Cameroon Mining Sector: Sundance Ropes In Chinese Partnership For Mbalam Project
Yaounde, Cameroon Africa. (Cameroon News) – Sundance Resources has announced that it is on its way to finalizing with a Chinese state-owned steel mill as a strategic partner in its Mbalam iron-ore project.
SUNDANCE Resources Ltd says that it is almost on the verge of finalizing a partnership deal with a Chinese state owned mill for its $US4 billion Mbalam iron ore project in West Africa.
Cameroon Mines: Sundance drops no names
Sundance, a mining and exploration company which has ample focus on Africa, is confident of fixing up a deal with one or more strategic partners by the close of this year. However the company refused to delve into further details or names and did not provide any information as to whether its latest and largest shareholder, China’s Hanlong Mining, was part of any deal.
However the company has confirmed that it has been having talks with partners in Asia, India and Australia who have also been approached for strategic tie ups. Even in this case the company officials have not given any clues as to which companies have been approached for partnerships.
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The Mbalam project requires being connected to the deep sea port coming up in Kribi by a 480km railway network which will connect it to Kribi that is located on the Cameroon coast as well as two mines in the republics of Cameroon and Congo. It is for these projects that the company is on the lookout for sufficient investment.
The major chunk of partnerships is most likely to be from the Chinese, Sundance chief executive Guilio Casello told the Global Iron Ore and Steel Forecast conference in Perth yesterday.
The final call on investment will be officially announced during the fourth quarter of 2011, while first ore on mining is expected in early 2014.
