Kiran Morzaria of Cadence discusses strategy behind Yangibana sale and updates on Amapa

Episode 757,  Jun 23, 08:57 AM

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.

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