Cadence Minerals completes refurbishment of Azteca processing plant
Cadence Minerals PLC on Friday announced the completion of refurbishment of the Azteca processing plant at its Amapa iron ore project in Brazil.
The London-based early-stage investment and development company said mechanical completion was achieved on Friday, with cold commissioning scheduled to start next week. Wet commissioning will follow, while hot commissioning remains subject to completion of the applicable regulatory requirements.
The refurbishment progressed from approximately 48% completion on July 2 to mechanical completion on September 4, Cadence said.
All eight plant systems have been completed, including the hopper and feed system, transfer conveyor, screen, process tank, magnetic separation circuit, piping, spiral concentrator and electrical system.
Cadence said the operator, DEV Mineracao SA, has applied to the environmental authority SEMA/AP for the operating licence required for commercial operations and shipments to begin.
Chief Executive Officer Kiran Morzaria said: "Mechanical completion closes the refurbishment phase. The next job is to prove the plant through commissioning.
"We will progress sequentially through cold, wet and hot commissioning, identifying and resolving issues as they arise. Commercial operations and shipments remain dependent on successful commissioning and grant of the operating licence.
"Azteca is intended to establish the first production and cash-flow platform at Amapa. Successful delivery would move the project from refurbishment into operations and support the wider redevelopment strategy."
Azteca is intended to produce approximately 380,000 tonnes of concentrate annually at around 65% iron content from existing tailings. Cadence said the initial production is intended to generate early cash flow to support operations and the wider redevelopment of Amapa.
Shares in Cadence Minerals were down 6.0% at 5.45 pence per share on Friday afternoon in London.
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