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14 Dec 2018 | 09:50

Cadence Minerals welcomes cost estimate cut at Australian projects

Cadence Minerals said that Macarthur Minerals had reduced both its operating expenses and capital expenditure estimates for the Moonshine magnetite and Ularring hematite projects in Australia.

Cadence currently holds a roughly 12% stake in Macarthur.

The capex estimate for a combined project was reduced to $335m, while magnetite opex was cut to $55 per tonne and hematite opex to A$42 a tonne.

'As well as a reduction in Opex and Capex estimates, the Macarthur investment case has also been strengthened by the access to rail and port infrastructure following cessation of operations by Cleveland Cliffs,' Cadence chief executive Kiran Morzaria said.

'We look forward to the next phase of developments.'

At 9:50am: (LON:KDNC) Cadence Minerals Plc share price was 0p at 0.12p

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