- Cadence Minerals said it had reached an agreement with the State of Amapa in Brazil to reinstate a mine railway concession between the Amapa iron ore mine and the port in Santana. The reinstatement of the concessions came as Cadence met one of the two principal preconditions for investing in the Amapa project and followed the release of US$2.5m currently in escrow. The second precondition required the company to reach a settlement agreement with the bank creditors to secure bank lending. After satisfying the preconditions and the release of the Escrow monies, Cadence would own 20% of the Amapa project through its joint venture company.

The primary purpose of the railway was to transport iron ore over 180 km from the mine to the port in Santana.

The railway would be maintained and improved to an initial capacity of approximately 5.5m tonnes of iron ore per annum and would provide a passenger and good service.

At 8:28am: [LON:KDNC] Cadence Minerals Plc share price was +0.63p at 8.38p

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