exploitation iron mbalam: presence of chinese

http://www.journalducameroun.com/article.php?aid=6589
(French translation)

Cameroon, By Idriss Machines - 01/10/2010
Exploitation of iron Mbalam: Confirmed the presence of Chinese

The Australian company that wants to use iron in Cameroon seems to have solved the problem of funding with Chinese partners.

Financial input is essential
While it was feared that the disappearance of the crash by almost all of the team leading the Sundance Resources (SDL) interfere with the iron mining project in the area Mbalam east of Cameroon, the Australian company reassured opinion stating expected substantial funding for the continuation of the project, whose debut work is planned before the end of the year 2010. In an interview with some Australian media September 22, George Jones, the new President of Sundance Resources since the death of Geoff Wedlock, who died in the crash, said that discussions with strategic partners to secure agreements were well advanced. Unsurprisingly, China is a strategic partner! In June 2010, some Australian media, commenting on the disappearance of William Talbot, the last shareholder group also disappeared in the crash, claimed that he was already in talks with Chinese, and George Jones who had mastered the records continue. In recent weeks we have traveled extensively to meet a number of large steel mills and we talked a lot of sales contracts and potential business partners. It was during these visits, we met and engaged with China Harbour Engineering Company and CRCC China Construction Africa, said George Jones. The management of Sundance Resources also advised that other potential partners announced their intention to align the project. George Jones said they were trained to reflect on how best these companies could be involved in this project operating. The officers of the company would ensure that the actions housed scholarship Sydney business should first strengthen. Sundance Resources, could in the next six months, when stock prices will be larger, open a few titles in the stock market to strengthen its financial capacity.

Contribution to the construction of infrastructure
In addition to a financial partnership, Sundance Resources has also signed memorandum of agreements with Chinese companies for the construction of a heliport, and the railway will start from Mbalam, places of extraction to future deepwater port of Kribi, also planned. George Jones has insisted that the agreements for the construction of infrastructure, agreements were separate financial partnerships. According to him, this management technique was due to the development of the project internationally. A statement that contrasts with previous statements on this partnership. The MoU acknowledges that the railway project will be part of the main project, stated George Jones on the subject. The specifications for the construction of this railway means an infrastructure capable of supporting the annual transport worth 35 million U.S. dollars per year, or nearly 17 billion CFA francs. The project Mbalam iron represents a total cost of over 1 700 billion CFA francs. According to the Cameroonian government, it could impact close to 17% on the gross domestic product. The next parliamentary session will be decisive for the project and it should mark the beginning of authorizations of Cameroonian leaders to exploitation. But for Sundance Resources, indicate that the operations are on track and that the Cameroonian authorities can rest assured. The presence of China in the full project and the transportation of ore to some observers fear that a takeover of that country, which we know the need of raw material.

Go SDL.

Cheers,
BS