(Business in Cameroon) - The deadline for the finalization of Australian junior mining companies Sundance Resources and AustSino’s investment agreement on Mbalam iron project, in Cameroon, has been postponed to June 30, 2020. The decision was reached today October 22, 2019.
The agreement between the two countries plans for the sales of Sundance’s majority stake in Mbalam, to AutSino, which will develop the project.
The two companies expect that before June 30, 2020, Cameroon will reach a new agreement for this project since the old agreement between the country and Sundance Resources’ subsidiary Cam Iron expired in March 2019.
Sundance Resources, which was looking for investors, was hoping that Cameroon would extend its rights on this iron project to June 2019 but its wish was not granted. Maybe, Cameroon was scalded by the Australian company’s inability to find financial partners for the project. Anyway, Sundance Ressources sees AustSino as the investor that will put the Mbalam iron project back on track.