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

The Vox Markets Podcast

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

Read the full RNS here