# Cadence Minerals update on investment in the Amapa Iron Ore project, Brazil

- Link: https://www.directorstalkinterviews.com/cadence-minerals-update-on-investment-in-the-amapa-iron-ore-project-brazil-2/412854549
- Published: 2020-08-26T07:13:25+01:00
- Author: Giles Arbor

**[Cadence Minerals](https://www.directorstalkinterviews.com/company/cadence-minerals-plc/kdnc.l)
plc** (LON:KDNC; OTC: KDNCY) has provided an update on its investment in the Amapa
Iron Ore Project, Brazil.

**Progress with Secured Bank Creditors**

Since our last update in early August, DEV Mineração S.A’s Cadence and Indo Sino
Pty Ltd have continued a constructive dialogue with the secured bank creditors and
the parties are currently negotiating the settlement terms as proposed by the Bank
Creditors.

As mentioned in previous announcements, the remaining major precondition for Cadence
to make its initial investment in the Amapa Project requires DEV to reach a settlement
agreement with the Bank Creditors. On completion of the conditions and the release
of the Cadence escrow monies, Cadence will become a 20% shareholder in the Amapa
Iron Ore Project via our joint venture company which will own 99.9% of DEV Mineração
S.A’s.

Further details about Cadence’s rights, potential investment, and the Judicial Restructuring
Plan in relation to the Amapa Project are presented in our annual accounts published
at the end of June and the announcements of the 30 August 2019 and 7 August 2019.

**Commercial Court of São Paulo**

On the 28 July, the Court, responding to an appeal by the Bank Creditors, reaffirmed
its decision of April this year allowing DEV to commence shipping iron ore from 
the stockpiles situated at DEV’s wholly-owned port in Santana, Amapa. Cadence Minerals
has been informed that the Bank Creditors have now filed an appeal to a higher court,
none the less the original ruling still remains in force.

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