Sundance Resources Ltd has provided an update on positive developments in the company’s international arbitration proceedings against the Republic of Congo and the Republic of Cameroon as well as the company’s ongoing pre-action discovery proceedings in the Supreme Court of Western Australia against AustSino Resources Group Ltd and its executive chairman, Chun Ming Ding.
As previously announced, these proceedings concern Sundance’s Mbalam-Nabeba Iron Ore Project which, for more than a decade up until the illegal expropriation of its Nabeba permit in Congo in late 2020, Sundance was working on developing into a globally significant, high-grade iron ore project producing direct-shipping ores grading >62.0% Fe at a rate of 40Mtpa for at least 29 years.
Mbalam-Nabeba was structured as a two-stage development to generate significant economic benefits for the people of Cameroon and Congo and substantial, sustained value for Sundance shareholders.
Sundance’s pre-development investment of more than $400 million made Mbalam-Nabeba the most advanced iron ore project in Cameroon and Congo and positioned it as the enabler for the development of other iron ore deposits in the two countries.
Update Summary:
- Memorial of Claim has been filed at the International Chamber of Commerce in respect to Sundance’s proceeding against the Republic of Congo. Document review is ongoing with the first hearing scheduled for Q1 2024.
- The Republic of Cameroon has ignored the interim order by the Emergency Arbitrator at the ICC and instead granted exploitation rights over Mbalam to a third party, resulting in a Memorial of Claim being issued against Cameroon. The mysterious circumstances surrounding the sudden death of the Cameroon Minister of Mines in January 2023 have delayed arbitration proceedings.
- Progress with the discovery of any relevant data on the personal mobile phone belonging to AustSino executive chairman, Mr Chun Ming Ding (to comply with pre-action discovery orders granted to Sundance in the Supreme Court of Western Australia) has been delayed after Mr Ding stated that he lost his phone in China. This matter is the subject of ongoing proceedings in the Supreme Court.