Wheres can this UPI article be found that everyone keeps referring to??
The Drudge report times out.
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FYI...
Things are brewing in Africa!
This is the second recent artice from Les Scoops D'Afrique, clearly highlighting SDL's 15 year long failure.
Cameroon: The twisted blow of Giulio Casello, CEO of Sundance-Resources
The Australian company Sundance Resources Ltd reports that an arbitration procedure has been opened urgently at the International Chamber of Commerce in Paris and that, at the request of the arbitrator of the Australian party, this court has issued an order prohibiting the Republic of Cameroon from granting exploitation rights over the Mbalam iron ore deposit to any party, with the exception of the Cameroonian subsidiary of Sundance called Cam Iron.L'Agence Digitale d'Informations Africaines opened its investigation into legal proceedings initiated against the State of Cameroon and the Chinese company AustSino; within the framework of the attribution of the license of exploitation of the deposit of the iron ore of Mbalam in Cameroonian territory. Exclusive revelations.
March 2006
Sundance arrives in Cameroon
Sundance announces that it has acquired a 100% interest in Cam Iron, a Cameroonian company holding the EP92 permit covering an area of 875 km2 in the iron ore province of Mbalam.
May 19, 2008
First estimate of untapped resource at Mbalam
Sundance Resources declares Mbalam an inferred mineral resource of 190 million tonnes. It is Direct Shipping Ore (DSO) grade hematite mineralization with an average iron content of 60%. The company will then carry out work that will enable it to revise this initial estimate upwards.
October 21, 2008The Cameroonian government extends the validity period of Mbalam's permit
Cameroon's Minister of Mines grants Sundance a 2-year extension to its EP92 exploration permit, which encompasses the Mbalam iron ore project. The license held by the company's Cameroonian subsidiary (Cam Iron) now expires on September 27, 2010. This extension, in accordance with the mining code which provides for up to four separate 2-year exploration license extensions, allows Sundance to continue its activities on the project.
December 18, 2008Sundance signs a framework agreement with the State to develop Mbalam iron
Through its subsidiary Cam Iron, Sundance has reached an agreement in principle with the government for the development of the Mbalam project. The framework agreement will serve as the basis for a convention which should be ratified by the Cameroonian Parliament after the completion of the project feasibility study. The Mbalam project should, according to Sundance officials, place Cameroon among the top ten iron ore exporting nations in the world, with production expected to start in 2012. The company says it is aiming for staggered production of up to 50 million tons per year.
October 9, 2009A feasibility study is presented to the Cameroonian government
After several months of work in Cameroon, Sundance is presenting the feasibility study and an environmental and social impact assessment of the Mbalam project to the Cameroonian authorities. In the study, it is indicated that the Mbalam project is viable if the company manages to define high-grade reserves that can sustain DSO-quality production over the first 10 years of operation.
June 2, 2010Sundance Makes First Resource Estimate at Nabeba in Congo
According to the new disclosures, project resources can sustain production of 35 million tonnes per year for a mine life of more than 25 years – including DSO production for at least the first 10 years, followed by a production of itabirite concentrate and pellets for more than 15 years. Sundance says it wants to focus on securing financing and finding potential steel mills as well as large infrastructure providers interested in build-operate type financing packages.
June 19, 2010Sundance loses directors in air crash in Congo
Several Sundance executives perish in an air crash in the Congo. Among the victims are Geoff Wedlock, Chairman of Sundance, and Ken Talbot, one of Australia's wealthiest men, a member of the Sundance Board of Directors.
September 14, 2010Sundance signs memorandums of understanding with Chinese infrastructure companies
Sundance enters into a memorandum of understanding with China Harbor Engineering Company to “determine the scope, cost and proposed port delivery schedule for bulk materials” in Lolabe, Cameroon. The port is, we learn, necessary to support the iron ore project, straddling Cameroon and Congo. The agreement comes days after another memorandum of understanding reached with CRCC China-Africa Construction Ltd, to establish the scope, cost and delivery schedule of the railway track and rolling stock needed to support the transport of production future. The MoU recognizes that the mining rail project will be an integral part of the mining project itself and the Lolabe port development project.
October 4, 2011Hanlong Mining wants to acquire Sundance for 1.65 billion Australian dollars
The latest developments on the Mbalam project have increased the value of Sundance. The Australian company receives a takeover offer from Hanlong Mining, which values it at 1.65 billion Australian dollars (1 Australian dollar = 0.75 US dollar).
April 27, 2012Sundance reaches agreement with Cameroon for the Mbalam convention
Mbalam project stakeholders reach agreement on key conditions to support a mining convention. This step was crucial for the finalization of the acquisition of Sundance by Hanlong. It is thus provided that the government has a free participation of 10% in the project and can negotiate a contributory participation of an additional 10%. The convention and the operating license will have an initial validity period of 25 years, and the ownership of the rail and port infrastructure will have to be transferred to Cameroon after 25 years. The terms of this transfer are still being negotiated.
April 8, 2013Sundance terminates agreement with Hanlong
The signing of a mining convention with Cameroon was supposed to be one of the last obstacles for the finalization of the agreement between Sundance and Hanlong. However, after several months of dithering, the Australian company announces that it is terminating the agreement and is entering into talks with other parties, Chinese and non-Chinese, regarding their interests in the Mbalam-Nabeba iron ore project. The cancellation of the buyout deal with Hanlong dealt a serious blow to the project's momentum.
According to details on its site, Sundance explains its decision by the fact that the funding condition was not met and that it was informed by Hanlong that it was unlikely that the other required conditions would be met. "This will allow us to focus all our efforts on discussions with other parties who have expressed a strong interest in the Mbalam-Nabeba project", nevertheless indicates optimistic George Jones, president of Sundance.
March 25, 2014Sundance signs streaming agreement with global trading giant
The cancellation of the buyout deal with Hanlong dealt a serious blow to the project's momentum. Yet stakeholders are trying to move forward. Sundance enters into a long-term streaming agreement with Noble, a world leader in commodities trading. Under the terms, Noble will purchase Mbalam's products for the first 10 years of operation. This does not include the share of other stakeholders, estimated at 50% of total production. Sundance says the deal will help secure financing for the construction of the port, railroad and mines.
June 6, 2014Standard Bank and Mota-Engil Africa arrive on the Mbalam project
Sundance appoints Mota-Engil Africa to build $3.5 billion port and rail infrastructure. At the same time, we learn that the Standard Bank group has been appointed as financial advisor and main arranger mandated for the project.
July 25, 2014Sundance signs mining agreement with Congo
Sundance and the Congolese government sign a mining agreement for the development of the Nabeba project, the Congolese part of the large Mbalam-Nabeba project. The agreement is presented by the Australian company as a key step towards obtaining financing. The main clauses of the agreement include the granting of an operating license for a period of 25 years, renewable for successive periods of up to 15 years depending on the remaining reserves. Congo will also be entitled, among other things, to a non-dilutive 10% stake in the Congolese subsidiary of Sundance, a 3% royalty on the nominal value of the ore extracted. The agreement will become law on May 23, 2016.
December 2, 2015Towards an agreement with China Ghezouba for the construction of the Mbalam-Kribi railway
The new CEO of Sundance, Giulio Casello indicates that his partner, the Cameroonian government, is close to an agreement with the Chinese operator which will build the railway linking this locality to the evacuation port of Kribi. Sundance announces that China Ghezouba will build the rail line.
January 13, 2016China Ghezouba reluctant to sign deal due to falling iron prices
Announced several weeks ago, the agreement between Cameroon and China Ghezouba has still not been signed. The Chinese operator cites the fall in iron ore prices to around 40 dollars per ton as the reason. The conclusion of the agreement being postponed, Sundance indicates that it wants to examine the impact on the development schedule of the project. Hopes of seeing the agreement signed will fade over the weeks as the iron ore market conditions do not improve. Sundance and the Cameroonian government will embark on the search for alternative investors, including among Chinese companies.
July 31, 2017Sundance has 6 months to find funding for the Mbalam project
After negotiations, the Cameroonian government grants Sundance an extension of the validity period of the Mbalam agreement. The company now has until January 26, 2018 (6 months) to show progress in seeking financing, either on its own or with a creditworthy partner. Sundance is also filing an application to renew the mining license, which expired because, we learn, it has reached the maximum number of extensions possible under Cameroon's mining code.
September 25, 2018Australia's AustSino offers to buy Sundance for $58 million
Sundance reaches an agreement with its compatriot AustSino, acquired by Western Australian Port Rail Construction, to sell it a majority stake in its share capital, for 58.250 million dollars. Under the terms of the agreement, which is due to be finalized in 4 months, $50 million will be used to cancel the company's existing convertible bonds by offering bondholders a package including cash, shares and options. . Sundance will hold $8.250 million in cash for working capital requirements and work progress at its Mbalam-Nabeba project.
Sundance is also applying to renew the mining license, which expired because it reached the maximum number of extensions possible under Cameroon's mining code.
October 23, 2019Sundance wants to reach a new agreement with Cameroon on Mbalam before June 2020
Sundance was unable to finalize the equity investment with AustSino. The two parties decide to extend the deadline by a few months, in order to allow the last obstacle to be removed. It is in fact the conclusion of a new agreement with Cameroon, the agreement binding the Cameroonian government to Sundance having lapsed since March 2019, after extensions. The company hoped for an extension of its rights to the iron deposit in search of investors until June 2019, but the Cameroonian side did not grant this wish. There are signs that Yaoundé is finally starting to get tired of Sundance's inability to find financial partners for the construction of the infrastructure linked to the project.
September 10, 2020Sundance Resources on the brink of delisting from the ASX stock exchange
The Australian company has only 3 months to avoid an automatic delisting from the Australian ASX stock exchange. In September 2018, it suspended its securities from official listing on the ASX stock exchange in anticipation of a financial partnership agreement with AustSino Resources on the Mbalam-Nabeda project.
However, it is struggling to complete this transaction, chaining since reports on the conclusion of a definitive agreement. The two parties are now giving themselves until September 30 to find a final agreement, failing which the cancellation of Sundance will be effective on December 7, 2020.
November 12, 2020Sundance cancels its agreement with AustSino
Sundance is terminating its agreement with AustSino. The two parties had been trying to finalize an equity deal since 2018, but failed. This failure will result in the automatic delisting of Sundance from the ASX stock exchange. A failure recognized by Giulio Casello.
December 3, 2020Cameroon announces a consortium of five Chinese state companies to launch the Mbalam project
While hopes of seeing Sundance succeed in developing the Mbalam project have dwindled over the years, Cameroon wants to knock on other doors. It was during a parliamentary session devoted to the examination of the 2021 finance law that the Minister of Mines, **riel Dodo Ndocke, unveiled part of the government's plan to give substance to the Mbalam mining project. According to him, the state will work with a "consortium of five Chinese state-owned companies". This release suggests that Sundance is being pushed aside. Cameroon would join Congo, which issued a decree at the end of November withdrawing the company's license to operate its local subsidiary Congo Iron.
December 16, 2020Sundance opens a lawsuit against the Cameroonian government
Sundance Resources says it has hired Clifford Chance, a lawyer experienced in international dispute resolution, to represent it in court in its dispute with Cameroon. The company accuses the government of non-compliance with the provisions of the Mining Code regarding the issuance of mining permits, and the violation of the transitional agreement signed between the parties in June 2015. It will begin a formal process to settle the disputes provided for over 60 days, following which it gives itself the right to request international arbitration under the provisions of this agreement.
March 25, 2021Sundance launches arbitration proceedings in London for its dispute with Congo
Sundance Resources is launching international arbitration proceedings in London to try to settle its dispute with the Congo government, which it accuses of illegally expropriating its mining license at the Nabeba iron project. In particular, it is claiming damages of $8.7 billion. Sundance Resources is launching an international arbitration procedure in London and is notably claiming damages of $8.7 billion.
If it first tried to reach an amicable agreement after the withdrawal of the license, the company failed on this plan. While the negotiations were supposed to continue until March 18, the Congolese State announced on the 13th the signing of various agreements with the company Sangha Mining for the exploitation of three concessions, including that of Nabeba. Under the terms of these agreements, Sangha Mining has undertaken to mobilize an investment of $18.5 billion in order to launch mining operations in the fourth quarter of 2021, and iron ore exports in 2023. A project described as “ illegal prank” by Sundance which claims that Sangha did not conduct any engineering studies at the site.
June 3, 2021After the Congo, Sundance is also suing Cameroon
The Australian mining junior has indeed initiated proceedings before the International Chamber of Commerce (ICC) in Paris, to try to resolve the dispute, born of the desire of the government of Paul Biya to withdraw the development of the Mbalam iron project. “Despite our good faith attempts to reach a negotiated settlement, the government of Cameroon has refused to give effect to our mining license and now appears to be working with the government of Congo to strip us of our rights to the Mbalam- Nabeba and grant them to Chinese parties,” responded Giulio Casello, CEO of Sundance.
June 25, 2021Cameroon entrusts the construction of the Mbalam – Port of Kribi railway to AustSino Resources
The Cameroonian authorities sign with AustSino Resources Group Ltd and its Hong Kong partner Bestway Finance a memorandum of understanding relating to the construction of the railway line (510 km) linking Mbalam to the deep water port of Kribi.
This step is part of the relaunch of the Mbalam-Nabeba iron deposit project in cooperation with Congo; the infrastructure necessary for its operation includes the railway and the ore terminal at the deep water port of Kribi.
Sundance Resources has failed to find the right partners and bring the Mbalam-Nabeba project into production in more than 15 years. She failed to complete her deal with her last hope, AustSino, because the Cameroonian state did not agree to give her the last chance she had been asking for for months. In addition, AustSino, with which it was negotiating, was hired directly by Cameroon on the project. So many reasons for society to resent Yaoundé.
Today, the Australian company believes that it has been wronged by the governments of Cameroon and Congo and has taken legal action against them. If all these years of failure are not her only fault, it is nevertheless difficult to prove her right because she had time to complete this project. Better, can we really blame these two states, after so many failures, for wanting to try another approach?
All in all, while waiting for the continuation of the case in court, one thing seems clear, Cameroon and Congo have decided to turn the Sundance page.If they finally find "the right partners" to carry out this project, they could take advantage of the good momentum in the price of iron. Iron is the best-performing mining product on the markets in 2020, crossing the $150 mark in December. This upward trend continued at the beginning of the year: the price of iron reached more than 180 dollars in April, a bar that it had not exceeded since May 2011. In early May 2021, it crossed the bar of 200 dollars then that of 214 dollars in mid-May./. -
Announcement from ERM has made my day. :)
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