Instead of trying to paint some sort of sinister conspiracy theory how about reporting on the facts all of which can be found in the reecent announcements its not that hard....
Obviously the Cameroon government fully support the project and what financial benefits it will bring to the country etc etc as indicated by the signing of the Mbalam convention back in Nov 2012...
The next step which is obviously conditional on securing funding etc etc is to have them sign off on the mining permit..Given the amount of time that SDL has been in and around the country and what strong relationships have been built up over the past 6-8 years, not to mention Congo Mining permit signed, that there is no doubt IMO that once the recent tenders are signed and offtakes etc are deemed bankable this will occur...
SP will not really go anywhere until that happens IMO...So hold onto your positions because when it does happen it will be a major catalyst for a SP rerating...
Exterts from the Recent quarterly
Equity and Offtake
The negotiations covering take or pay agreements for the full production capacity of 35 million tonnes per annum of high-grade iron ore from the Mbarga and Nabeba mines have progressed significantly. The intention is for the offtake contracts to be bankable and therefore be used as security for funding the EPC infrastructure and mine plant contracts
Government Relations - Cameroon
During the Quarter, the Sundance Project Team continued extensive technical input and dialogue with the Cameroon Government to further the condition precedent documentation required under the Mbalam Convention. The Mbalam Convention was signed with the Cameroon Government on 29 November 2012 and outlines the fiscal and legal terms and the conditions to be satisfied by Cam Iron SA for the development and management of the Project. Sundance and its subsidiary company Cam Iron SA continue to work closely with the Cameroon Government on the Project development strategy and its associated timing. The Company remains confident that it has the support of the Government of Cameroon to ensure the granting of the mining permit following the fulfillment of a number of conditions and the endorsement of the Cameroon National Assembly.
And dont forget that the Congo permit has been signed..
Government Relations - Congo
In the Republic of Congo, the Nabeba Mining Permit was awarded in February 2013 by Presidential Decree and is valid for 25 years. Sundance and Congo Iron SA are currently negotiating the Congo Convention, which sets out the legal and fiscal terms for the mining of the Nabeba deposit, with the Government of Congo.
SDL Price at posting:
9.8¢ Sentiment: LT Buy Disclosure: Held
