Cadence Minerals leaps as Yangibana Project wins environmental approval
Cadence Minerals shares jumped on Tuesday as it announced the granting of an environmental permit for the Yangibana Rare Earths Project in the Gascoyne region of Western Australia.
The AIM traded company owns 30% of the Yangibana North, Gossan, Hook, Kanes Gossan, Lions Ear and Bald Hill North Rare Earth Deposits which form part of the Yangibana Rare Earth Deposit, with probable ore reserves of some 2.1m tonnes at 1.66% total rare earth elements contained within 30%-owned joint-venture tenements.
The Yangibana Project includes the development of five open pit mines, groundwater abstraction, on-site processing plant for the ore, tailings storage facilities, access and haul roads and supporting infrastructure such as accommodation facilities, administration buildings and an airstrip, while ongoing environmental compliance is also required.
Kiran Morzaria, chief executive of Cadence, said: "Today's announcement marks a significant milestone for the Yangibana Rare Earths Project. We now await the outcome for the remaining permits relating to commencement of construction and development work commencing."
Meanwhile, the company also noted that Bacanora Lithium, in which it holds a 0.5% interest, has received a second approval for a £14.4m investment from Ganfeng Lithium Co Ltd, which would see Ganfeng take a 30% stake in Bacanora.
Ganfeng received the first approval from the Chinese Ministry of Commerce in July and it has now received approval from China's National Development & Reform Commission, leaving only a final pending approval from the State Administration of Foreign Exchange, which is expected in the next few weeks.
Cadence Minerals shares were up 18.92% at 0.11p at 1128 BST.