money for communities to operate iron ore mine

http://www.souslemanguier.com/nouvelles/news.asp?id=11&pays=139&cat=0&rub=11&idnews=23021

Cameroun - Societe,
12 April 2010,

$500,000 per year for communities to operate an iron ore mine

Officials CamIron SA, Cameroon associated with the Australian Sundance Ltd., announced Monday at the Yaounde, the provision of $500,000 per year base funding for community development programs covered by the proposed operation of an iron mine in eastern Cameroon.

These funds reported during a debriefing session for the study of environmental and social impact of this project represent 0.5% of net profits, estimated at between 3 and 5 million dollars annually for over 25 years' duration mine life, totaling over 5 billion dollars. In addition, $400,000 are also offered each year for the conservation of wildlife in an area of 160,000 hectares, while an allocation of $150,000 is also expected to benefit the supervision of a marine park created for the protection turtles, and $100,000 for the implementation of a policy against trafficking of bushmeat. The funding also incorporate an annual allocation of 10,000 dollars for the mapping of forest resources and 50,000 dollars for research on the Ebola virus. They will be mobilized as part of a Sustainability Fund CamIron (FDC), whose final terms will be known after a series of discussions with civil society and populations of the East. The proposed iron ore mining Mbalam covers 35 million tonnes of high grade iron per year. Its planned operation by early 2011 provides a first step a yard on the high grade hematite contains over 60% of iron on the surface of the deposits. Under the general direction of CamIron, there are at least 5 years' supply of this product which can be simply excavated, Borys and shipped directly by boat. The second phase of the project should be extracted from the itabirite underground ore, containing about 38% iron could be enriched in a high quality product through a process of grinding and separation by flotation. A railway of 504 km will be built to transport this precious resource by train 2.5 km long, with cars of 125 tons of payload to a deep water port construction project Kribi, a seaside city in the south, which will house a ore terminal for transport to the international market.

Cheers, BS