Back to all announcements

DJ Cadence Minerals PLC Yangibana - Update

TIDMKDNC

RNS Number : 6217Q

Cadence Minerals PLC

13 September 2017

Cadence Minerals Plc

("Cadence Minerals", "Cadence" or "the Company")

Yangibana - Update

Cadence Minerals (AIM/NEX: KDNC; OTC: KDNCY) is pleased to announce that Cadence's 70% joint venture partner in the Yangibana Neodymium Project ("Yangibana") in Western Australia, Hastings Technology Metals Ltd ("Hastings"), has signed its third offtake MOU agreement with Qiandong Rare Earth Group.

The full release can be found at:

http://hastingstechmetals.com/images/asx_latest/HAS-_20170913-GQD_MOU_FINAL.pdf

Highlights from the Hastings Release

-- Hastings announces its third MOU with Qiandong Rare Earth Group for the future supply of Mixed Rare Earth Carbonate from Hastings' Yangibana project in Western Australia.

-- The parties have agreed to enter into discussions to formalise a commercial offtake agreement for Hastings to sell 1,500 tonnes of Mixed Rare Earth Carbonate (MREC) per annum to Qiandong Rare Earth Group.

-- This third MOU agreement is for a period of three years with an option to extend for two years.

-- Total of three MOUs signed so far represent approximately 40% of planned MREC annual production from Yangibana.

Details of Ownership

On 1 December 2011, Cadence announced that it had acquired a 30% free carried interest to Bankable Feasibility Study ("BFS") of the Yangibana North Rare Earth Deposit. The exploration costs until the commencement of the BFS are therefore borne solely by Hastings (70% owners and operator). The same terms agreed and announced on 1 December 2012 also apply to Gossan, Hook, Kanes Gossan, Lions Ear and Bald Hill North.

- Ends -

 
For further information, please contact. 
 
                                           +44 (0) 207 440 
Cadence Minerals plc                        0647 
Andrew Suckling 
Kiran Morzaria 
 
                                           +44 (0) 207 220 
WH Ireland Limited (NOMAD & Broker)         1666 
James Joyce 
James Bavister 
 
                                           +44 (0) 207 907 
Hannam & Partners LLP (Joint Broker)        8500 
Neil Passmore 
Giles Fitzpatrick 
 
                                           +44 (0) 207 929 
Square1 Consulting                          5599 
David Bick 
 

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 GBP30 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

MSCGGUAPBUPMURW

(END) Dow Jones Newswires

September 13, 2017 04:27 ET (08:27 GMT)