Operator: DEV Mineração S.A.
Ownership: Approximately 36.2% interest (as at 31 May 2026)
Location:
Amapá State, Northern Brazil
Development Pathways:
Azteca Project (Pre-Production Stage)
Amapá DR Project (Pre-Feasibility Stage)
Overview
The Amapá Iron Ore Project is a brownfield iron ore redevelopment project located in Amapá State, northern Brazil. The project comprises an integrated iron ore mine, beneficiation plant, 194 km railway and private port infrastructure and previously operated between 2007 and 2014.
Cadence Minerals and its partners are advancing Amapá through a staged development strategy comprising two related development pathways: the Azteca Project and the Amapá DR Project. This approach is intended to leverage existing infrastructure, reduce upfront capital requirements and provide a pathway towards the long-term redevelopment of the project.
Azteca Project – Pre-Production Stage
The Azteca Project represents the first planned operational phase of the Amapá redevelopment strategy. The project is focused on the refurbishment of existing processing infrastructure and the processing of previously mined and stored material located on site.
Publicly disclosed project parameters include:
- Target production of approximately 380,000 tonnes per annum
- Target product grade of approximately 65% Fe concentrate
- Estimated pre-production capital expenditure of approximately US$3.5 million
- Estimated operating cost of approximately US$37/dmt FOB
Funding for Azteca has been structured through a US$4.6 million prepayment offtake facility intended to support licensing, refurbishment, commissioning and initial working capital requirements. Commercial operations remain subject to completion of refurbishment works, commissioning activities and receipt of the required Operating Licence.
Amapá DR Project – Pre-Feasibility Stage
The Amapá DR Project represents the longer-term redevelopment opportunity at Amapá and is focused on the production of direct reduction (“DR”) grade iron ore concentrate suitable for low-carbon steelmaking applications.
The project is based on the redevelopment and optimisation of the integrated mine, beneficiation plant, railway and port infrastructure. Prior technical studies disclosed by the Company indicate a development target of approximately 5.5 Mtpa of 67.5% Fe DR-grade concentrate over an estimated 15-year mine life.
Previously disclosed PFS-level economics include:
- Post-tax NPV of approximately US$1.97 billion
- Post-tax IRR of approximately 56%
- Estimated FOB cash cost of approximately US$27.28/dmt
- Estimated CFR China cash cost of approximately US$55.46/dmt
The DR-grade flowsheet incorporates magnetic separation and flotation processes designed to produce a high-grade concentrate product suitable for direct reduction steelmaking. Further development remains subject to engineering studies, financing, construction planning and regulatory approvals.
Licensing and Permitting
The Amapá licensing pathway comprises a Preliminary Environmental Licence, Installation Licence and Operating Licence.
The Preliminary Environmental Licence and Installation Licence have been granted. The Installation Licence authorises approved works. An Operating Licence remains required before commercial operations and shipments can commence.
History
- 2007: First production by MMX, with Anglo American and Cliffs as partners.
- 2012: Peak output of 6.1 Mtpa, generating US$170 m profit.
- 2014: Port failure curtailed exports; operations suspended.
- 2019: Cadence and Indo Sino acquired control via judicial restructuring.
- 2022–25: Resource upgraded, Ore Reserve defined, PFS published, costs reduced, and Azteca restart funded.