Government, companies agree terms on Mbalam project
27th Apr 2012
YAOUNDE, Cameroon Apr 27 – Development of the visionary Mbalam iron ore project is a step closer after Sundance Resources and Hanlong Mining agreed key terms with the Cameroon government for a formal mining convention.
Following a meeting of the companies with the Secretary General of the Prime Minister’s Office, Louis Paul Motaze, in Yaounde on Thursday, Sundance chairman George Jones says he’s confident remaining issues can be resolved by the end of May.
Completing the mining convention will clear a significant condition precedent in the agreement between Sundance and Hanlong, which has agreed to obtain Chinese National Development and Reform Commission approval by May 31.
Jones says the meeting confirmed the Mbalam Convention and ultimately the Cameroon mining permit are close to finalisation. It follows the earlier announcement that the Republic of Congo Ministry of Mines recommended the issue of its mining permit.
The Cameroon government is negotiating to buy up to 10% in the project on top of its 10% free-carried equity.
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