Cadence Minerals (AIM:KDNC), which holds a 36.2% stake in the Amapá Iron Ore Project in Brazil, said refurbishment of the Azteca processing plant has progressed from 48% to 77% weighted physical completion since its last operational update.
The figure runs ahead of the 72% completion the company had planned for this stage, with 43 of 64 identified work packages now finished.
"Advancing from 48% to 77% completion while remaining ahead of schedule demonstrates that the Azteca refurbishment is moving through its critical execution phase as planned," said Kiran Morzaria, Cadence's chief executive.
The hopper, transfer conveyor and process tank installation are complete, and screen refurbishment stands at roughly 98%.
Magnetic separation has reached about 69% completion, while electrical installation, now the principal remaining execution task, stands at about 43%.
Metallurgical test work has confirmed a processing flowsheet capable of producing iron ore concentrate at about 65% iron content from feed material grading roughly 48% iron, with 53% mass recovery and 72.8% iron recovery.
Commercial operations remain contingent on Cadence securing the Operating Licence from Brazil's State of Amapá Environmental Authority, alongside the existing Installation Licence already covering refurbishment work.
Cadence's total investment in the Amapá Project stood at about $16.1 million as of 31 May.
The company continues to target operational readiness by the end of August 2026, subject to commissioning and licence approval.
News Intelligence what this means for the company
Cadence Minerals' Azteca plant refurbishment has reached 77% completion, outpacing its 72% internal target, with major mechanical systems now installed and electrical work emerging as the final critical phase. The company remains on track for operational readiness by end of August 2026, contingent on securing Brazil's Operating Licence; metallurgical testing confirms the flowsheet can produce 65% iron concentrate from 48% iron feed with acceptable recovery rates.
The ahead-of-schedule progress de-risks the August 2026 timeline and validates the refurbishment execution strategy, but the investment case remains subject to environmental licensing approval from Amapá State—a regulatory gate outside management's control that could delay or block commercial operations.
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