Extract from Business in Cameroon 19 March 2018
The state visit of Paul Biya, from March 22 to 24, to China could accelerate the conclusion of this memorandum between Tidfore and Sundance Resources and spur the development of Cameroon’s most developed mining project.
For the record, in the framework of this MoU, the Chinese company has signed a joint-venture framework agreement with China Civil Engineering Construction Corporation (CCECC), a subsidiary of China Railway Construction Corporation (CRCC). Under the agreement, Tidfore is to construct the iron ore terminal of Kribi deepwater port from which iron extracted from the mine will be exported. CCECC, on its part, is to construct the railway which will span over 500 km between Mbalam and Kribi.
Extract from unauthorised investment advice March 19 2018:
Following recent meetings between representatives of the Cameroon government, Sundance and Tidfore, the government agreed to grant the extension, Sundance told investors today.
In the next six months, Sundance has to find a partner to take equity in the company or the Mbalam project for the government to continue to support the project.
“They’re not specifying who it is, they’re not specifying how much it is, they’re not specifying whether it needs to be Chinese or not,” chief Giulio Casello told *. “So we’ll work on that to September and then we’ll see where we are.”
Mr Casello says that while Tidfore may be the company to help Sundance to financing, the preference is to strike a deal with a Chinese steel mill.
“We had started that process a year ago, but what was the hold up on the process was who’s doing the infrastructure,” he said. “Now that we’ve signed Tidfore/CCECC and the Cameroon government will source the funding, we can renew [those talks] with the steel mills and other traders/iron ore players.”
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