Hi Charlie,
I am not concerned regarding the Mbalam convention extension since the mining permit has been lodged CAM Iron SA, the subsidiary of SDL and being processed by Cameroon government. SDL is only waiting for the Mbalam convention extension.
Fact: Through her subsidiary, Congo SA, SDL does own the Nabeba iron ore permit in Congo. Presently this Nabeba permit in Congo is the most important intangible asset for SDL because the Mbalam iron project in Cameroon will not be feasible without combining with the Nabeba, Congo iron ore tenement. So it is more likely that other parties may not be interested to explore Mbalam iron ore project without owning Nabeba, Congo iron ore permit. Furthermore, SDL has invested around $181 million for the development of this project and owns all these feasibility studies. So it is a matter of time, SDL will secure the extension of Mbalam convention.
The main concern is whether the NDRC Shanghai office will approve the WAPRC's OI application or not. If not, can SDL sign another deal with other parities? Therefore, as a shareholder, we need to email the CEO of both ANS and SDL and ask for the status of the application lodgement to the NDRC Shanghai office.
Extract from the SDL latest annual report, page 4.
The ProjectSundance holds a majority interest in subsidiaries Cam Iron SA (‘Cam Iron’) and Congo Iron SA (‘Congo Iron’)whose principal asset is the Mbalam-Nabeba Iron Ore Project (‘Project’), which straddles the border of Cameroonand Congo in Central Africa.• The Project now comprises
The iron ore mine, processing plant and associated infrastructure to be developed on the area coveredby the previous Exploration Permit 92 (‘EP92’) held by Cam Iron located in the East Province ofCameroon (‘Mbarga’); ando The iron ore mine, processing plant and associated infrastructure to be developed on Mining PermitNabeba-Bamegod held by Congo Iron in the Sangha Province of the Congo (‘Nabeba’).• Plans to produce at least 40Mtpa from these two mines for 30+ years in two stages
