economic stimulus, combined with a focus on infrastructure and an overarching need for strategic supply chains for metals and minerals, suggests our portfolio is well-positioned to benefit. Commodity prices have responded to a rapid economic recovery, especially in China. If legislated clean energy goals, electric vehicle production and infrastructure spending is executed and adopted as announced by the incumbent administrations around the globe. In that case, we envisage strong demand growth for the underlying commodities at the heart of the Cadence portfolio. We do not predict prices, but it is worth noting that peak predictions often come at peak prices. As such, our focus on the long-term fundamentals of each commodity allows for a more sustainable and longer-term investment thesis.
While the challenges of the pandemic remain in focus, I would like to conclude by personally thanking our Cadence Community, management, fellow Board members, staff and partners and of course, all Shareholders for their continued support and confidence in the Company.
Andrew Suckling
Non-Executive Chairman, 29 June 2021
CHIEF EXECUTIVE OFFICER’S COMMENTARY
I am pleased to present the audited results for the year ended 31 December 2020. Alongside the financial statements and supporting notes, a full review of business activities during the year is provided within the Strategic Report.
Given the results presented for the period ended 31 December 20, they reflect a historical position in terms of the Company progress and its financial position, so we have included within the Strategic Report further information on key events post year-end.
Despite 2020 being a year of turbulence, Cadence has continued to pursue its strategic objectives because we believe that assets that are undervalued, de-risked, or have strategic advantages will outperform their peers in the long term. During 2020 this strategy bore fruit with the Company delivering both a net profit of £7.8 million (2019 loss of £1.9 million) and reporting considerable progress across its key investments. Furthermore, in 2020, the Company repaid the vast majority of its outstanding convertible debt and in April 2021 repaid it entirely.
The challenges faced with the onset of the COVID-19 pandemic earlier in 2020 presented the Company with some potentially large risks to its concentration of investments. In October 2020, the IMF stated that the total bill for the global pandemic would reach some $28tn (£21.5tn) in lost output. The rapid intervention by global governments with rate cuts, looser monetary policies and fiscal stimulus has certainly avoided a financial catastrophe, but at the same, increased demand for commodities. Historically the consequences of such events invariably see a strong recovery in commodity markets. This factor was clearly in evidence as 2020 progressed. Prices of commodities such as Iron Ore and Nickel and precious metals including Gold and Silver all increased in value.
In the wake of the sharp economic contractions in 2020, the IMF forecast that only China was expected to emerge with any economic growth during the year. 2021 is set to be a different story, however, and with the vaccine rollout accelerating globally, there are expectations for sharp recoveries across most leading economies. Added to this, the new $1.9tn stimulus package in the US from the Biden administration will see heavy investment into ageing US infrastructure. These factors should ensure sustained demand and pricing for iron ore and base metals.
There is also the revolution taking place within the automotive industry to consider. The move towards EV’s is accelerating rapidly, with a plethora of commitments from key automotive manufacturers such as Ford, Volvo, BMW and Jaguar to switch to electric-only production in the next few years. This move, of course, sounds the death knell for the internal combustion engine, but at the same time is driving the cost of battery metals and component commodities such as lithium, nickel, cobalt and graphite.
The net effect is that specific commodities and minerals assets that we have invested in are undergoing a significant global resurgence. I believe that our diverse and complementary nature of investments is uniquely positioned, with downside risk protection and several potential scenarios which could create substantial value to the Company
Our portfolio has been focused on two main investments, and the first is the private Amapa Project. The terms of our investment and the judicial recovery plan were finalised in 2019. The key outstanding item for Cadence to complete its initial US$2 million (20%) investment in the Amapa Project is the execution of a settlement agreement with the secured bank creditors. During the year, we reached an agreement in principle with secured banks creditors. At the time of writing, we understand the secured creditors either have credit committee approval or are awaiting it. The final settlement agreement has been circulated and is with the respective legal teams for review.
Given the time it had taken for the secured bank creditors to obtain internal approval for the settlement agreement in February 2021, the Commercial Court of São Paulo (“the Court”) ruled that DEV Mineração S.A’s (“DEV”) the owner of the Amapa Project could commence the shipment of the iron ore stockpiles situated at DEV’s wholly-owned port in Santana, Amapa, Brazil. DEV was permitted to export sufficient iron ore to realise a US$10 million profit from the Amapa stockpiles at the port. As of the end of June 2021, DEV had shipped three of the estimated four shipments of 58% iron ore required to net US$ 10 million profit. DEV is also contracted to carry out logistical and shipping activities for third parties who have stockpiles held at DEV’s port.
Despite the lack of a settlement agreement, Cadence, our joint venture partners, Indo Sino Pte Ltd (“Indo Sino”), and DEV determined that it was essential to progress the Amapa Project. In this vein, we completed an updated mineral resource statement increasing the total mineral resources by 21%. In addition, we have commenced various other work streams which will enable us to complete and a pre-feasibility study.
As we have mentioned on numerous occasions, the opportunity to invest in such a project is rare within our industry, and we believe this project provides us with a potentially transformative asset for our Company. The Amapa Project gives Cadence the potential for an exceptional return on investment in the run-up to full production and an opportunity to become a significant shareholder in a mid-tier iron ore producer.
The second of our key investments is European Metals Holdings (“EMH”), whose strategy is to become a Czech based lithium and tin producer. During the year, EMH’s Cinovec Project has been significantly de-risked and is moving rapidly towards a final investment decision. The year was marked primarily by the completion of an agreement with CEZ a.s., the Czech national power utility, by which CEZ became a 51% shareholder of the Project Company, Geomet and injected approximately EUR 29 million into Cinovec. This agreement not only provides all necessary funding to move the Project to the final investment decision, but it also provides strong business and management support within the Czech Republic.
I would like to record my thanks to the team members at Cadence and our investee companies who have all worked incredibly hard to bring the Company and its investment to its present strong position. We continue to deliver on identifying opportunities in line with our investment strategy, and we believe the concentration of risk across a few key assets and commodities will bear fruit. Our investments have some downside protection, optionality and exposure to potentially significant upside.
We look forward to continuing to actively assess investment opportunities as well as managing them actively and diligently.
Kiran Morzaria
Chief Executive Officer, 29 June 2021
Link here for the full review and financial statements
Cadence Minerals (KDNC) – Macarthur Minerals (TSX-V: MMS) (ASX: MIO) Signs Strategic Co-Operation Agreement With Diversified Conglomerate Jin Sung International
Macarthur Minerals (TSX-V: MMS) (ASX: MIO) Signs Strategic Co-Operation Agreement With Diversified Conglomerate Jin Sung International.
Cadence Minerals (AIM/NEX: KDNC; OTC: KDNCY) is pleased to note that Macarthur Minerals (TSX-V: MMS) (ASX: MIO) (the “Company” or “Macarthur”) has signed a Cooperation Agreement (“Agreement”) with diversified Singaporean-based conglomerate Jin Sung International Pte Ltd (“Jin Sung”), paving the way for a potential strategic investment into Macarthur’s iron ore and non-iron ore assets.
Established in 1967, the Jin Sung Group is a large, diversified producer of construction products with a procurement and trading business. Jin Sung is headquartered in Singapore and has diversified interests in a range of producing businesses and is also involved in the procurement and trading of coal, clinker, aggregate, molybdenum concentrate, copper cathodes, gold and silver. Jin Sung is now partnering with Macarthur under a non-binding Co-operation Agreement to explore the potential to bring high grade iron ore and battery minerals into its diverse portfolio of investments.
The Jin Sung Group’s interests had a total sales turnover of some USD700 million in 2020. The majority of the Group’s 2020 turnover was attributable to its construction interests, predominantly in concrete products which have formed an integral part of a post Covid-19 infrastructure-led recovery. The Group’s significant international operations are focused in south-east Asia, and include Korea, Singapore, Malaysia, Indonesia, Vietnam, Myanmar and Bangladesh.
The non-binding Cooperation Agreement sets out the terms and conditions upon which the Parties intend to progress discussions on the development of a transaction involving a strategic equity investment in Macarthur’s iron ore and non-iron ore assets (at the project level). Following completion of further due diligence, a strategic investment into Macarthur by Jin Sung would be subject to the execution and closing of definitive transaction documentation.
The Agreement also facilitates a continuation of potential investment discussions between Jin Sung and Infinity Mining Limited with respect to Macarthur’s Australian non-iron ore assets following a successful spin-out of those assets on into that entity and its intended listing on ASX later this year (see the Company’s recent announcement regarding the Infinity Mining Limited transaction dated 11 June 2021).
A potential transaction between the parties may take the form of a strategic equity investment by Jin Sung into Macarthur’s iron ore assets or non-iron ore assets, or provision of direct project financing.
Mr Jung Sung Chun, Director of Jin Sung commented: “We are very glad to have established a long-term perspective ‘win-win’ partnership with Macarthur Minerals through the Signing Ceremony for the Cooperation Agreement, and we look forward to deepening our strategic relationship with them.”
Richard Moon, General Manager, International Sales & Marketing for Macarthur Minerals commented: “Macarthur has worked collaboratively with Jing Sung’s management over several months, and this Agreement represents a material step forward in the relationship between our two organisations. Jin Sung has a significant business presence in Korea as well as Southeast Asia and I have been particularly pleased to have led the development of this engagement for Macarthur over here in Seoul.”
Andrew Bruton, CEO of Macarthur Minerals commented: “Macarthur is very pleased to be co-operating with Jin Sung. We look forward to building a strategic relationship with them into the future and to working with them on a mutually beneficial investment as the Company’ exciting transition into production continues.”
The full announcement can be viewed here: https://finance.yahoo.com/news/macarthur-signs-strategic-co-operation-120000786.html
Cadence Minerals Holding in Macarthur
Cadence holds approximately 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.
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 Cadence Minerals Plc’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 Cadence Minerals. Although any forward-looking statements contained in this announcement are based upon what the Directors believe to be reasonable assumptions. Cadence Minerals Plc assure investors that actual results will be consistent with such forward-looking statements.
Cadence Minerals #KDNC – Macarthur Minerals (TSX-V: MMS, ASX: MIO) to sharpen focus on iron ore delivery: Pilbara Gold and Copper assets and new Leonora Gold tenements to underpin new ASX listing.
Cadence Minerals (AIM/NEX: KDNC; OTC: KDNCY) is pleased to note that Macarthur Minerals (TSX-V: MMS) (ASX: MIO) (the “Company” or “Macarthur”) has announced that it intends to spin-out its non-iron ore assets in the Pilbara into Infinity Mining Limited (Infinity) (previously Macarthur Australia Limited, a wholly owned subsidiary of Macarthur). Infinity currently holds the Company’s Pilbara gold/copper/lithium tenements (Pilbara Assets) through Infinity’s subsidiary company, Macarthur Lithium Pty Ltd (MLi). The Company proposes to undertake an initial public offering of Infinity (IPO) and apply for its listing on the Australian Securities Exchange (ASX).
Why the spin-out is positive for Macarthur shareholders
This strategy will fast track further exploration and the future development potential of the Pilbara Assets and allow Macarthur to focus solely on the development of its flagship iron ore projects situated at Lake Giles in the Yilgarn region of south-western, Western Australia.
Infinity also holds an exclusive right to undertake due diligence on 10 historic gold/copper tenements in the Leonora area of the Central Goldfields region of Western Australia, held by Zanil Pty Ltd (Zanil) (Central Goldfields Assets). An independent technical report on the Pilbara Assets and the Central Goldfields Assets has been compiled to support a transaction, and Infinity and Zanil are in advanced discussions on the terms of a sale and purchase agreement. Subject to completion of satisfactory due diligence on the Central Goldfields Assets by Infinity, it is intended that those assets will be vended into Infinity following the listing of Infinity on ASX.
This combined asset exploration and development strategy means that Macarthur’s post listing shareholding in Infinity will have the potential to drive further value in Macarthur for the benefit of its shareholders.
The Company will provide further details with respect to the spin out transaction and IPO listing in a subsequent news release.
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/278e3519-a039-497d-93f7-9ac330fa193d
Link to the full announcement, including details of all Pilbara and Central Goldfields assets and work undertaken to date here https://finance.yahoo.com/news/macarthur-minerals-sharpen-focus-iron-120000717.html
Joe Phillips, Managing Director of Macarthur Minerals commented: “Macarthur’s board has carefully considered all available options and we believe the value of the Pilbara gold/copper/lithium assets is not reflected in the current share price of Macarthur and see this as a way to create additional value for shareholders via a priority IPO spin off to be listed on the ASX. The addition of the Central Goldfields Assets into the portfolio will provide the new company access to potential surface gold historically identified that may be Toll treated through regional gold mines. The new vehicle will evaluate opportunities outside of the iron ore space, and will ensure that Macarthur retains its primary focus on the Lake Giles Iron Project. The Company will provide further details with respect to the spin out transaction and IPO listing in a subsequent news release.”
Cadence Minerals Holding in Macarthur
Cadence holds approximately 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.
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 Cadence Minerals Plc’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 Cadence Minerals Plc. Although any forward-looking statements contained in this announcement are based upon what the Directors believe to be reasonable assumptions. Cadence Minerals Plc cannot assure investors that actual results will be consistent with such forward-looking statements.
