PERTH (miningweekly.com) – The shareholders of iron-ore developer Sundance Resources this week prevented a board spill after voting down a spill resolution from shareholder Hanlong Mining Investment.
Hanlong, which holds a 13.9% interest in Sundance, had requested that a spill meeting be held within 90 days of the company’s annual general meeting (AGM), where all the directors, except for MD Giulio Casello, would have been replaced.
Shareholders at the AGM voted against the motion.
Casello said in a statement that the company believed Hanlong’s voting motives related to its ongoing request for a seat on the Sundance board, which the current board had rejected to date, as it was not considered to be in the best interest of all shareholders.
Casello said that with the spill motion now stayed, the board and management could remain focused on the task at hand, to bring the Mbalam-Nabeba iron-ore project into production.
Stage 1 of the project, which straddles the border of Cameroon and the Republic of Congo, will produce direct shipping ore-quality sinter fines product averaging 62% iron at a rate of 40-million tonnes a year for about 12 years. Stage 2, which is still being studied, would extend the life of the operation by a further 15 or more years, producing highâgrade itabirite hematite concentrate.