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Cadence Minerals aims to invest funds from Bacanora stake sale

"The first six months was another very busy and productive period for Cadence Minerals," said the CEO
Cadence Minerals aims to invest funds from Bacanora stake sale
Earlier this month, it sold almost half of its stake in AIM-quoted lithium explorer Bacanora Minerals

Cadence Minerals PLC (LON:KDNC) said each of its investments made good progress in the first half.

Earlier this month, it sold almost half of its stake in AIM-quoted lithium explorer Bacanora Minerals Ltd (LON:BCN) for £6.23mln, and it says it plans to invest some of that profit to identify further new early stage exploration assets.

READ: Cadence’s investee company Macarthur Minerals signs earn-in agreement with Artemis Resources

"The first six months was another very busy and productive period for Cadence Minerals. We continued to focus on progressing our portfolio and identifying new early stage projects with the potential for achieving superior investment returns," said Kiran Morzaria, chief executive said in a statement.

Highlights of the period included European Metals Holdings, which owns the Cinovec project in the Czech Republic, issuing its pre-feasibility study which estimated a net present value of US$540mln. Offtake agreements were also signed for Yangibana's Mixed Rare Earth Carbonate.

The profit before tax was £895,000.

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