posco denies discussions with sundance

Reuters

SEOUL - POSCO, the world's third-biggest steelmaker, is not in talks with Sundance Resources Ltd over the latter's $4.6 billion iron ore project in West Africa, a POSCO source said.

"We previously met Sundance Resources (on the project) but are not currently in talks with the company on it," the source told Reuters, declining to be named as he was not authorised to talk to the media.

Sundance Resources has shortlisted potential partners for its Mbalam iron ore project, which is developing deposits in Cameroon and the Republic of Congo, in time to begin rail and port works before the end of 2011.

Sundance, which did not name the shortlisted companies, had been talking to Chinese steel mills, South Korean steel maker POSCO and others as potential partners in a deal that may involve selling up to a 50 per cent stake in the project and agreements for long-term supply of iron ore.

http://www.businessspectator.com.au/bs.nsf/Article/POSCO-not-in-talks-with-Sundance-on-46-bln-iron-or-JB2ND?opendocument&src=rss