Cadence Minerals (KDNC ) continues to move towards the granting of an Installation Licence for its Amapá iron ore project in Brazil.
Early works and procurement activities that have already been permitted are now ongoing at the Azteca plant at Amapá.
Meanwhile, the remaining Installation Licence workstreams with Instituto do Patrimônio Histórico e Artístico Nacional (IPHAN) and State of Amapá Environmental Authority SEMA/AP continue to advance, and IPHAN has confirmed that no additional archaeological field studies are required in the previously impacted areas.
SEMA/AP will issue the water and tailings-related permits.
The remaining archaeological workstream is now focused on finalisation of the Termo de Ajustamento de Conduta (TAC) process as mandated by IPHAN.
IPHAN has indicated proposed measures for inclusion in the TAC, centred on cultural heritage publication, exhibition materials and studies, and project work associated with a community museum / exhibition initiative.
For its part, SEMA requested some further information in late March 2026. All documentation and information requested was submitted last week, and the application has progressed back to the Coordination of Water Resources Management (CGRH/SEMA/AP) we understand the applications are progressing through final administrative review, with no further studies requested.
The project remains in execution readiness for Azteca refurbishment and commissioning activities, subject to receipt of the required permits.
Subject to receipt of the required licences, recommissioning of Azteca is intended to provide an initial production platform and near-term operational cash flow, while supporting the continued advancement of the wider 5.5 million tonne development.
"The path to licence is now clearer, narrower and lower risk than before,” said Kiran Morzaria, chief executive of Cadence.
“The outstanding workstreams are now well identified and continue to advance through the regulatory process. Importantly, IPHAN has confirmed that no additional archaeological field studies are required in the previously impacted areas. In practical terms, this moves the remaining archaeological workstream onto a defined regulatory pathway through the TAC process, rather than a broader technical process, which we view as an important step in de-risking the path to LI. Alongside this, permitted early works and procurement continue at Azteca, preserving execution readiness and supporting a rapid move into refurbishment activity once permitting is in place. Subject to permitting and execution, we believe commissioning by the end of June 2026 remains achievable, with Azteca representing the first stage in unlocking near-term cash flow and the broader value of the Amapá Project."
Separately, Cadence has issued 12 million shares to the Rare Earth Minerals Employee Benefit Trust (EBT) at a price of 1p, following a subscription by the trustee of the EBT, JTC Employer Solutions Trustee Limited, at an aggregate cost to the company of £120,000.
Following admission of the EBT Shares, the EBT will hold approximately 4.3% of the enlarged issued share capital of the company.
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Cadence’s shares have just about tripled in value over the past 12 months as sentiment towards the mining markets has recovered in parallel with the company’s material progress at Amapá. Permitting is always an intricate business, but the company appears to be finding a way through the Brazilian system, and it’s good to note the optimism surrounding the mooted June commissioning date.