TIDMKDNC
RNS Number : 1989U
Cadence Minerals PLC
20 October 2017
Cadence Minerals Plc
("Cadence Minerals", "Cadence" or "the Company")
Bacanora Minerals Update - Environmental Approval for Sonora
Lithium Project
Cadence Minerals (AIM/NEX: KDNC; OTC: KDNCY) reports that
Bacanora Minerals (AIM: BCN, TSXV: BCN) has announced that the
Environmental Impact Statement, the Manifestacion de Impacto
Ambiental ('MIA'), for its flagship Sonora Project ('Sonora') in
Mexico has been approved by SEMARNAT, the Environment Ministry of
Mexico. Bacanora Minerals ("Bacanora") has also provided an update
on its Feasibility Study ('FS') for a 35,000 tonnes per annum
lithium carbonate operation at Sonora, which on course for
completion in late 2017.
Highlights
-- MIA approval received for a 35,000tpa lithium carbonate
operation at Sonora, following completion of comprehensive
environmental and social baseline studies.
-- Approval represents a major milestone for Bacanora and is in
line with its strategy to construct an open-pit mine and a
large-scale beneficiation processing facility at Sonora.
-- FS expected to confirm Sonora occupies a favourable position in the industry cost curve.
-- Development of a conventional beneficiation process followed
by a standard SO4 roasting process that has been de-risked by the
Project's pilot plant which has continuously produced battery grade
lithium since May 2016.
-- Ability to re-cycle Na2SO4 into the roaster negates the
requirement to purchase expensive sulphuric acid as a sulphate SO4
source.
-- Sonora has an Indicated Mineral Resource of 4.5 million
tonnes Lithium Carbonate Equivalent ("LCE") and 2.7 million tonnes
Inferred and Probable Mineral Reserves of 2.1 million tonnes.
The full release can be found at:
https://www.investegate.co.uk/bacanora-minerals-ld--bcn-/rns/environmental-approval-for-sonora-lithium-project/201710200700021384U/
.
Kiran Morzaria, Chief Executive Officer of Cadence,
commented:
"It is great to see the Progress being made at Sonora, the
environmental approvals are a key step in the development of
bringing this excellent asset into production. It is also important
to note that the change in roasting process has continued to
produce battery grade lithium carbonate since May and that the
process mitigates the requirement for sulphuric acid."
"Sonora is considerably de-risked and scalable and we look
forward to seeing the results from the upcoming feasibility
study."
- Ends -
For further information,
please contact.
Cadence Minerals plc +44 (0) 207 440 0647
Andrew Suckling
Kiran Morzaria
WH Ireland Limited (NOMAD
& Broker) +44 (0) 207 220 1666
James Joyce
James Bavister
Hannam & Partners LLP (Joint
Broker) +44 (0) 207 907 8500
Neil Passmore
Giles Fitzpatrick
Square1 Consulting +44 (0) 207 929 5599
David Bick
The Sonora Lithium Project and Details of Cadence's
ownership:
Cadence Minerals holds 9.3% of the equity in Bacanora Minerals
and 30% of Mexalit and Megalit joint venture companies. Mexalit is
the owner of the El Sauz, El Sauz 1, El Sauz 2, Fleur and Fleur 1
mineral concessions. These concessions form part of the Sonora
Lithium Project as assessed in the Pre-Feasibility Study ("PFS")
published in April 2016 by Bacanora.
As of the date of publication of the PFS, The Sonora Lithium
Project contained some 7.2 million tonnes of Lithium Carbonate
Equivalent ("LCE") within the indicated and inferred mineral
resource estimate categories sit on the of which of which 2.1
million tonnes of LCE were classified as probable mineral reserves.
Of these mineral resources and reserves, 4.1 million tonnes of LCE
total mineral resources and 1.7 million tonnes of LCE probable
mineral reserves sit within mineral concessions owned by
Mexalit.
Megalit does not form part of the Sonora Lithium Project as
defined PFS and as yet has had no mineral resource estimate carried
out on it.
The direct and indirect interests of Cadence in the Sonora
Lithium Project and other mineral concessions in the Sonora
province are as follows:
- La Ventana and La Ventana 1, which are 100 percent owned by
Minera Sonora Borax S.A. de C.V.("MSB"), a wholly-owned subsidiary
of Bacanora; Cadence, through its direct interest of 9.3% of
Bacanora, has an indirect interest in these concessions of
9.3%.
- El Sauz, El Sauz 1, El Sauz 2, Fleur and Fleur 1 concessions,
which are held by Mexilit S.A. de C.V. ("Mexilit"). Cadence has a
30% direct interest in Mexalit through its Joint Venture with
Bacanora, and when combined with Cadence's direct interest of 9.3%
in Bacanora, has a total economic interest in Mexalit of 36.5%.
- Buenavista, San Gabriel and Megalit concessions, which are
held by Megalit S.A. de C.V. ("Meglait"). Cadence has a 30% direct
interest in Mexalit through its Joint Venture with Bacanora, and
when combined with Cadence's direct interest of 9.3% in Bacanora,
has a total economic interest in Mexalit of 36.5%.
Qualified Person
Kiran Morzaria B.Eng. (ACSM), MBA, has reviewed and approved the
information contained in this announcement. Kiran holds a Bachelor
of Engineering (Industrial Geology) from the Camborne School of
Mines and an MBA (Finance) from CASS Business School.
About Cadence Minerals:
Cadence is dedicated to smart investments for a greener world.
The planet needs rechargeable batteries on a global scale -
upcoming supersized passenger vehicles, lorries and buses - require
lithium and other technology minerals to power their cells. Cadence
is helping find these minerals in new places and extracting them in
new ways, which will meet the demand of this burgeoning market.
With over GBP25 million vested in key assets globally, Cadence is
helping us reach tomorrow, today.
Cadence invests across the globe, principally in lithium mining
projects. Its primary strategy is taking significant economic
stakes in upstream exploration and development assets within
strategic metals. We identify assets that have strategic cost
advantages that are not replicable, with the aim of achieving lower
quartile production costs. The combination of this approach and
seeking value opportunities allows us to identify projects capable
of achieving high rates of return.
The Cadence board has a blend of mining, commodity investing,
fund management and deal structuring knowledge and experience, that
is supported by access to key marketing, political and industry
contacts. These resources are leveraged not only in our investment
decisions but also in continuing support of our investments,
whether it be increasing market awareness of an asset, or advising
on product mix or path to production. Cadence Mineral's goal is to
assist management to rapidly develop the project up the value curve
and deliver excellent returns on its investments.
This information is provided by RNS
The company news service from the London Stock Exchange
END
UPDGCBDGLDDBGRG
(END) Dow Jones Newswires
October 20, 2017 05:31 ET (09:31 GMT)
Cadence Minerals (LSE:KDNC)
Historical Stock Chart
From Apr 2024 to May 2024
Cadence Minerals (LSE:KDNC)
Historical Stock Chart
From May 2023 to May 2024