PERTH (miningweekly.com) – Iron-ore developer Sundance Resources has extended the maturity date of its existing A$5-million convertible note with Hanlong Mining Investment from the end of 2014 until the end of 2015.
From January next year, Sundance would pay an interest rate of 10% a year on a quarterly basis on the outstanding convertible notes.
Sundance was currently developing its Mbalam-Nabeba iron-ore project, which crosses the border between Cameroon and the Republic of Congo. The Nabeba deposit would underpin Stage 1 of the Mbalam-Nabeba project development, which was a 35-million-tonne-a-year direct shipping ore operation, which would run for a minimum of ten years.