logo
powered-by-canningspurple
Navigation
logo powered-by-canningspurple
  • Insight
  • Companies
    • Aeris Resources
    • Altrad
    • Argonaut
    • Artemis Resources
    • BLK Auto
    • BMG Resources
    • Buru Energy
    • Catalyst Metals
    • ChemX Materials
    • Core Lithium
    • DDH1 Drilling
    • Dreadnought
    • FBR
    • Finbar
    • Focus Minerals
    • Gold Road Resources
    • Hastings Technology Metals
    • Hyzon Motors
    • Jupiter Mines
    • Lykos Metals
    • Mineral Resources
    • Northern Minerals
    • Northern Star
    • NRW Holdings
    • Paydirt
    • Rand Mining
    • Raven SR
    • Rox Resources
    • St George Mining
    • Sundance Resources
    • Torrens Mining
    • Tribune Mining
    • Vimy Resources
    • VRX Silica
    • Westgold Resources
    • Zenith Minerals
  • Industries
    • Broking Firm
    • Clean energy
    • Copper
    • Gold
    • Insight
    • Iron ore
    • Lithium
    • Manganese
    • Mining Services
    • Nickel
    • Oil & Gas
    • Property
    • Rare Earths
    • Silica Sand
    • Technology
    • Uranium
    • Zinc
  • Video
  • About
  • Contact
  • Subscribe

Home / Iron ore / Sundance Resources – Company Update – January 2018

Sundance Resources

  • ASX: SDL
    • Fe

Sundance Resources – Company Update – January 2018

  • 22 January

Sundance Resources (ASX: SDL) shares soared 75% this morning on news the Perth company had signed a memorandum of understanding with China’s Tidfore Heavy Equipment Group to fast-track development of the world-class, high-grade Mbalam-Nabeba iron ore project in Africa. Under the MOU, Sundance will sell 51% of its Mbalam subsidiary Cam Iron to Tidfore once mining permit tenure is secured along with Chinese regulatory approvals.  


  • MOU signed between Sundance and Tidfore to advance Project
  • Cameroon Government reviewing extension of Convention

Sundance Resources Limited (“Sundance” or “Company”) (ASX: SDL) is pleased to provide an update on the Mbalam-Nabeba Iron Ore Project (“Project”).

MOU signed between Sundance, Cam Iron and Tidfore

Sundance is pleased to announce that it has signed a binding Memorandum of Understanding (“MOU”) with Tidfore Heavy Equipment Group Co. Ltd (“Tidfore”) and Cam Iron S.A. (“Cam Iron” a subsidiary of Sundance which has a mining permit application over the previous EP92 in Cameroon (“Parties”)). The purpose of the MOU is to provide a framework for cooperation between the Parties and their joint venture partners in order to establish the required consortium of expertise to fund or assist in sourcing the funding to construct the infrastructure and to bring the Project into operation.

Tidfore is a private Chinese company established under the laws of the Peoples Republic of China. Tidfore is involved in supplying, manufacturing and installing high-end material handling, port and offshore engineering equipment.

Tidfore has signed a Joint Venture Framework Agreement (“JV”) with China Civil Engineering Construction Corporation (“CCECC”). CCECC is a subsidiary of the state-owned enterprise China Railway Construction Corporation (“CRCC”). The JV defines the principle rights and obligations of both parties. In particular, Tidfore has responsibility for the port construction and CCECC for the railway construction and assisting Cam Iron and Congo Iron S.A. (“Congo Iron” a Sundance subsidiary which holds the Nabeba permit in Congo) and financial institutions to negotiate project loans and project financing.

Under the MOU, Sundance will sell 51% of its ownership in Cam Iron to Tidfore for a value to be agreed or independently valued once:

  • Cam Iron obtains title to the tenure over the area covered by the previous EP92 for a minimum of three years. Currently, Cam Iron has a mining permit application lodged over this area;
  • the Government of China approves the provision of Sinosure insurance in order to enable Chinese funders to consider funding the Project; and
  • formal agreements have been agreed and executed.

Government reviewing extension of Convention

On 31 July 2017, the Company announced it had reached an agreement with the Government of Cameroon (“Government”) to initially extend the Mbalam Convention (“Convention”) by 6 months to 26 January 2018, with a further 6-month extension being available if Sundance could show substantial progress on funding the Project either by itself or with a credible partner.

Sundance, Tidfore and CCECC met last week with representatives of the Government in Cameroon to outline their proposal for the development of the Project. The Government is yet to determine whether it will grant Sundance the further extension of the Convention.

Sundance will advise the market as further information is obtained.

Sundance Chief Executive Officer and Managing Director Giulio Casello said:

“Sundance is pleased to have reached an agreement with substantial parties to progress the development of the Mbalam-Nabeba Iron Ore Project and now awaits the decision of the Government of Cameroon on whether it will grant a further extension.

“Even though there is still substantial work required to obtain the funding required, the high quality, low costs and large quantity of the Mbalam-Nabeba iron ore fits well into the needs of the future of the Chinese steel industry. Together with our current partners we have the basics required to bring this Project into production.”

View full announcement

Peter Klinger

  • Contact

Share

  • LinkedIn
  • Twitter
  • Facebook

Most Read

  • 1 November

Nickel, cobalt anomalies at Sockovac; large new gold, copper anomalies at Sinjakovo

  • ASX:LYK
    • Ni
    • Cu
  • 28 September

Core Lithium – Primero Group Awarded EPC Contract for Finniss DMS Plant

  • ASX: CXO
    • Li
    • Clean energy
  • Insight
  • 26 June

Picking winners – the portfolio approach that offers blue-sky potential

  • ASX: AIS
    • Clean energy
    • Cu

Related

  • Insight
  • 7 May

Uranium, manganese dealt into gold and battery metals Diggers forum

  • ASX: HAS
    • Broking Firm
    • Clean energy
  • 3 May

Northern Star reports group Mineral Resource of 56.4Moz, Ore Reserve of 20.7Moz to underpin growth, mine life extensions and more cashflow

  • ASX: NST
    • Au
    • Fe
  • Insight
  • 30 April

March Qtr delivers truckloads of Au, Li, Fe and Mn – and a promise of more value

  • ASX: ARV
    • II
    • Broking Firm
  • 13 April

Mineral Resources in world-first autonomous road trains run

  • ASX: MIN
    • Fe
    • Broking Firm

NEWSLETTER

Get news, as it happens

Sign up to receive our weekly roundup, and releases of interest, as they happen.

  • This field is for validation purposes and should be left unchanged.
logo

Investor Insight, powered by Cannings Purple, delivers the stories that matter to the people who matter – across your preferred communications platform.

From breaking news to analysis, opportunities and thought leadership, Investor Insight is your window into some of Australia’s most exciting listed and non-listed companies.

  • Insight
  • Companies
    • Aeris Resources
    • Altrad
    • Argonaut
    • Artemis Resources
    • BLK Auto
    • BMG Resources
    • Buru Energy
    • Catalyst Metals
    • ChemX Materials
    • Core Lithium
    • DDH1 Drilling
    • Dreadnought
    • FBR
    • Finbar
    • Focus Minerals
    • Gold Road Resources
    • Hastings Technology Metals
    • Hyzon Motors
    • Jupiter Mines
    • Lykos Metals
    • Mineral Resources
    • Northern Minerals
    • Northern Star
    • NRW Holdings
    • Paydirt
    • Rand Mining
    • Raven SR
    • Rox Resources
    • St George Mining
    • Sundance Resources
    • Torrens Mining
    • Tribune Mining
    • Vimy Resources
    • VRX Silica
    • Westgold Resources
    • Zenith Minerals
  • Industries
    • Broking Firm
    • Clean energy
    • Copper
    • Gold
    • Insight
    • Iron ore
    • Lithium
    • Manganese
    • Mining Services
    • Nickel
    • Oil & Gas
    • Property
    • Rare Earths
    • Silica Sand
    • Technology
    • Uranium
    • Zinc
  • Video
powered-by-canningspurple
  • About
  • Contact
  • Subscribe
  • Cannings Purple
  • Privacy Policy
  • Disclaimer

Copyright 2022 Cannings Purple