- Cadence Minerals
- 02 April 2026 12:16:01
Source: Sharecast
The AIM-traded company said engagement with Brazil’s heritage authority IPHAN had confirmed that no additional archaeological field studies were required in previously impacted areas, allowing the remaining work to move onto a defined regulatory pathway through a Termo de Ajustamento de Conduta process.
Cadence said that represented a material step in de-risking the path to securing the installation licence, which was also contingent on water abstraction and tailings permits from the state environmental authority SEMA/AP.
“The path to licence is now clearer, narrower and lower risk than before,” said chief executive Kiran Morzaria.
“The outstanding workstreams are now well identified and continue to advance through the regulatory process.
“Importantly, IPHAN has confirmed that no additional archaeological field studies are required in the previously impacted areas.
“In practical terms, this moves the remaining archaeological workstream onto a defined regulatory pathway through the TAC process, rather than a broader technical process, which we view as an important step in de-risking the path to LI.”
Cadence said documentation requested by SEMA/AP had been submitted, with applications progressing through final administrative review and no further studies required.
At the Azteca plant, the company said permitted early works and procurement activities were ongoing following completion of detailed engineering, preserving readiness ahead of refurbishment and commissioning.
Subject to permitting, Cadence said commissioning by the end of June remained achievable.
“Alongside this, permitted early works and procurement continue at Azteca, preserving execution readiness and supporting a rapid move into refurbishment activity once permitting is in place,” Morzaria added.
“Subject to permitting and execution, we believe commissioning by the end of June 2026 remains achievable, with Azteca representing the first stage in unlocking near-term cash flow and the broader value of the Amapá Project.”
Cadence said Azteca was expected to provide an initial production platform targeting around 380,000 tonnes per annum of approximately 65% iron concentrate from existing tailings, supporting early cash flow generation as part of a phased redevelopment of the wider project.
The Amapá project hosts a JORC-compliant mineral resource of 276 million tonnes at 38% iron and proven and probable reserves of 195.8 million tonnes at 39.34% iron.
An updated pre-feasibility study published in December 2024 outlined potential production of 5.5 million tonnes per annum of 67.5% direct reduction grade concentrate, with a post-tax net present value of $1.97bn over a 15-year mine life.
Cadence said its total investment in the project stood at about $16.1m at the end of March, representing a 36.2% equity stake.
At 1152 BST, shares in Cadence Minerals were up 0.3% at 4.66p.
Reporting by Josh White for Sharecast.com.
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