FYI, as published yesterday in Investir au...

FYI, as published yesterday in Investir au Cameroun
https://www.investiraucameroun.com/mines/1407-16643-fer-de-mbalam-nabeba-apres-la-perte-de-ses-permis-sundance-met-fin-aux-fonctions-de-son-pdg

(Business in Cameroon) - The board of directors of the junior mining company Sundance Ressource announced on July 14 that it had terminated the functions of the company's chief executive officer (CEO), Giulio Casello (photo).

After the withdrawal of the permits held by the Australian mining company on the Mbalam-Nabeba iron project, straddling Cameroon and Congo, "the role of CEO is no longer required full time, responsibilities reduced. to be absorbed by the Sundance board of directors, ”the board said.And for good reason, now, “Sundance focuses mainly on our legal proceedings before the International Chamber of Commerce in London and Paris”.

Indeed, the Australian company has decided to take legal action through the International Chamber of Commerce (ICC) for the settlement of the dispute between the States of Cameroon and Congo over the project to exploit the iron deposit of Mbalam-Nabeba in stagnation for more than ten years.

In this new dynamic, Giulio Casello will become, as of July 15, 2021, a non-executive director of Sundance and will enter into an advisory contract “which allows Sundance to benefit from his experience and knowledge of the Company and its legal proceedings”. “I am delighted to remain with Sundance in my new roles and look forward to helping the company, our shareholders and all investors advance the ongoing cases against the governments of Congo and Cameroon,” said Mr. Casello. commenting on his new role.

While Sundance is conducting its legal proceedings, Cameroon signed on June 25, 2021 in Yaoundé, with the companies AutSino Resources Group Ltd and Bestway Finance Ltd, a memorandum of understanding (MoU) for the construction of the railway. of 510 km connecting Mbalam to the deep water port of Kribi.

This MoU puts the Chinese AutSino Resources back in the saddle on the Mbalam-Nabeba iron deposit project.