Cadence Minerals (AIM:KDNC) said it received the first construction funding tranche for the Azteca plant on 25 May, following completion of clarification documents requested by the offtaker.
The funding and recent Installation Licence (LI) grant on 5 May allow approved refurbishment and installation works to move into execution at the Amapá Iron Ore Project in Brazil, in which Cadence holds a 36.2% stake.
DEV has executed the primary contractor agreement, and Cadence expects mobilisation activities to start next week with full contractor mobilisation during the second week of June 2026.
Commissioning is now expected approximately 60 days from receipt of the funding tranche under an accelerated schedule or 90 days where standard operational contingency is incorporated.
Management said an earlier end-June commissioning target has shifted to end-July on the accelerated timeline or end-August if normal contingencies are applied, reflecting the later-than-anticipated LI and offtaker clarification requests.
Azteca is intended as the initial production facility, targeting approximately 380,000 tonnes per annum of ~65% Fe concentrate from existing tailings to generate early cash flow.
"With the LI granted, funding now progressing and contractor mobilisation expected to commence shortly, Azteca recommissioning is progressing rapidly into the execution phase," said Kiran Morzaria, Chief Executive Officer.
The company said workstreams to secure the operating licence (LO) are underway, and further updates will be provided as mobilisation and execution progress.
