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Mbalam mining agreement between Australian Sundance Resources and Cameroon lapsed

Mbalam mining agreement between Australian Sundance Resources and Cameroon lapsed
  • Comments   -   Thursday, 31 January 2019 16:32

(Business in Cameroon) - Since September 14, 2018, the mining permit of Australian junior mining company Sundance Resources which has been developing the operation project of the Mbalam-Nabeba iron ore field via its subsidiary Cam Iron, expired.  

In an official note Sundance’s MD announces the lapse of the mining agreement with the Cameroonian after consecutive extensions following the difficulties faced by the company in finding a solid financial partner for the launch of the exploitation phase of the deposit, including the construction of the first infrastructure (mine, Mbalam-Kribi railway, mineral terminal in the port of Kribi).

The company hopes to obtain a further extension of this mining agreement, to continue negotiations with the Chinese company AustSino, which would be ready to take the lead on this project, in a $58 million (over CFAF 33 billion) deal with Sundance Resources.

BRM

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