Cadence Minerals shares were up 0.5% to 17.1p in early afternoon trading on Monday, after the company announced the completed sale and shipment of Iron Ore by DEV Mineraco S.A’s (DEV) from the Amapa Iron Ore Project in Brazil.
The sale was completed on 23 April and marked the fourth shipped batch of iron ore from the company’s stockpiles, consisting of 48,492 wet tonnes of iron ore sinter fines of approximately 58% iron at Companhia Docas de Santana.
The company commented that it was the first batch of iron ore exported since Cadence vested its 27% equity interest in the Amapa Project earlier in 2022.
Cadence Minerals confirmed a current stockpile of 1.2 million tonnes of iron ore in DEV’s wholly-owned port.
The shipment followed the initial three shipments which were carried out in H1 2021, and were reportedly approved through a court petition, which limited the sales of iron ore from the stockpiles to $10 million in net profits.
The company said that the approved court disposal funds were applied according to the approved court petition, with DEV retaining an agreed portion of the net profits.
The firm added that the net profits and earnings from the current shipment would be paid to the secured banks creditors in line with the settlement agreement announced on 29 December 2021.
