Cadence Minerals (AIM:KDNC) said refurbishment of the Azteca processing plant at the Amapá Iron Ore Project has progressed from 77% to 87% weighted physical completion since its 27 July update.
The AIM-listed company holds a 36.2% equity stake in the Brazilian iron ore project, having invested approximately $16.1 million as of 31 May.
The 31 August completion target remains unchanged, with 49 of 64 identified activities now finished.
Electrical installation, flagged as the principal execution focus in the previous update, has jumped from 43% to 69% completion and is now in line with plan.
The hopper/feed system, transfer conveyor, screen and process tank are complete, while the spiral concentrator stands at 64% against a 50% plan.
Magnetic separation, at approximately 75% complete, is now the main processing workstream left to close out.
"Execution is what matters," said Kiran Morzaria, chief executive officer, adding that management's priority is "to complete the refurbishment against the 31 August target, move into commissioning and complete the regulatory workstreams required before commercial operations can commence."
Commercial operations and shipments still depend on successful commissioning and receipt of the Operating Licence, which DEV Mineração S.A. continues to pursue with the State of Amapá Environmental Authority.
The company reported no lost time injuries or reportable safety incidents during the period.
News Intelligence what this means for the company
Cadence Minerals has advanced Azteca refurbishment from 77% to 87% completion in the past month, keeping the 31 August target intact. Electrical installation—the prior bottleneck—has jumped to 69% and is now on plan, while magnetic separation remains the main workstream to close. The milestone is procedural progress on a path that has faced principal risks including timely receipt of the Operating Licence, which remains the gating factor for commercial operations.
On-time refurbishment progress is necessary but not sufficient: commercial operations still hinge on securing the Operating Licence from Brazil's State of Amapá Environmental Authority, a regulatory gate outside Cadence's direct control. The company has invested approximately $16.1 million in a 36.2% stake; execution risk has shifted from plant completion to licensing and commissioning.
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