This from ANS site today , Cameroon: AustSino to take over the...

This from ANS site today ,

Cameroon: AustSino to take over the Mbalam-Nabeba iron project (official)

April 3, 2019

APA-Yaoundé: Félix Cyriaque Ebolé Bola

Australian multinational Sundance Resources announced on Wednesday that Chinese operator AustSino was ready to participate in the financing, construction and operation of the Mbalam-Nabeba iron ore project whose site is on horseback on the border between Cameroon and Congo.

In January 2018, Sundance had already indicated that it had entered into a memorandum of understanding with another Chinese multinational, Tidfore Heavy Equipment Group Co. Ltd. (Tidfore) and Cameroon's Cam Iron SA, for the development of the same project, aimed at providing a framework for cooperation between the parties and their joint venture partners, in order to build a consortium necessary to help find the necessary funding.

"The Cameroonian government welcomed the meetings, reiterating its keen desire to see the project develop as quickly as possible. Sundance is currently waiting for an official written position from the Cameroonian government regarding the reinstatement of the Mbalam deal between Sundance's subsidiary, Cam Iron and the Cameroonian government, "reads the latest paper.

For the Australian, if the official position of the Cameroonian government supports Cam Iron, it will help AustSino to advance the corresponding regulatory approval request in China and facilitate, at the same time, the transfer of funds necessary to carry out the transactions described in the agreement with the holders of securities.

The contract between Cameroon and Sundance, it is recalled, had been extended until 31 March 2019, a deadline which, taking into account the "progress made" and in agreement with all the signatories and AustSino, could be extended until at the end of next June, the Australian indicates that he has agreed to issue 300 million fully paid common shares to the Shanghai-based Western Australian Rail Rail Construction Ltd.

More than a year ago, a "China Subcommittee" had been established on the Sundance Resources Board to study ways to finance the operation of the Mbalam-Nabeba site, a initiative supported by "full-time resources" of the Middle Kingdom and including experts from all stakeholders involved in the project.

Faced with financial difficulties, and in order to create favorable conditions for the implementation of the Mbalam-Nabeba mine, the leaders of the multinational, but also those of its subsidiaries Cam Iron and Congo Iron, had already accepted substantial salary reductions.

In September 2016, the Australian operator did not hide its fear that the incessant postponements of start-up of the exploitation of the deposit would finally have a "significant impact" on its ability to continue the project because of the consequences that this could have for find a financial partner.

In May 2015, Sundance Resources estimated that 35 million to 40 million tonnes of iron ore could be removed from the Mbalam site annually over a 35-year period, a re-evaluation that, through a more sophisticated and dynamic simulation, " confirmed that the nominal capacity can be increased with the addition of a loop that runs in conjunction with an additional rail spur, with a capital cost of $ 10 million ".

"Mbalam and the adjoining Nabeba iron ore deposit are a world-class project. Sundance remains committed to making the most of this formidable iron ore resource for all stakeholders, "said Sundance General Manager Giulio Casello today.