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Cadence Minerals is focusing on iron ore and lithium assets next year

Cadence Minerals shares fell 0.4% to 11.2p in the afternoon trading after the mining company announced an operating loss of £ 631,000 from an operating profit of £ 8.9 million in 2021.

Cadence Minerals also has a pre-tax profit of £ 7.8 million, while a pre-tax loss of £ 144,000, and the reduction in profit is about a reduction in annual and unrealized gains and losses relative to £ £. Due to the fact that it was £ 1.2 million. 10.4 million shares in 2020 are related to the equity investment portfolio held in the current period.

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The company emphasized that administrative costs increased by £ 300,000 from £ 1.4 million to £ 1.8 million, but foreign exchange gains increased by £ 1.2 million from a loss of £ 820,000 in the previous year to £ 460,000.

Cadence Minerals focused on formalizing and successful settlement of investments in flagship products Amapa Iron Ore Project As a major high point in 2021, we have succeeded in starting the shipment of iron ore from the stockpile of Santana Port in Brazil.

The board commented that it has “every confidence” that investment in the region will be a huge success next year.

Cadence Minerals confirmed that its next priority will include the publication of an estimate of Amapa’s maiden ore reserves and the subsequent announcement of the PFS on operations.

The company is also set to Increase investment in Amapa assetsAnd investment in lithium technology and lithium supplies are estimated to be listed in 2022.

Cadence Minerals added that he wants to crystallize some added value from other private portfolio assets.

Mining companies are aware of the challenges associated with the current volatile macroeconomic environment and believe that, alongside the Amapa project, lithium and iron ore assets can meet ongoing geopolitical challenges. I did.

“As the effects of the pandemic begin to recede, we face new challenges of rising interest rates and inflation,” said Andrew Suckling, non-executive chairman of Cadence Minerals.

“For Cadence, the sustained rise in commodity prices, especially lithium and iron ore, continues to be one of the major positives for our entire portfolio, with the success of the settlement and initial investment in the Amapa project, the Board of Directors said. We believe we continue to be in a good position to meet these challenges, both now and in the future. “

“Finally, I would like to personally thank the board members, staff, partners, and of course all shareholders of the wider cadence community for their continued encouragement and trust in the company.”

Cadence Minerals emphasized a basic loss per share of 0.1p from EPS of 6.8p year-on-year.



Cadence Minerals is focusing on iron ore and lithium assets next year

Source link Cadence Minerals is focusing on iron ore and lithium assets next year

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