Sundance optimistic about Mbalam future
PERTH (miningweekly.com) – Iron-ore developer Sundance Resources on Monday told shareholders that it was in discussions with a number of interested parties regarding its options for the Mbalam-Nabeba iron-ore project, following the collapse of takeover discussions with Hanlong Mining.
In a letter to shareholders, chairperson George Jones noted that the company had received expressions of interest from a range of countries, expressing a range of views about how possible transactions could be structured, including rail and port solutions, and direct investments in the project.
“We would like to take this opportunity to assure you that Sundance’s board and management fully appreciates the strong desire among shareholders to advance the Mbalam-Nabeba project as rapidly as possible,” Jones said.
“We share this view, which explains our strategy to conduct numerous discussions with different parties at the same time,” he said.
In April this year, Sundance called off a A$1.4-billion scheme implementation agreement with Hanlong Mining, after the Chinese suitor failed to meet funding conditions and advised the takeover target that it was unlikely to meet other required conditions.
Jones said on Monday that apart from the third-party discussions, Sundance was also working to advance the project, ensuring that it progressed towards development.
This work has included preparing the Cameroon Convention for its conversion to law in Cameroon, and negotiation of the Congo Convention, now that the mining permit has been issued.
“These agreements have reduced the risk associated with the Mbalam-Nabeba iron-ore project and pave the way for a commitment to commence project construction,” Jones said.
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