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Cadence Minerals pleased with rapid progress at Macarthur Minerals

"We are pleased that Macarthur Minerals is making rapid progress with each of its major projects."

Cadence owns a 15% stake in Macarthur

Cadence Minerals Plc (LON:KDNC) relayed a positive update from the group’s 15%-owned Macarthur Minerals which highlighted progress in what was described as an active first quarter.

"We are pleased that Macarthur Minerals is making rapid progress with each of its major projects," said Kiran Morzaria, Cadence chief executive.

In MacArthur’s own statement, its executive chairman Cameron McCall told investors that the company is in a strong position to exploit opportunities in the Yilgarn region of Western Australia.

READ: Cadence Minerals boosted by Macarthur breakthrough at Lake Giles

He highlighted certain operations which will close in the region, and that will free up existing infrastructure for other firms.

“The company has been in discussions with key Union and Government agencies, including the Southern Ports Authority, as well as mining, infrastructure and engineering service companies to refine operational costs,” McCall said.

“In March 2018, Macarthur commissioned a London based research firm, Hallgarten & Company to complete an internal business investigation plan looking at the infrastructure that may be available from the closure of Cliffs’ Asia Pacific Iron Ore operations, and the Company’s 2012 PFS on the Ularring Hematite Project. 

“This plan indicates that there is potential commercial benefit for development of the company’s iron ore projects.”

He added: “In addition, the company has commenced discussions with project finance groups and off-take trading partners. I assure you, the company has been actively preparing on all fronts to ensure the successful development of its iron ore assets.”

Quick facts: Cadence Minerals PLC

Price: 7.75 GBX

Market: AIM
Market Cap: £8.17 m

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