Cadence CEO Kiran Morzaria discusses the grant of the preliminary environmental license agreement at the Amapa iron ore project in Brazil. We look at how events at Amapa have accelerated over the past few months and the significance of the LP issue for both Azteca and the wider Amapa project. Kiran discusses the likely timeframe for the grant of the remaining Installation Licences, and we ask whether Trump’s actions in Venezuela are likely to have any impact on the iron ore market ahead of Azteca commencing first production. We wrap up by looking at the steps required to bring the Amapa mine into production once Azteca is up and running, including the range of financing, partnering and funding options to trigger the restart.