Losses push Cadence Minerals shares lower

Shares in AIM-listed mining investor Cadence Minerals (LON:KDNC) tumbled 4.46% to 8.36p (as of 14:25 BST) as it posted a loss before tax in the six months ended 30th June. While the loss did narrow, this was primarily due to an increase in the value of its portfolio.

Towards the end of the period, the company agreed terms to buy a 27% stake in the Amapá iron ore mine, beneficiation plant, railway and private port which was formerly operated by Anglo-American. It is expected that production at the site could recommence in 2021, subject to permitting, and stockpiled ore could be shipped towards the end of this calendar year.