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Quarterly report due in April 2017, page-102

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Lion2009

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20/04/17

23:49

Post #: 24181524
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Originally posted by taboon ↑

This is probably the most encouraging quarterly report for a long long time...

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During the Quarter a number of meetings occurred in China between the Sundance CEO and private and
State Owned Enterprises (“SOE”) steel mills and other Chinese Government officials supported by Noble
Resources and other Chinese consultants. The following observations were made:
 The Mbalam-Nabeba Project is held in very high regard especially related to the high quality and low operating costs;
 The steel industry in China is facing a number of challenges related to consolidation of the
industry; environmental issues and the political situation in China which is impacting decision
making especially with SOE’s;
 Even with the short-term issues all parties agree that the long term need for his type of iron ore is
high and the development of the project is needed;
 It appears that Hanlong and China Development Bank (“CDB”), which is the mortgagee of the
Sundance shares held by Hanlong, are close to resolving the ownership position of Sundance
shares with them being retained by CDB; and
 Sundance received support from several Chinese Government entities (Ministry of Finance
(“MOFCOM”), National Development and Reform Commission (“NDRC”) and CDB) to help advance the Project

Exploration Permit 92 Update (EP92)

As reported when the Transition Agreement was signed in mid 2015 between Sundance’s subsidiary
Cam Iron SARL (Cam Iron) and the Government of Cameroon, Cam Iron had nine months to get a
funding commitment for the mines following funding commitment being received by the Cameroon
Government for the Port and Rail infrastructure. As the Government has yet to get funding
commitments the nine month period has not been triggered for Cam Iron.
EP92 which holds the Mbalam deposit is due to expire on 23 July 2017. The renewal for the permit has
now reached its limit pursuant to the 2010 mining code. The Cameroon Government is supportive of
finding a method for Sundance to maintain ownership over the land that holds the Mbalam deposit.
The following alternatives are being considered:
 An extension of the existing EP92 Exploration Permit and Convention long stop date for a further two years;
 A modification of the boundaries of EP92 to create a new, smaller Exploration Permit which still
covers the Ore Sundance has identified, and covers continuous tenure over the land required for
the rail and mine infrastructure. Sundance could then relinquish some of the tenure area to allow
others to explore in the area; or
 A granting of the Mining Permit application already in place which is permissible under the existing Mining Code.
Meetings will occur between Sundance and the Cameroon Government over the coming quarter to find
an acceptable way forward.

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This is just more of the same stuff we have heard year after year. Nothing new here unfortunately!!!

SDL Price at posting: 0.4¢ Sentiment: None Disclosure: Not Held
6 Upvote

0 Great analysis

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