Cadence expects Azteca to be producing at the end of August, as refurbishment begins

Following the successful mobilisation of personnel, equipment and site resources, Cadence Minerals (KDNC ) has commenced refurbishment work on the Azteca plant, part of its wider Amapá iron ore project in Brazil.

Works are underway across the principal processing, infrastructure and electrical workstreams.

Activities completed or underway include structural inspections, access rehabilitation, equipment inspection, refurbishment of mechanical components, electrical panel works and associated infrastructure preparation. 

Based on progress to date, Cadence expects the Azteca plant to be operationally ready by the end of August 2026. Commencement of commercial operations remains subject to receipt of the operating licence (LO).

"The significance of the progress made since receipt of the Installation Licence is not simply that refurbishment activities have started,” said Kiran Morzaria, chief executive of Cadence, “it is that the project has transitioned from planning into delivery. Mobilisation is complete, contractors are active on site and progress is increasingly being measured against execution, commissioning and operational readiness milestones. Our focus remains on completing the refurbishment programme safely, maintaining schedule discipline and progressing the requirements necessary to support operational readiness and commercial operations."

Broker Zeus also commented on the news. "A good update today from Cadence, getting things ready at the plant, with Cadence now just waiting for the delivery of the operating licence," the broker said in a flash note. 

"With Azteca being a brownfield restart which will further process pre-processed material we see no issue with the delivery of the licence, and we full expect Azteca to begin ramping up strongly in the second half of 2026."

View from Vox

With the Installation Licence granted, funding received and mobilisation completed, the principal focus of the project has shifted towards execution, commissioning and operational readiness. So far there’s been no identifiable slippage in the schedule, and the project remains on track for commercial operations at the end of August. Once that stage is reached, and assuming the licence to operate is granted, Cadence will be a company transformed – no longer a developer, it will officially enter the ranks of the producers. And this in turn will represent a major stepping off point for the ongoing development of the wider 276 million tonne Amapá project.