Securing a Strategic Partner Well Underway for Sundance Resources Limited Mbalam Iron Ore Project
29.06.2011 | ABN Newswire
09:11 AEST June 29, 2011 ABN Newswire (C) 2004-2011 Asia Business News PL. All Rights Reserved.Perth, Australia (ABN Newswire) - Sundance Resources Limited (ASX: SDL) (PINK: SUDCF) is pleased to provide an update on the status of its activities to secure a strategic partner for its Mbalam Iron Ore Project in central West Africa.
Potential partners and a number of Chinese banking institutions recently visited Sundance\'s operations in the Republic of Cameroon and the Republic of Congo to finalise due diligence.
Visits to the proposed mine sites, rail corridor and port site were undertaken.
Follow up discussions between Sundance\'s technical teams and a number of the prospective strategic partners have also been held in China and in Africa over the past few months. This has involved formal discussions on both commercial and technical items pertaining to the Definitive Feasibility Study, which was released in April 2011.
A number of the parties have also held detailed discussions with Government Ministers in Cameroon and Congo about their interest in the Mbalam Iron Ore Project. Talks with the Republic of Cameroon and Republic of Congo Governments regarding the Mining Conventions are also being finalised. The Governments involved have shown strong support and are eager for the completion of talks so that construction may commence as soon as possible.
Sundance has shortlisted the preferred potential partners and has entered into commercial negotiations.
Sundance is very pleased with the progress that has been achieved in recent months and looks forward to successfully concluding arrangements for the introduction of a strategic partner to the Project. The Company will advise the Market as soon as something sufficiently binding or capable of announcement is available.
Sundance continues to work towards the target of having Conventions in place and Final Investment Decision taken in time to start early works on the construction of the rail and port infrastructure before the end of 2011.
About Sundance Resources Limited:
Sundance Resources Limited (ASX: SDL) (PINK: SUDCF) is an international resources company developing the Mbalam Iron Ore Project in the Republic of Cameroon and the Republic of Congo, in central west Africa. Sundance Resources is listed on the Australian Securities Exchange and is part of the S&P ASX200 Index.
The Company\'s corporate head office is based in Perth, Western Australia, home to the world-class iron ore deposits of the Pilbara region. This location means the Company has assembled a management and technical team that draws readily on the skills of some of the world's most experienced iron ore specialists as it continues to cement its position as an emerging force in the global iron ore sector.
Contact:
Giulio Casello
Managing Director and CEO
Sundance Resources Limited
Tel: +61-8-9220-2300
Email: info@sundanceresources.com.au