Cadence Minerals PLC European Metals Holdings Update (2961U)
July 11 2018 - 5:09AM
UK Regulatory
TIDMKDNC
RNS Number : 2961U
Cadence Minerals PLC
11 July 2018
Cadence Minerals Plc
("Cadence Minerals", "Cadence" or "the Company")
European Metals (EMH) Cinovec Lithium Carbonate Production
Modelled to Increase to 22,500 TPA
Cadence Minerals (AIM/NEX: KDNC; OTC: KDNCY) is greatly
encouraged to note the results of roast optimization tests
conducted by European Metals Holdings (AIM: EMH) at the Cinovec
Lithium-Tin project in the Czech Republic. EMH stated today that
improved recoveries have resulted in increased lithium carbonate
production to 22,500tpa.
Highlights:
-- Average lithium carbonate production increased from 20,800
tpa to 22,500 tpa due to improved recoveries in the leach circuit
of 94% being modelled.
-- Increased lithium production results in increased cash margins of approximately 10%
-- Low cost waste gypsum from local power plants now utilized as
a roasting reagent is a significant positive environmental outcome
for the region and a reagent cost benefit to the project.
-- Locked cycle testing and larger scale roasting technology
confirmation work to commence imminently.
-- Preparation of 3 tonnes of lithium concentrate via magnetic
separation for lithium carbonate pilot plant trials almost
complete.
In addition, Cadence also notes comments from European Metals MD
Keith Coughlan, regarding recent political developments within the
Czech Republic and the imminent formation of a coalition
government. The EMH board looks forward to engaging with the new
Government to advance the project to the benefit of all
stakeholders.
Cadence owns approximately 20% of the equity in European Metals
Holdings.
The full release can be found at:
https://www.londonstockexchange.com/exchange/news/market-news/market-news-detail/EMH/13712961.html
Cadence CEO Kiran Morzaria commented: "The strategic importance
of the Cinovec Lithium project as a future supply hub for the
European EV industry cannot be overstated."
"That the optimisation tests conducted by European Metals are
already showing a significant improvement in Lithium recovery and
increased cash margins is not only great news for the EV industry
but could in future help to meet any lithium supply shortfall if,
as we expect, there is a sustained increase in demand."
This announcement contains inside information for the purposes
of Article 7 of EU Regulation 596/2014.
For further information:
Cadence Minerals plc +44 (0) 207 440 0647
Andrew Suckling
Kiran Morzaria
WH Ireland Limited (NOMAD & Broker) +44 (0) 207 220 1666
James Joyce
James Sinclair-Ford
Hannam & Partners LLP (Joint Broker) +44 (0) 207 907 8500
Neil Passmore
Giles Fitzpatrick
Square1 Consulting +44 (0) 207 929 5599
David Bick
Qualified Person
Kiran Morzaria B.Eng. (ACSM), MBA, has reviewed and approved the
information contained in this announcement. Kiran holds a Bachelor
of Engineering (Industrial Geology) from the Camborne School of
Mines and an MBA (Finance) from CASS Business School.
About Cadence Minerals:
Cadence is dedicated to smart investments for a greener world.
The planet needs rechargeable batteries on a global scale -
upcoming supersized passenger vehicles, lorries and buses - require
lithium and other technology minerals to power their cells. Cadence
is helping find these minerals in new places and extracting them in
new ways, which will meet the demand of this burgeoning market.
With over GBP30 million vested in key assets globally, Cadence is
helping us reach tomorrow, today.
Cadence invests across the globe, principally in lithium mining
projects. Its primary strategy is taking significant economic
stakes in upstream exploration and development assets within
strategic metals. We identify assets that have strategic cost
advantages that are not replicable, with the aim of achieving lower
quartile production costs. The combination of this approach and
seeking value opportunities allows us to identify projects capable
of achieving high rates of return.
The Cadence board has a blend of mining, commodity investing,
fund management and deal structuring knowledge and experience, that
is supported by access to key marketing, political and industry
contacts. These resources are leveraged not only in our investment
decisions but also in continuing support of our investments,
whether it be increasing market awareness of an asset, or advising
on product mix or path to production. Cadence Mineral's goal is to
assist management to rapidly develop the project up the value curve
and deliver excellent returns on its investments.
Forward-Looking Statements:
Certain statements in this announcement are or may be deemed to
be forward-looking statements. Forward-looking statements are
identi ed by their use of terms and phrases such as "believe"
"could" "should" "envisage" "estimate" "intend" "may" "plan" "will"
or the negative of those variations or comparable expressions
including references to assumptions. These forward-looking
statements are not based on historical facts but rather on the
Directors' current expectations and assumptions regarding the
Company's future growth results of operations performance future
capital and other expenditures (including the amount. nature and
sources of funding thereof) competitive advantages business
prospects and opportunities. Such forward-looking statements re ect
the Directors' current beliefs and assumptions and are based on
information currently available to the Directors. Many factors
could cause actual results to differ materially from the results
discussed in the forward-looking statements including risks
associated with vulnerability to general economic and business
conditions competition environmental and other regulatory changes
actions by governmental authorities the availability of capital
markets reliance on key personnel uninsured and underinsured losses
and other factors many of which are beyond the control of the
Company. Although any forward-looking statements contained in this
announcement are based upon what the Directors believe to be
reasonable assumptions. The Company cannot assure investors that
actual results will be consistent with such forward-looking
statements.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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