china has no choice but complete t.o, page-2

From Afferro on Thursday:

"The Company is currently in advanced discussions with Intern ational Mining and Infrastructure Corporation
(“IMIC”) an AIM listed investment company focused on mining
and related infrastructure, and POSCO, a
South Korea-based multi-national engaged in the steel ma
nufacturing industry. IMIC is interested in
acquiring the entire issued share capital of the Company
while POSCO is interested in investing at project
level through a joint venture agreement. Both parties
have the capability to contribute to the infrastructure
solution that is required to unlock the potential of the Nkout Project. "

"The rail corridor which has been proposed for the transportation of iron ore in Cameroon runs from
Sundance Resources Mbarga Project to the port site at Lola
be south of the deep water port of Kribi, a
distance of approximately 516 km and runs only 30 km south
of the Nkout Project. Afferro has received
verbal assurances from the government that it will receive
access to this dedicated iron ore rail line and
port facilities which will be scaled up for all users. The financing of the railway is yet to be agreed but it is
expected that it will be funded, built and operated by an integrated infrastructure company with the
Government and mining companies, including Afferro, as stakeholders. The rail and port infrastructure will
be scalable for a potential demand of 105 mtpa of iron
ore product. The Company is progressing a
Framework Agreement with the Government
setting out the key principles for the development of t
he Nkout Project.

In its discussions with potential strategic partners Afferro is considering advancing its own
rail corridor plans, starting from Lolabe where the iron ore terminal is to be built, to the Nkout Project. "