Cadence Minerals PLC Update - European Metals Holdings (4651C)
June 17 2019 - 4:53AM
UK Regulatory
TIDMKDNC
RNS Number : 4651C
Cadence Minerals PLC
17 June 2019
Cadence Minerals Plc
("Cadence Minerals", "Cadence" or "the Company")
European Metals (AIM: EMH) PFS Update Confirms Potential of Low
Cost Lithium Hydroxide Production at Cinovec.
Cadence Minerals (AIM/NEX: KDNC; OTC: KDNCY) is pleased to note
the results published today by European Metals Holdings Limited
("European Metals" or "EMH") from the successful update of the
process flowsheet previously developed to enable the production of
lithium hydroxide (LiOH.H(2) O). This work has been completed in
conjunction with test-work confirming the production of battery
grade lithium hydroxide from Cinovec ore. EMH states that the
results significantly enhance the forecast economics of the Cinovec
Project.
Highlights:
-- Net estimated overall cost of production post credits: $3,435 / tonne LiOH.H(2) O
-- Project Net Present Value ("NPV") increases 105% to: $1.108B (post tax, 8%)
-- Internal Rate of Return ("IRR") increased 37% to 28.8% (post tax)
-- Total Capital Cost: $482.6M
-- Annual production of Battery Grade Lithium Hydroxide: 25,267 tonnes
-- Studies are based on only 9.3% of reported Indicated Mineral
Resource and a mine life of 21 years processing an average of 1.68
Mtpa ore
-- The process used to produce lithium hydroxide allows for the
staging of lithium carbonate and then lithium hydroxide production
to minimize capital and startup risk and enables the production of
either battery grade lithium hydroxide or carbonate as markets
demand
Cadence holds approximately 19.1 percent of the equity in
European Metals, which, through its wholly owned Subsidiary, Geomet
s.r.o., controls the mineral exploration licenses awarded by the
Czech State over Cinovec.
The full release can be found at:
https://www.londonstockexchange.com/exchange/news/market-news/market-news-detail/EMH/14112338.html
Cadence Minerals CEO Kiran Morzaria commented: "Great work from
Keith Coughlan and the EMH team. This important update to the PFS
has increased the project NPV and once again highlighted the
strategic importance of the Cinovec project for the European
lithium market."
- Ends -
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
Novum Securities Limited (Joint
Broker) +44 (0) 207 399 9400
Jon Belliss
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.
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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