West African Minerals boosted by Cameroon reportsBy Proactive...

West African Minerals boosted by Cameroon reports
By Proactive Investors April 25 2013, 4:00pm Such a line would be critical for any iron ore producer on the route
Shares in iron ore explorer West African Resources(LON:WAFM) surged 33% today.
It comes after rumours have been circulated in Cameroon that there could be another bid for Sundance Resources (ASX:SDL) soon, whose Mbalam project lies next to West African's flagship Djadom iron ore project.
Chinese group Hanlong was to takeover Sundance in a US$1.3billion deal, which included the part financing of a new 500km railroad in the region.
Such a line would be critical for any iron ore producer on the route.
But the Hanlong deal with Australian firm Sundance collapsed earlier this month after intense talks after it became clear the Chinese group could not meet the funding requirements.
Now, sources within Cameroon are saying that a very large group, with a railway business attached, is likely to take the place of Hanlong - possibly quite soon.
One unnamed analyst suggested that anyone with a iron ore project along that rail route, if constructed would "make a shed load of money".
Mbarga, at just over 200mln tonnes and on the Cameroon side of the Congo iron corridor, is one of the two deposits that make up Sundance’s property.
West African Minerals is currently undertaking infill drilling at the Djadom project and has said it could have a maiden resource compiled for the project by the summer.