Sundance Resources vows it won't retreat in Cameroon BY:EMMANUEL TUMANJONG From: Dow Jones April 15, 2013 12:00AM
THE chief executive of Australia's Sundance Resources has assured the Cameroon government it will continue with its iron ore project in the West African nation, despite the collapse of talks with China's Hanlong Group.
Giulio Casello made the assurance after holding talks with Cameroon Premier Philemon Yang. Sundance will continue discussions with other Chinese construction companies to ensure the continuous funding of the project after the withdrawal of Hanlong Mining.
Mr Casello saw no impediment to the project's calendar, saying resource estimates of the project further strengthened its confidence and viability.
"Of course, everybody is disappointed about Hanlong because that would have been the quickest done. But everybody can look back with pride on the work done. Everyone is looking forward and everybody is looking with optimism about the future."
Sundance shares plunged below half their value after the miner said last week that the $US1.43 billion ($1.36bn) takeover would not proceed because the Chinese investment group had missed key deadlines to finance the deal.
Sundance had signed an 18-month memorandum of understanding in November last year, spelling out the implementation of the project. Mr Casello said agreements in the convention would be respected and this would be discussed during a board meeting in Paris.
The Mbalam-Nebada iron ore project is a mine, rail and seaport operation project in Cameroon and neighbouring Congo-Brazzaville which could become a world-class iron ore production region in central Africa.
