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15 Jul 2019 | 13:55

Cadence Minerals advances plan to acquire interest in Brazilian iron ore mine

Cadence Minerals said it had placed $2.5m into a judicial trust related to the development on the Amapa iron ore project in Brazil.

The company last month agreed with Indo Sino to invest in and acquire up to a 27% interest in the former Anglo American and Cliffs Natural Resource mine.

The deal was conditional on the approval of a judicial restructuring plan submitted to the Sao Paulo Commercial Court in Brazil.

'Cadence is pleased to confirm that it has placed $2.5m into a judicial trust account of the commercial court of Sao Paulo,' the company said.

'These funds will be held in escrow until the preconditions of the JRP are met, which include the approval of the JRP at a creditors meeting, and the grant of key operational licenses.'

'We currently anticipate that the creditors meeting will occur at the end of August.'

At 1:55pm: (LON:KDNC) Cadence Minerals Plc share price was 0p at 0.11p

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