Cadence Minerals (AIM:KDNC) told investors that refurbishment of the Azteca processing plant at its Amapá Iron Ore Project reached 97% weighted physical completion as of 22 August, ahead of the 95% planned and up from 87% reported on 10 August.
DEV Mineração S.A., the Brazilian operating company for the Amapá Project in which Cadence holds a 36.2% indirect equity interest via Pedra Branca Alliance, has formally submitted its application for the Azteca operating licence to the Amapá State Environmental Secretariat.
Electrical installation, flagged as the principal execution constraint in the prior update, advanced from around 69% to 95% completion, moving ahead of the 87% planned.
The hopper/feed system, transfer conveyor, screen and process tank are complete, while magnetic separation stands at around 99% and piping at 98%.
Remaining work is concentrated in technical handovers for magnetic separation and water piping, completion of the spiral concentrator, electrical panel work and final equipment connections.
"Successful commissioning and the Operating Licence remain the gateways to commercial operations and the first operating platform at Amapá," said chief executive Kiran Morzaria.
Cadence's total investment in the Amapá Project stood at approximately $16.1 million as of 31 May.
The programme continues to target completion of refurbishment works by 31 August, ahead of integrated commissioning.
News Intelligence what this means for the company
Azteca refurbishment hit 97% completion by 22 August, beating the 95% plan, with DEV Mineração now formally applying for the operating licence—the final gate to commercial operations. Electrical installation, previously the constraint, jumped to 95% from 69% in two weeks, leaving only technical handovers and final connections before the 31 August completion target. This advance removes the execution risk that had shadowed prior updates and puts the project within sight of the licence decision that will unlock revenue.
Timely receipt of the Operating Licence remains a principal risk, but the refurbishment now sits at the threshold—the company has delivered on schedule and handed the ball to regulators. At $16.1 million invested as of May, the project is capital-light relative to the upside of iron-ore production, but commercial viability now hinges entirely on licence approval and commissioning execution in the next 10 days.
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