posco official website rail/port for mbalam

Hey Guys

This announcement was just released as a Press Release on the Posco Website!

We should see an official announcement from Sundance pretty soon if these guys are placing Press Releases on their website!

And before anyone tries to say, "how can you be sure its about Sundance Resources?"

Have a look at the last quarterly report by Sundance, then look at the paragraph below:

Mbalam Iron Ore
200million tonnes high quality iron ore
2.5Billion tonnes in total
35 million tonne production etc etc etc!

Cameroon`s Mbalam iron ore mine which POSCO agreed to develop has 200 million tons of high quality iron ores with 60% steel, as well as 2.5 billion tons of iron ores, with an expectation of annual iron ore production of 35 million tons starting in 2014.

"The company will participate in railway development linked with the Mbalam iron ore mine in Cameroon, carry out a package business regarding DR Congo`s resources and infrastructure,...."

Cheers Nectar

- Chairman Joonyang Chung, Visited 4 Countries including Cameroon and Ethiopia ... Starting Synergy Management

Chairman Joonyang Chung visited 4 countries in Africa during a 4-day trip starting on January 25th, bearing fruitful results in efforts to secure iron ores, chrome, and others as well as affiliates business sectors such as power generation and railways.

Chairman Chung visited Cameroon, Democratic Republic of Congo, Zimbabwe, and Ethiopia meeting with ministers and government personnel of each country, and global partner company CEOs to discuss securing resources and entering the local market with successful results. The company will participate in railway development linked with the Mbalam iron ore mine in Cameroon, carry out a package business regarding DR Congo`s resources and infrastructure, Zimbabwe`s chrome development and water power generation, Ethiopia`s economic cooperation and others.
Africa has been gathering much attention of the world as it possesses 10% of the world`s oil deposits as well as abundant resources of uranium, steel, and chrome giving it high growth potential. The Korean government also dispatched a private-governmental joint cooperation delegation centered on the Ministry of Knowledge Economy last November to meet with the heads of each country and proactively introduce Korea`s companies to support resource development and finding new markets.

Cameroon`s Mbalam iron ore mine which POSCO agreed to develop has 200 million tons of high quality iron ores with 60% steel, as well as 2.5 billion tons of iron ores, with an expectation of annual iron ore production of 35 million tons starting in 2014. Cameroon especially has approximately 50 types of mineral resources available for commercial development with an advantageous location of Africa`s mid-western region around the Gulf of Ginea.

Also, a Package Deal was discussed with DR Congo regarding infrastructure construction and bronze development. The Congo River which runs across DR Congo has the second largest flux of water following the Amazon River with the potential of 100,000? generation of water power, while the country boasts on having 10% of the world`s deposits of high quality copper.

In Zimbabwe, he met with Vice President Mujuru to discuss the plentiful chrome, coal, and iron ore deposit development and participation in Kariba`s water power generation, and decided to establish a joint mineral rights company with the local company Anchor. POSCO sees that Zimbabwe has various deposits of minerals such as coal, iron ores, nickel, and chrome. Once business feasibility is reviewed, the company will establish a joint mining company locally as early as the first half of the year.

Along with this, Chairman Chung signed an MOU for the economical cooperation in Ethiopia in a visit to Prime Minister Meles mainly focusing on overall economical development support such as joint steel industry research, resource investigation and infrastructure development cooperation.

Also Daewoo International Vice Chairman Dong-hee Lee signed an MOU with Ethiopia`s Effort Group regarding power generation, railways, and trade, expressing great will in restoring the company`s Ethiopia business which was active prior to the year 2000.

POSCO had the 8 Africa offices of Daewoo International, which was acquired last year, to support POSCO and afilliates` resource development and investment in Africa, and will expand infrastructure related businesses` such as POSCO E&C and POSCO Power into the Africa market.

Sangwook Oh [email protected]
(Data=Management Strategy Division, Future Strategy Group)

- POSCO signed an MOU to establish a joint mineral rights company with the Zimbabwe company Anchor on January 27th. From the left, Director Mandere of Anchor, CEO Musiyiwa of Anchor, Ministry of Industry`s Vice Minister Bimha, Chairman Joonyang Chung, Zimbabwe Ambassador Jae-hak Oh, Vice Chriman Dong-hee Lee of Daewoo International.




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