Kiran Morzaria of Cadence discusses strategy behind Yangibana sale and updates on Amapa
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Kiran Morzaria CEO of Cadence Minerals #KDNC discusses the strategy beyond the sale of their Yangibana Rare Earths project tenements to Hastings Technology Metals and provides an update on their Amapa Iron Ore Project.
Highlights
• Cadence has agreed to sell its 30% working interest in the Yangibana Project tenements to the operator and owner of the remainder of the Yangibana Project, Hastings, for A$9 million (£5.1 million)
· The sale is to be satisfied by the issue of fully paid ordinary Hastings shares
· This transaction provides Cadence with equity exposure to 100% of the Yangibana Project via its equity holding in Hastings.
· The NPV of the Yangibana Project is currently AS$ 1 billion
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