(Business in Cameroon) - After Hanlong Mining Investment Ltd dropped its bid to buy over Sundance Resources shares of Cam Iron SA, the owner of the Mbalam-Nabeba project, Canada and China are rushing to take over, according to Serge Aso’o, Chief Executive Officer of Cam Iron SA.

In the meantime, according the Managing Director of the Australian-based mining company, Sundance Resources Ltd, work will continue unperturbed at the site, reports the Cameroon Tribune of Tuesday April 16, 2013.

Mbalam–Nabeba project contains about 436 million tons of ore, 62.6 percent of which iron have been confirmed, according to the paper.

The project stretches from Cameroon to Congo, reason why it is now called Mbalam (Cameroon)-Nabeba (Congo).

Mbalam ranks among the five top mining projects in the world and in terms of potential it is the first in Africa, says Cam Iron CEO.