Mbalam iron project receives 36.9 B CFA boost

Sundance Resources an Australian junior mining company whose Cameroon subsidiary, Cam Iron, pilots the Mbalam-Nabeba iron deposit development project, to horse between Cameroon and the Congo, announced on 3rd September 2014, to have reached an amount of 36.9 billion Cfa francs (40 million Australian dollars), with society American Wafin Limited, owned by Russian billionaire Gennadiy Bogolyubov.

"We are pleased to note that an investor of the caliber, Bogolyubov believes in Sundance Resources and the future of our project (Mbalam-Nabeba)," said Giulio Casello, CEO and Managing Director of Sundance Resources. "I am pleased to make this initial investment. I am very impressed by the Mbalam-Nabeba draft by the Sundance management team as well. The opportunity that is given to me to participate in this project is really exciting," said Gennadiy Bogolyubov.

According to Sundance Resources, the financial investment by Wafin Limited will allow for good progress in the project.

It will include, the support of the Mota Engil partner in the mobilisation of the teams to work on the design and construction of infrastructure associated with the project (Mbalam-Kribi railway and ore to the port of Kribi terminal), to recruit an expert to meet the requirements of financial partners, including the implementation of environmental impact assessments; continue activities for the preparation of the site to House mine in Congo and Cameroon.

After the purchase of the production of the first 10 years agreement with Noble Resources, the designation of the Portuguese firm Mota Engil for the construction of infrastructure associated with the project, the choice of obtaining research funding from the South African Standard Bank, the investment agreement with Wafin Limited agreement constitutes a new milestone in the development of the most advanced mining project in Cameroon.