Mineral resources investment and development company Cadence Minerals reports that DEV Mineração has restarted the sale and shipment of its iron-ore stockpiles from the Amapa project, in Brazil.
This shipment represents the first export of iron-ore since Cadence vested its equity interest (27%) in the Amapa project earlier this year.
"We expect this shipment will complete this month, and under the current economic environment, DEV intends to continue with the shipment and sale of its 58% iron-ore stockpile. There is currently about 1.25-million tonnes of DEV stockpile at its port in Santana," Cadence notes.
Cadence owns 27% of the Amapa project, with joint venture (JV) partner Indo Sino owning the balance.
The ownership of Amapa is held through a JV company, Pedra Branca Alliance, which owns 100% of the equity of DEV Mineração.