UK-based mining company Cadence Minerals has announced that it has increased its stake in the Amapá Iron Ore Project in Brazil to 33.6 percent. To extend its participation in the project, the company increased its total investment in the project by $1.1 million to $13.2 million.
The remaining 66.4 percent share is held by Singapore-based commodities group Indo Sino.
The Amapá Project has 276 million mt of mineral resources with Fe content of 38.33 percent and 196 million mt of ore reserves with Fe content of 39.34 percent. The project is anticipated to have an annual production rate of 5.5 million mt. According to the statement, the project is fully committed to advancing the development of the 67 percent Fe product flow sheet. As the global steel industry shifts from blast furnaces towards direct reduced iron, which requires iron ore with Fe content of 67 percent or more, the project’s commitment will support the global transition, SteelOrbis understands.