Representatives of the Cameroon government, Sundance Resources, AustSino and other stakeholders recently held a number of meetings about the funding, construction and operation of the Mbalam-Nabeba iron ore project in Cameroon.
According to ASX-listed Sundance Resources, the meetings were positively received by the Cameroon government. Senior government representatives made it clear that they would the project developed as quickly as possible.
Sundance is currently waiting on a formal written position from the Cameroon government regarding the reinstatement of the Mbalam Convention between Sundance’s subsidiary Cam Iron and the government.
If the formal position from the Cameroon government is supportive of Cam Iron, this will support AustSino to progress the relevant regulatory approval application in China. This approval will facilitate the transfer of the required funds to complete the transactions documented in the agreement between Sundance, Sundance’s noteholders and AustSino dated 24 September 2018.
According to Sundance Resources’ CEO Giulio Casello progress is being made to complete this transformational deal with AustSino.
“Mbalam and the adjoining Nabeba iron ore deposit combined are a world-class project. Sundance remains committed to delivering value from this tremendous iron ore resource for all stakeholders,” says Casello.