Cadence Minerals shares were up 0.9% to 18.2p in late afternoon trading on Thursday after the company announced that DEV Mineraco S.A had resumed the sale and shipment of its iron ore stockpiles from the Amapa Project in Brazil.
The mining group said that the shipment represents the first iron ore export since the firm vested its 27% equity interest in the Amapa Iron Ore Project in early 2022.
The company currently works in collaboration with joint-venture partner Indo Sino, which owns the other 73% of the mine.
The two firms own the mine through joint-venture company Pedra Branca Alliance, which owns 100% of DEV Mineraco S.A’s equity.
Cadence Minerals confirmed that it currently expects the shipment’s completion in April, with DEV set to continue with the shipment and sale of the 58% iron ore stockpile in the current economic conditions.
The company also said that DEV has continued to provide ship loading and transport services for the third party owned stockpile at its port.