Looks like this project will go ahead one way or another!
This release by the Cameroon Govt about the recent discussions that occured in CHina.
Looks like the final step is the Mining Ratification to occur before the Finance for the JV or Takeover to occur.
Mr Casello is now in Cameroon, so we would expect this to be happening right now.
Very exciting times for all of us.
Cheers NIcko!
Leveling MIning Guide: Cameroon?s President Presents Mbalam Iron Ore Mining Project in China
Yaounde, Cameroon Africa. (Cameroon News) ? Leveling Mining Guide: President Paul Biya of Cameroon during his recent fifth State visit to the People?s Republic of China, presented the Mbalam Iron Ore project in South East Cameroon to the Deputy Governor of the China Development Bank (CDB), Xiao Mangdyang, a release from CAMIRON, the local company to carry out the iron ore mining states.
China Cameroon
President Paul Biya of Cameroon and HIs Chinese Counterpart
?The President as well as the Deputy Governor of one of China?s largest banks, CBD, expressed their strong support for the project and their desire to see construction to get underway?, the release published in Monday, August 8, 2011 issue of Cameroon?s government bilingual daily newspaper, Cameroon Tribune reads.
The iron ore mining project concerns Cameroon and the Republic of Congo and requires the signing of mining conventions and bilateral agreement with the governments of both countries. Iron ore mines and process plants will be constructed in the two countries.
Paul Biya while in Beijing, China also had discussions with the Chairman of Sundance Resources Limited , Georges Jones, the Australian-based mother company to CAMIRON.
Included in the delegation were the Chief Executive Officer of Sundance Resources, Giulio Caselo, the Chief Executive Officer of CAMIRON, Roger Bogne and the Director in charge of Government liaison, Serge Asso?o.
The iron ore production is scheduled to begin in 2014 and is expected to generate US $ 2.3 billion a year in export revenue for the Republics of Cameroon and Congo, CAMIRON release disclose, further stating that the project will pay millions of dollars more in taxes to the respective governments.
The Mbalam iron ore, a massive mining project by world standards, is expected to create up to 5,000 jobs and provide training opportunities. ? A 510km railway line will be built to carry the ore to the coast near the Cameroon seaside southern town of Kribi, where a new deepwater port is to be built.
