Cadence Minerals PLC on Friday announced cost savings regarding port refurbishment costs at the Amapa iron ore project in Brazil.

The London-based early stage investment and development company within the mineral resource sector said the cost savings would be around $28 million.

Further, the company agreed to a $2 million loan facility arranged by Riverfort Global Capital Ltd, allowing a further $8 million to be drawn down over the next three years. The term of the loan facility is two years with a 6-month principal repayment holiday and an annual interest rate to be paid by Cadence of 9.5%.

Cadence Minerals shares were 0.5% lower at 9.90 pence each in London on Friday afternoon.

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