Dev Mineração, which is owned by Cadence Minerals and Indo Sino, was allowed to export $10 million of iron ore from its stockpiles in Santana city, Amapa state, in Brazil, Cadence Minerals said this week.
Cadence Minerals said Dev Mineração is expected to make its fourth and last iron ore shipment under court permission.
“The four shipments of 58 percent beneficiated iron ore have netted approximately $10 million to DEV. On completion, DEV will begin the shipments to fulfil the second permission,” Cadence said.
Cadence said the profit from the sale of iron ore will be used for commissioning studies, capital projects and working capital.