Ann: Quarterly Cashflow Report, page-33

No prisoners. No Consideration.
It is impossible in the current market to finance a new iron ore mine of the scale of Mbalam. It will not happen.
From SDL recent "Financing Update":
"Sundance is required to achieve a financing commitment for the mines no later than 9 months (or such later date as agreed) after the Cameroon Government achieves its financing commitment for the infrastructure. If this is not achieved within the timeline or any agreed extension, Cam Iron may, at the request of the Cameroon Government, be required to transfer EP92 to a nominee of the Cameroon Government for no consideration; "
The good news if you are a SDL holder is that you can still get consideration (albeit 1.6c!) for your shares. The bad news is that that consideration will continue to fall and, IMO, at some stage in the not too distant future will be zero. No cash, big debt, over supplied iron ore market = game over.
J9