Update from Cameroon Minister, page-7

Hi Sceptic111

This Cameroon Minister was telling something happened in June last year when the Cameroon Prime Minister visited Beijing.

China had since embraced the JV and SDL, hence the EPC Contract negotiations were completed and under final review as reported at the recent AGM.



The article posted is incomplete. Here is the missing part:

.....When speaking of the operating project Mbalam iron, you should know that this is an integrated project and it is only Mbalam in Cameroon which is part of the project. There are also Nabeba in Congo. In this project, we also see that the Congo mine reserves and 2/3 Mbalam les1 / 3. Second thing, Australians have rights to Mbalam and Nabeba mine. I was the special envoy of the Head of State twice in Congo where I was received by President of the Republic HE Denis Sassou Nguesso for this problem Mbalam iron because the current project addresses 2/3 of the reserves are in Congo. So we said to our financial partners that we can not make decisions without being SUNDANCE RESOURCES refer to and even if we reach that SUNDANCE can abandon the project in Cameroon that he will be in Congo SINCE they have the same rights on that side and 2/3 of the project's reserves are there. That would mean that the Congolese if they continued to work with SUNDANCE were stopping the project. So that it will not be the same with all the studies that have been done namely the construction of the railway and others. I take this opportunity to clarify that the estimated reserves were about 35 million tonnes. Against by the instructions that we had data for the construction of railway were dimensioned to accommodate traffic of 100 million tons. Why ? Simply because there are other deposits nearby. For example, we know that there are at Nkout in the South, many others in Congo, **on, etc. According to our studies, we concluded that these deposits provided they are operated will be routed through the port of Kribi whereas before that of Pointe Noire had been detained. That means we will not make a railroad just to operate the Mbalam iron. We must resize it so it draws welcome other cases. One might as well make straps that would connect the project of the railway management and Kribi. With this, we understand that if we remove 2/3 of the reserves of Congo we are not in the same volume and have to start studying.

It should also be noted that even on this project by extension, all the protagonists who were to operate the railway had to pay a fee for their passage now called CI SA Railco

Now with all its details, the finding of the iron situation continues to decline does not promote things and does not have a clear view on what has to be done. We are somewhat in limbo. When we talk about the economic situation is not good, this is not theory. The one is willing to engage but to what level! I know quite well this project and I assure you that the price offered in our project was relatively reasonable because it was not high. The current situation would only consolidate the gains. In the world today many similar projects are completely abandoned and we can not achieve because of the falling price of iron internationally. Today I can say that this project is extremely important but it suffers from the situation.