Sundance Resources gets Aus. $40m for iron project

Sundance Resources Ltd announced on September 23, 2014 the receipt of the investment of 40 million Australian dollars from the Ukrainian billionaire, Gennadiy Bogolyubov to proceed with the iron project of Mbalam- Nabeba to mount between Congo and Cameroon.

Director General (DG) and CEO of Sundance Giulio Casello, in a statement said, "We welcome the arrival of our new strategic investor who through his previous investments in Consolidated Minerals and BC Iron, exhibited confidence in strategic mining projects".

"We are delighted to have his support for the development of the iron project at Mbalam-Nabeba in Central Africa", he added.

M.Casello stated that his company received the funds and will be used for the progress of the project. He further disclosed that with the aid of the funds, Sundance intends to produce 35 million tonnes of ore with direct charging per annum for duration of 12 years.

In terms of the first section of the project, Bogolyubov’s company Wafin Ltd aims at achieving 50 million produce of Sundance Resources at the price of 10 hundreds per exploit, as specified the company listed on ASX.

Sundance Resources will produce 210 million different substitutes with Wafin, in the second section. On the other hand, the company seeks to have the approval of the shareholders during a general assembly due in November.