Cadence Minerals (AIM/NEX: KDNC; OTC: KDNCY) is pleased to announce that DEV Mineracao SA (“DEV”) has resumed the sale and shipment of its iron ore stocks from Santana,
This shipment represents the first export of iron ore since Cadence acquired its 27% interest in the
We expect this shipment to end this month, and in the current economic environment, DEV intends to continue shipping and selling its 58% iron ore inventory. There are currently approximately 1.25 million tons of DEV stock in its port of Santana.
In addition to this shipping, DEV continued to provide vessel loading and transportation services for third party owned inventory at DEV Port.
Amapa started its activities in
Production increased steadily to 4.8 Mt and 6.1 Mt of iron ore concentrate product in 2011 and 2012. During this period,
Cadence updated the mineral resource estimate on
Ownership and Joint Venture Agreement Details
Cadence holds 27% of the
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Certain statements contained in this announcement are or may be deemed to be forward-looking statements. Forward-looking statements are identified by their use of words and phrases such as “believe” “could” “should” “consider” “estimate” “intend” “may” “plan” “will” or the negative of these variations or comparable expressions including references to assumptions. These forward-looking statements are not based on historical fact, but rather on the directors’ current expectations and assumptions regarding
These 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 those referred to in the forward-looking statements, including risks associated with vulnerability to general economic and business conditions, competition, environmental changes and other regulatory actions, actions taken by governmental authorities, availability of capital markets, dependence on key, uninsured personnel. and underinsured losses and other factors many of which are beyond the control of
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