Cadence Minerals (KDNC) said refurbishment works at its Amapá Iron Ore Project in Brazil were 97% complete as of 22 August, ahead of the 95% planned level and up from 87% on 10 August.
A total of 58 of the 64 identified activities had been completed, with the remaining six in progress. The hopper/feed system, transfer conveyor, screen and process tank are complete, while magnetic separation and piping are approximately 99% and 98% complete, respectively. The spiral concentrator is 85% complete, ahead of the 78% planned level.
Electrical installation advanced to 95% from 69%, exceeding the 87% planned level and representing a main execution focus.
The six remaining activities include three close-out items covering the magnetic separation technical handover, water piping technical handover and remaining electrical panel works. The balance comprises completion of the spiral concentrator and final equipment connections.
Management continues to target 31 August 2026 for completion of refurbishment works, after which the project will move into integrated commissioning to test the completed systems and assess readiness for commercial operations.
Cadence said it recorded no lost-time injuries or reportable safety incidents during the reporting period.
The previously granted Installation Licence authorises the approved refurbishment and installation works at Azteca. DEV Mineração has now formally submitted its application for the Operating Licence to SEMA/AP, which is undergoing technical review and may involve requests for additional information and a site inspection.
The Operating Licence remains required before commercial operations and shipments can begin.
As of 31 May, Cadence's total investment in the Amapá Project was about US$16.1 million. Cadence holds a 36.2% interest in Pedra Branca Alliance, which owns 100% of DEV Mineração, the owner and operator of the project.
Cadence Chief Executive Officer Kiran Morzaria said: "Execution is what matters. Azteca moved from 48% to 77%, then to 87%, and reached 97% by 22 August.
Electrical installation was the principal execution focus. It has advanced to 95%, moving from behind the mechanical workstreams to ahead of plan.
At that reporting date, the remaining work was defined: close the technical handovers, complete the spiral concentrator and electrical panels, connect the equipment and move into commissioning.
Our focus is clear: complete the refurbishment against the 31 August target and maintain execution discipline through commissioning. Successful commissioning and the Operating Licence remain the gateways to commercial operations and the first operating platform at Amapá."
View from Vox
Cadence is nearing the finish line at Amapá, with refurbishment 97% complete and electrical works ahead of plan. The next key steps are final equipment connections, integrated commissioning and securing the Operating Licence, which remains the key requirement before commercial operations and shipments can begin.