Proactiveinvestors Australia Sundance Resources Ltd https://www.proactiveinvestors.com.au Proactiveinvestors Australia Sundance Resources Ltd RSS feed en Sun, 16 Jun 2019 21:18:08 +1000 http://blogs.law.harvard.edu/tech/rss Genera CMS action@proactiveinvestors.com (Proactiveinvestors) action@proactiveinvestors.com (Proactiveinvestors) <![CDATA[News - Sundance Resources receives $800,000 in funding from sophisticated investors ]]> https://www.proactiveinvestors.com.au/companies/news/214684/sundance-resources-receives-800000-in-funding-from-sophisticated-investors-214684.html Sundance Resources Limited (ASX:SDL) has received further funding from sophisticated investors to the value of $800,000 which will be used for working capital and to progress an agreement with AustSino Resources Group Limited (ASX:ANS).

The binding agreement was signed on September 24, 2018, with AustSino Resources and the noteholders of Sundance.

Sundance has issued 200 million fully paid ordinary shares at an issue price of 0.4 cents per share and investors have also received 400 million bonus options at an exercise price of 0.6 cents with the options to lapse five years after issue.

The placements did not require shareholder approval as it was completed in the existing capacity under ASX listing rule 7.1.

A year of change

In a recent address to shareholders, chairman David Porter said that 2018 was a year in which transformational change occurred at Sundance.

"It was a year in which we put in place a plan to eliminate noteholder debt of $130 million that would have been due in September this year, and introduced a strategic partner in AustSino Resources, who has the capacity to facilitate the about $5 billion of funding required for the capital works at Mbalam."

Sundance is seeking to develop its flagship Mbalam-Nabeba Iron Ore Project, which straddles the border of Cameroon and the Republic of Congo in central Africa.

Support from AustSino

Porter said: "As part of our proposed relationship, AustSino will take up a placement of $58 million in Sundance, of which $8 million will fund the work needed to finance the project and the rest to pay out noteholder debt.

"The key to advancing our project and creating value for all of our stakeholders is to have strategic partners who can work with Sundance to help fund, construct and operate the project.

"The starting point has been to resolve the company debt position, which is made up of the convertible notes that are on issue.

"Our noteholders have understood this situation and have been of great support in helping us find a mutually beneficial solution to remove this debt, which has clearly been affecting sharemarket sentiment towards Sundance.

"These discussions with the noteholders started last year with an agreement to convert the outstanding notes into Sundance equity and a production tariff once the project is in operation. This would have left Sundance debt free and given our company the opportunity to find the required strategic partner."

- Jessica Cummins 

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Thu, 14 Feb 2019 21:17:00 +1100 https://www.proactiveinvestors.com.au/companies/news/214684/sundance-resources-receives-800000-in-funding-from-sophisticated-investors-214684.html
<![CDATA[News - Sundance Resources among ASX Most Traded late in the session ]]> https://www.proactiveinvestors.com.au/companies/news/176633/sundance-resources-among-asx-most-traded-late-in-the-session-176633.html  

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Thu, 20 Apr 2017 15:00:00 +1000 https://www.proactiveinvestors.com.au/companies/news/176633/sundance-resources-among-asx-most-traded-late-in-the-session-176633.html
<![CDATA[News - Sundance Resources gets ready to raise ]]> https://www.proactiveinvestors.com.au/companies/news/162668/sundance-resources-gets-ready-to-raise-66796.html Sundance Resources (ASX:SDL) is heading to market with a capital raising, and the ASX has granted the company a trading halt to prepare.

The halt will remain in place until the opening of trade on Wednesday 3rd February 2016, or earlier if an announcement is made to the market.

 

Proactive Investors is a global leader reporting financial news, media, research and hosts events for listed emerging growth companies and investors across four continents.

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Mon, 01 Feb 2016 14:30:00 +1100 https://www.proactiveinvestors.com.au/companies/news/162668/sundance-resources-gets-ready-to-raise-66796.html
<![CDATA[News - Sundance Resources to reveal news ]]> https://www.proactiveinvestors.com.au/companies/news/162667/sundance-resources-to-reveal-news-66344.html Sundance Resources (ASX:SDL) has been granted a trading halt by the ASX, with its shares placed in pre-open.

Sundance requested the halt pending a consequence of the expected delivery of the judgment in the Supreme Court of Western Australia proceedings between David Porter and the Company (CIV 1632 of 2013).

The halt will remain in place until the opening of trade on Tuesday 29th December 2015, or earlier if an announcement was made to the market.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

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Wed, 23 Dec 2015 15:30:00 +1100 https://www.proactiveinvestors.com.au/companies/news/162667/sundance-resources-to-reveal-news-66344.html
<![CDATA[News - Sundance Resources to update on working capital funding ]]> https://www.proactiveinvestors.com.au/companies/news/162666/sundance-resources-to-update-on-working-capital-funding-64836.html African-focussed Sundance Resources (ASX:SDL) has been granted a trading halt by the ASX pending details regarding working capital funding.

The halt will remain in place until the opening of trade on Friday 2nd October 2015, or earlier if an announcement is made to the market.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX emerging companies with distribution in Australia, UK, North America and Hong Kong / China.

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Wed, 30 Sep 2015 10:00:00 +1000 https://www.proactiveinvestors.com.au/companies/news/162666/sundance-resources-to-update-on-working-capital-funding-64836.html
<![CDATA[News - Sundance Resources, De Grey Mining, Telstra among ASX Volume Leaders ]]> https://www.proactiveinvestors.com.au/companies/news/162665/sundance-resources-de-grey-mining-telstra-among-asx-volume-leaders-59980.html Thursday’s leading ASX Volume Stocks by the close.

NameCodeLastChangeVolume Arrium Limited ASX:ARI $0.295 15.7% 71,840,014 Sundance Resources ASX:SDL $0.036 12.5% 43,441,476 Atlas Iron ASX:AGO $0.275 0% 24,505,639 Lynas Corporation ASX:LYC $0.065 4.8% 24,040,797 Fortescue Metals Group ASX:FMG $2.67 -2.6% 21,155,729 Beadell Resource ASX:BDR $0.275 5.8% 18,769,284 De Grey Mining ASX:DEG $0.002 100% 16,500,000 Telstra Corporation ASX:TLS $6.02 1.2% 14,989,968 Triangle Energy ASX:TEG $0.002 0% 14,619,931 Mining Projects Group ASX:MPJ $0.005 -16.7% 12,350,086

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

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Fri, 09 Jan 2015 08:20:00 +1100 https://www.proactiveinvestors.com.au/companies/news/162665/sundance-resources-de-grey-mining-telstra-among-asx-volume-leaders-59980.html
<![CDATA[News - Sundance Resources, Queensland Bauxite among ASX Volume Leaders ]]> https://www.proactiveinvestors.com.au/companies/news/162664/sundance-resources-queensland-bauxite-among-asx-volume-leaders-59852.html Wednesday’s leading ASX Volume Stocks by the close.

NameCodeLastChangeVolume Sundance Resources ASX:SDL $0.025 4.2% 28,880,659 Focus Minerals ASX:FML $0.007 0% 21,639,123 Queensland Bauxite ASX:QBL $0.021 -22.2% 21,563,455 Arrium Limited ASX:ARI $0.215 13.2% 19,070,343 Condor Blanco Mines ASX:CDB $0.001 0% 16,219,174 Lynas Corporation ASX:LYC $0.068 13.3% 15,375,856 OGI Group ASX:OGI $0.004 0% 14,538,561 Fortescue Metals Group ASX:FMG $2.74 -0.4% 11,850,445 Scentre Group ASX:SCG $3.50 -3% 11,334,487 Anittel Group ASX:AYG $0.001 0% 10,330,030

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

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Fri, 02 Jan 2015 08:30:00 +1100 https://www.proactiveinvestors.com.au/companies/news/162664/sundance-resources-queensland-bauxite-among-asx-volume-leaders-59852.html
<![CDATA[News - Sundance Resources, Lynas among Friday’s ASX Volume Leaders ]]> https://www.proactiveinvestors.com.au/companies/news/162663/sundance-resources-lynas-among-fridays-asx-volume-leaders-59576.html Friday’s ASX Volume Leaders at the close.

NameCodeLastChangeVolume Sundance Resources ASX:SDL $0.03 -3.2% 58,176,463 Lynas Corporation ASX:LYC $0.045 -6.3% 33,588,196 Arrium Limited ASX:ARI $0.16 3.2% 33,451,888 Alara Resources ASX:AUQ $0.014 40% 32,205,484 FAR Limited ASX:FAR $0.065 3.2% 28,402,633 Paladin Energy ASX:PDN $0.31 1.6% 27,360,064 Medibank Private ASX:MPL $2.28 0.9% 24,702,001 Newera Resources ASX:NRU $0.001 0% 23,821,055 Fortescue Metals Group ASX:FMG $2.42 -2% 20,914,924 Telstra Corporation ASX:TLS $5.70 0.2% 19,737,649

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

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Mon, 15 Dec 2014 08:00:00 +1100 https://www.proactiveinvestors.com.au/companies/news/162663/sundance-resources-lynas-among-fridays-asx-volume-leaders-59576.html
<![CDATA[News - Sundance Resources, Triton Minerals, Sun Resources among ASX Volume Leaders ]]> https://www.proactiveinvestors.com.au/companies/news/162662/sundance-resources-triton-minerals-sun-resources-among-asx-volume-leaders-58353.html Tuesday's leading volume stocks on the ASX.

 

CompanyCodeLastChangeVolume OGI Group OGI $0.024 1.40% 128648935 Sundance Resources SDL $0.055 0.10% 67438468 Palace Resources PXR $0.001 0% 60022375 Goodman Fielder GFF $0.630 0.02% 56918258 Triton Minerals TON $0.405 0.29% 32080992 Arrium Ltd ARI $0.340 0% 29538183 Fortescue Metals FMG $3.550 0.03% 27196217 Dexus Property DXS $1.155 0.02% 26753113 Blina Minerals BDI $0.001 0% 23790000 Sun Resources SUR $0.008 0% 20163720

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

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Wed, 22 Oct 2014 08:00:00 +1100 https://www.proactiveinvestors.com.au/companies/news/162662/sundance-resources-triton-minerals-sun-resources-among-asx-volume-leaders-58353.html
<![CDATA[News - Sundance Resources appoints port and rail contractor for Mbalam-Nabeba ]]> https://www.proactiveinvestors.com.au/companies/news/162661/sundance-resources-appoints-port-and-rail-contractor-for-mbalam-nabeba-55473.html Sundance Resources (ASX:SDL) should trade firmer after appointing Mota-Engil Africa as the contractor to build the US$3.5 billion port and rail infrastructure for the Mbalam-Nabeba Iron Ore Project in Cameroon.

Mota-Engil Africa’s role includes detailed design, construction, testing and commissioning of the 510 kilometre railway from the Mbarga Mine in Cameroon to the Mineral Terminal Facility at Lolabe on the west coast of Cameroon; and the 70 kilometre rail spur line from the Nabeba Mine in the Republic of Congo to the Cameroon railway.

It also includes a 35 Mtpa deep water Mineral Terminal Facility, including stock yards, capable of loading ‘China-max’ vessels.

Mota-Engil Africa has extensive experience in Sub-Saharan Africa, including ongoing construction of a bulk commodity railway in Malawi operated by Brazilian mining group Vale.

Standard Bank, Africa’s largest Bank, has been appointed as Financial Adviser and Mandated Lead Debt Arranger for the Project.

Discussions are well advanced with a wide variety of potential funding partners; Export Credit Agencies, Development Funds and Commercial Banks have already expressed interest in providing debt funding.

Sundance aims to achieve Financial Close by mid-2015, and construction is expected to take 3.5 years following Financial Close.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

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Fri, 06 Jun 2014 16:30:00 +1000 https://www.proactiveinvestors.com.au/companies/news/162661/sundance-resources-appoints-port-and-rail-contractor-for-mbalam-nabeba-55473.html
<![CDATA[News - Sundance Resources' shares trade high volume ]]> https://www.proactiveinvestors.com.au/companies/news/162660/sundance-resources-shares-trade-high-volume-50308.html Sundance Resources (ASX: SDL) continues to have massive daily turnover following receiving $40 million under a convertible note facility in late-October.

Yesterday Sundance traded 19 million shares, with 7 million changing hands last Friday. On Monday 55 million shares traded.

When the convertible note facility was announced on the 22nd October, Sundance traded 122 million shares - equating to around 4% of the total shares on issue.

The central African iron ore play has some of the most advanced projects in the region, which is growing into a substantial iron ore province.

The convertible note's provide Sundance with sufficient funding while it aims to complete project development negotiations.

The notes and options were issued to Noble Resources International and Investor Consortium involving Blackstone, D. E. Shaw Group and Senrigan.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

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Tue, 19 Nov 2013 10:40:00 +1100 https://www.proactiveinvestors.com.au/companies/news/162660/sundance-resources-shares-trade-high-volume-50308.html
<![CDATA[News - Sundance Resources receives $40M for the Mbalam-Nabeba Iron Ore Project ]]> https://www.proactiveinvestors.com.au/companies/news/162659/sundance-resources-receives-40m-for-the-mbalam-nabeba-iron-ore-project-49853.html Sundance Resources (ASX: SDL) has received $40 million from the issue of convertible notes to meet pre-development capital expenditure for the Mbalam-Nabeba Iron Ore Project in the Republics of Cameroon and Congo.

The notes were issued to Noble Resources ($20 million) and an investor consortium made up of investment vehicles managed by Blackstone Alternative Solutions, the D. E. Shaw Group and Senrigan Capital.

Mbalam-Nabeba will be carried out in two stages, the first of which involves the production of a Direct Shipping Ore sinter fines product averaging 62.6% iron at a rate of 35 million tonnes per annum for 12 years.

Stage Two, which is currently at a Pre-Feasibility Stage, would then extend the life of the operation by further 15-plus years producing high-grade Itabirite hematite concentrate.

The project involves the construction of a 510 kilometre rail line dedicated to the transport of iron ore through Cameroon and 70 kilometre rail spur line connecting the Nabeba mine in Congo.

It also includes the building of a dedicated mineral export terminal designed for taking bulk iron ore carriers of up to 300,000 tonnes.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

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Tue, 05 Nov 2013 17:30:00 +1100 https://www.proactiveinvestors.com.au/companies/news/162659/sundance-resources-receives-40m-for-the-mbalam-nabeba-iron-ore-project-49853.html
<![CDATA[News - Sundance Resources reaches out of court settlement with Cam Iron CEO ]]> https://www.proactiveinvestors.com.au/companies/news/162658/sundance-resources-reaches-out-of-court-settlement-with-cam-iron-ceo-47223.html Sundance Resources (ASX:SDL) has settled with former Cam Iron CEO, Roger Bogne for one million shares in the African miner in an out of court settlement.

Sundance paid tribute to its Cameroonian local partner in the Mbalam‐Nabeba Iron Ore Project, Hold Co SARL and its chairman Roger Bogne, founder of Cam Iron and co‐founder of Congo Iron (Republic of Congo subsidiary company).

Bogne will remain as the Hold Co SARL representative on the Cam Iron SA Board.

Sundance is developing the Mbalam‐Nabeba Iron Ore Project in Cameroon and the Republic of Congo.

Sundance has identified interested parties and possible structures that could underpin the development of the project and is looking at a number of scenarios for development.

 


Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

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Tue, 27 Aug 2013 18:49:00 +1000 https://www.proactiveinvestors.com.au/companies/news/162658/sundance-resources-reaches-out-of-court-settlement-with-cam-iron-ceo-47223.html
<![CDATA[News - Sundance Resources UK visit shines a light on potential of Afferro, IMIC and West African Minerals ]]> https://www.proactiveinvestors.com.au/companies/news/162657/-sundance-resources-uk-visit-shines-a-light-on-potential-of-afferro-imic-and-west-african-minerals-44457.html Sundance Resources (ASX:SDL) has a project that requires some US$4.6 billion investment, including a major contribution towards a railroad stretching 500km to the coast.

The management of Aussie miner Sundance Resources is in London updating on progress.

Ordinarily a visit from a small explorer of this kind would go without mention.

However the group holds the key to unlocking the huge iron ore potential of Cameroon and the Republic of Congo.

And this then has knock implications for a handful of London-listed explorers active in the region – names such as Afferro (LON:AFF), West African Minerals (LON:WAFM) and IMIC (LON:IMIC).

Those familiar with story will know that Sundance was the subject of an aborted US$1.2 billion from Hanlong, chaired by Chinese billionaire Lui Han.

Sundance has a project that requires some US$4.6 billion investment, including a major contribution towards a railroad stretching 500 kilometres to the coast.

Of course the potential bounty is huge. The resource at Sundance’s Mblam deposit is in the order of 4 billion tonnes at 36.3% iron.

However the real prize is some 436 million tonnes of high-grade (63%) direct shipping ore (DSO) that can be extracted and sent for export without the need for beneficiation (expensive processing).

“The DSO is key to the viability to the economics of the project as it provides the basis of the funding for the railway,” said analyst John Meyer, of boutique resources house SP Angel.

“Once Sundance secures the funding for the project, it will pave the way for other projects in the region.”

According to SP Angel, the company told analysts and investors that it is currently in talks with a “number of parties”, including steel mills in China and commodity traders outside the People’s Republic.

Here in London the players in the region are jockeying to be the next big thing in Cameroon.

West African Minerals, co-chaired by rainmakers Steve Dattels and Jim Mellon, has the Djadom property next to Mblam and is in the process of compiling a maiden resource estimate.

Analysts who follow the company are working on the basis that WAFM will define a DSO resource roughly half the size of Mblam’s.

Even so this leads to a very punchy valuation well ahead of the current share price.

At the same time consolidation is taking place, with IMIC agreeing an in-principle deal to acquire Afferro Mining for £126 million.

UK and TSX-listed Afferro’s flagship project is the 2.5 billion Nkout deposit, in Cameroon, which has significant pockets of highly prized DSO and is closer to the coast than Sundance and West African Minerals’ resources.

IMIC’s plan is, along with partner African Iron Ore Group, to take a leading role in the provision of infrastructure, therefore helping to unlock the potential of Nkout and its smaller projects in Cameroon.

The business geo-politics of west and central African Iron ore reveal an interesting land-grab.

The traditional western axis of Rio Tinto and BHP Billiton, with the addition of Brazil’s Vale, are already staking their claim to the next big discoveries. However, they often leave these huge ore deposits fallow.

This allows the trio to mine out existing resources, before then opening up these new mines.

In the meantime, prices remain stubbornly high for huge consumers such as China due to constrained low-cost supply.

Granted, iron ore prices have weakened of late.

However, over the longer-term they are expected to gravitate towards the levels seen before this mini-slump, principally because Chinese depleting domestic iron ore is low grade and therefore very expensive to mine.

Not surprisingly, the People’s Republic has a vested interest in getting the best and cheapest ore out of the ground as quickly as possible, as do the local economies that would undoubtedly be boosted by the emergence of these new mining districts.

So the likes IMIC and AIOG are coming into countries such as Cameroon offering a more collaborative approach with local government, while building partnerships with the Chinese. 

“We try to work with Chinese who will help build the infrastructure: railroad as well as the port, power and beneficiation. The relationship even extends to the crucial off-take,” said IMIC’s Ousmane Kane in recent interview with Proactive Investors.

“If you give the contract to a Chinese partner to build the railway line then you could get funding from the Chinese banks – there are a number that might fund the projects we are talking about.”


Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

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Fri, 14 Jun 2013 09:00:00 +1000 https://www.proactiveinvestors.com.au/companies/news/162657/-sundance-resources-uk-visit-shines-a-light-on-potential-of-afferro-imic-and-west-african-minerals-44457.html
<![CDATA[News - Sundance Resources visit shines a light on potential of Afferro, IMIC and West African Minerals ]]> https://www.proactiveinvestors.com.au/companies/news/48646/sundance-resources-visit-shines-a-light-on-potential-of-afferro-imic-and-west-african-minerals-57978.html The management of Aussie miner Sundance Resources (ASX:SDL) is in town updating on progress.

Ordinarily a visit from a junior of this kind would go without mention. 

However the group holds the key to unlocking the huge iron ore potential of Cameroon and the Republic of Congo.

And this then has knock implications for a handful of London-listed explorers active in the region – names such as Afferro (LON:AFF), West African Minerals (LON:WAFM) and IMIC (LON:IMIC).

Those familiar with story will know that Sundance was the subject of an aborted US$1.2bn from Hanlong, chaired by Chinese billionaire Lui Han.

It leaves the ASX-listed with a project that requires some US$4.6bn investment, including a major contribution towards a railroad stretching 500km to the coast.

Of course the potential bounty is huge. The resource at Sundance’s Mblam deposit is in the order of 4bn tonnes at 36.3% iron. 

However the real prize is some 436mln tonnes of high-grade (63%) direct shipping ore (DSO) that can be extracted and sent for export without the need for beneficiation (expensive processing). 

“The DSO is key to the viability to the economics of the project as it provides the basis of the funding for the railway,” said analyst John Meyer, of boutique resources house SP Angel.

 “Once Sundance secures the funding for the project, it will pave the way for other projects in the region.” 

According to SP Angel, the company told analysts and investors that it is currently in talks with a “number of parties”, including steel mills in China and commodity traders outside the People’s Republic.

Here in London the players in the region are jockeying to be the next big thing in Cameroon.

West African Minerals, co-chaired by rainmakers Steve Dattels and Jim Mellon, has the Djadom property next to Mblam and is in the process of compiling a maiden resource estimate.

Analysts who follow the company are working on the basis that WAFM will define a DSO resource roughly half the size of Mblam’s.

Even so this leads to a very punchy valuation well ahead of the current share price. 

At the same time consolidation is taking place, with IMIC agreeing an in-principle deal to acquire Afferro Mining for £126mln.

UK and TSX-listed Afferro’s flagship project is the 2.5bn Nkout deposit, in Cameroon, which has significant pockets of highly prized DSO and is closer to the coast than Sundance and West African Minerals’ resources.

IMIC’s plan is, along with partner African Iron Ore Group, to take a leading role in the provision of infrastructure, therefore helping to unlock the potential of Nkout and its smaller projects in Cameroon.

The business geo-politics of west and central African iron ore reveal an interesting land-grab.

The traditional western axis of Rio Tinto and BHP Billiton, with the addition of Brazil’s Vale, are already staking their claim to the next big discoveries. However, they often leave these huge ore deposits fallow.

This allows the trio to mine out existing resources, before then opening up these new mines.

In the meantime, prices remain stubbornly high for huge consumers such as China due to constrained low-cost supply.

Granted, iron ore prices have weakened of late. 

However, over the longer-term they are expected to gravitate towards the levels seen before this mini-slump, principally because Chinese depleting domestic iron ore is low grade and therefore very expensive to mine.

Not surprisingly, the People’s Republic has a vested interest in getting the best and cheapest ore out of the ground as quickly as possible, as do the local economies that would undoubtedly be boosted by the emergence of these new mining districts.

So the likes IMIC and AIOG are coming into countries such as Cameroon offering a more collaborative approach with local government, while building partnerships with the Chinese.  

“We try to work with Chinese who will help build the infrastructure: railroad as well as the port, power and beneficiation. The relationship even extends to the crucial off-take,” said IMIC’s Ousmane Kane in recent interview with Proactive Investors.

“If you give the contract to a Chinese partner to build the railway line then you could get funding from the Chinese banks – there are a number that might fund the projects we are talking about.”

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Thu, 13 Jun 2013 12:25:00 +1000 https://www.proactiveinvestors.com.au/companies/news/48646/sundance-resources-visit-shines-a-light-on-potential-of-afferro-imic-and-west-african-minerals-57978.html
<![CDATA[News - Sundance Resources aborts Hanlong agreement ]]> https://www.proactiveinvestors.com.au/companies/news/162656/sundance-resources-aborts-hanlong-agreement-41751.html Sundance Resources (ASX:SDL) has predictably terminated the scheme of arrangement with Hanlong, but said the company is in discussions with other parties who have expressed interest in the Mbalam‐Nabeba Iron Ore Project.

The Hanlong deal was aborted after funding from the Chinese group was not forthcoming.

The new interest has come from both Chinese and non‐Chinese parties.

Chairman of Sundance George Jones said "interest was strong from other parties which have expressed strong interest in the Mbalam‐Nabeba Project.”

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

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Tue, 09 Apr 2013 08:30:00 +1000 https://www.proactiveinvestors.com.au/companies/news/162656/sundance-resources-aborts-hanlong-agreement-41751.html
<![CDATA[News - Sundance Resources to reveal funding commitments by Hanlong ]]> https://www.proactiveinvestors.com.au/companies/news/162655/sundance-resources-to-reveal-funding-commitments-by-hanlong-38817.html Sundance Resources (ASX: SDL) is in pre-open this morning after the ASX granted the company a trading halt, pending an announcement on the funding commitments by Hanlong under the Scheme Implementation agreement.

The halt will last until the earlier of an announcement being made to the market, or the opening of trade on Thursday 31st January 2013.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

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Tue, 29 Jan 2013 09:50:00 +1100 https://www.proactiveinvestors.com.au/companies/news/162655/sundance-resources-to-reveal-funding-commitments-by-hanlong-38817.html
<![CDATA[News - Sundance Resources gets Congo government approval for Nabeba iron ore project ]]> https://www.proactiveinvestors.com.au/companies/news/162654/sundance-resources-gets-congo-government-approval-for-nabeba-iron-ore-project-37755.html Sundance Resources (ASX:SDL) has received approval from the government of the Republic of Congo to develop the high grade Nabeba iron ore deposit.

The Nabeba permit is a pivotal part of Sundance's Mbalam-Nabeba iron ore project and underpins the Stage One of the development, in which 35 million tonnes of direct shipping ore quality ore will be produced each year for at least 10 years.

The approval also marks the completion of all conditions precedent to be met by Sundance in its acquisition by Hanlong Mining Investment, under the scheme of arrangement.

The approval comes close on heels of the recently signed Mbalam Convention in Cameroon and will pave the way for the development of a high grade iron ore operation, once financing is confirmed.

The project is likely to contribute significantly to the country's economy in the first 10 years of operation, while also employing many of its citizens.

It could also help in further exploration and development of nearby iron ore projects in Congo.

Nabeba is a high-grade hematite and itabirite deposit located in the Sangha region of the Congo in central Africa.

Congo Iron SA holds two exploration research permits, Nabeba-Bamegod and Ibanga, in the District of Souanké and the current mining permit is for Nabeba-Bamegod.

Sundance holds a total high grade hematite JORC resources of 775.4 million tonnes at 57.2% Fe in both Congo and CAmeroon.

Of that a JORC reserve of 309 million tonnes at 62.25% Fe is at Nabeba.

In the last year, Sundance has also drilled and defined a substantial Itabrite Hematite resource at Nabeba of 1.72 billion tonnes at 33.9% Fe which extends the mine life well past 25 years.



Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

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Mon, 31 Dec 2012 08:30:00 +1100 https://www.proactiveinvestors.com.au/companies/news/162654/sundance-resources-gets-congo-government-approval-for-nabeba-iron-ore-project-37755.html
<![CDATA[News - Sundance Resources ups iron ore reserve to 436.3Mt, extends mine life ]]> https://www.proactiveinvestors.com.au/companies/news/162653/sundance-resources-ups-iron-ore-reserve-to-4363mt-extends-mine-life-37691.html Sundance Resources (ASX:SDL) has upped its high grade hematite ore reserves at the Mbalam-Nabeba iron ore project in Africa by 24% to 436.3 million tonnes at 62.6% iron.

This increase in the ore reserve will enable the Stage One life of 10 years to be extended.

Stage two is underpinned by additional resources of 2.3 billion of itabirite hematite at 28% iron at Mbalam and 1.7 billion tonnes at 33.9% iron at Nabeba.

In addition, there is significant potential to grow the project further with numerous drilling targets identified in both Cameroon and the Republic of Congo.

The ore reserve increase is based on the current inventory of 775.4 million tonnes of high grade hematite resource that includes an Indicated Resource of 748 million tonnes, which represents a 58% conversion.

The ore reserves were increased following additional drilling as well as reinterpretation of the main Nabeba and Mbarga deposits based on drilling information.

The resources were also boosted due to the addition of the Nabeba Northwest deposit, which hosts an Indicated Resource of 50.3 million tonnes at 52.8% iron and the Nabeba South deposit, which has an Indicated Resource of 9.9 million tonnes at 57.3% iron.



Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

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Mon, 24 Dec 2012 16:10:00 +1100 https://www.proactiveinvestors.com.au/companies/news/162653/sundance-resources-ups-iron-ore-reserve-to-4363mt-extends-mine-life-37691.html
<![CDATA[News - Sundance Resources in halt pending receipt of Hanlong term sheet ]]> https://www.proactiveinvestors.com.au/companies/news/162652/sundance-resources-in-halt-pending-receipt-of-hanlong-term-sheet-36726.html Sundance Resources (ASX:SDL) is in a trading halt pending the delivery of a credit approved term sheet by Hanlong Africa Mining.

Sundance is subject to a takeover by Hanlong in a deal that is valued at A$1.37.

Hanlong had last month secured a Financier Commitment Letter (FCL) from China Everbright Bank (Everbright) for the amount of US$438 million. Prior to that, it had got an FCL from the China Development Bank (CDB) for US$1.022 billion.

Sundance is subject to a take over by Hanlong via a scheme of arrangement under which Hanlong has offered A$0.45 for each Sundance share under a revised scheme  implementation agreement.

An announcement regarding the term sheet will be made on or before 5 December, 2012.



Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

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Mon, 03 Dec 2012 13:30:00 +1100 https://www.proactiveinvestors.com.au/companies/news/162652/sundance-resources-in-halt-pending-receipt-of-hanlong-term-sheet-36726.html
<![CDATA[News - Sundance Resources: Federal Court decision paves way for Hanlong takeover vote ]]> https://www.proactiveinvestors.com.au/companies/news/162651/sundance-resources-federal-court-decision-paves-way-for-hanlong-takeover-vote-35702.html Sundance Resources' (ASX: SDL) has received the news that the Federal Court of Australia approved the convening of a meeting of Sundance shareholders to consider the company’s Scheme of Arrangement with Hanlong (Africa) Mining Investment Limited.

The meeting will be held on the morning of Friday 14th December 2012 in Perth.

Under the Scheme, Hanlong will acquire 100% of the shares in Sundance it does not already own for A$0.45 cash per share.

The Sundance directors believe that in the absence of a superior proposal, the Scheme is in the best interests of Sundance shareholders and unanimously recommend that Sundance shareholders vote in favour of the Scheme.

The directors also intend to cause any Sundance shares held or controlled by them to be voted in favour of the Scheme.

Furthermore, the Independent Expert, Ernst & Young, has concluded that the Scheme is in the best interests of Sundance shareholders in the absence of a superior proposal.

 

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Mon, 12 Nov 2012 08:10:00 +1100 https://www.proactiveinvestors.com.au/companies/news/162651/sundance-resources-federal-court-decision-paves-way-for-hanlong-takeover-vote-35702.html
<![CDATA[News - Sundance Resources closer to buyout from Hanlong ]]> https://www.proactiveinvestors.com.au/companies/news/162650/sundance-resources-closer-to-buyout-from-hanlong-34703.html West African-focused iron ore producer Sundance Resources (ASX:SDL) is understood to have received a long-awaited letter from China Development Bank, or CBD, indicating its financial support for a proposed buyout by Hanlong Mining according to sources.  

The letter -- which supports Hanlong (Africa) Mining Investments in its revised $1.38 billion takeover offer -- has been expected for weeks and will allow both sides to create a timetable for the earliest possible shareholder vote on the takeover, the person said.

The letter is a major step forward for Sundance, which last traded at 34 cents a share, a 32 per cent discount to Hanlong's reduced 45c a share offer.

 


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Fri, 19 Oct 2012 09:50:00 +1100 https://www.proactiveinvestors.com.au/companies/news/162650/sundance-resources-closer-to-buyout-from-hanlong-34703.html
<![CDATA[News - Sundance Resources and Hanlong negotiating, still no cigar ]]> https://www.proactiveinvestors.com.au/companies/news/162649/sundance-resources-and-hanlong-negotiating-still-no-cigar-34260.html Sundance Resources (ASX:SDL) and Hanlong are continuing to negotiate but have no deal although the company expects these talks to conclude by the end of this week.

One of the options canvassed may include termination by either party.

However, the company said in a statement it has had "productive and encouraging negotiations" with Hanlong.

In the context of these incomplete negotiations and an anticipated outcome as above, the company has requested a suspension remain in force until a clarifying announcement is made.

 


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Tue, 09 Oct 2012 08:20:00 +1100 https://www.proactiveinvestors.com.au/companies/news/162649/sundance-resources-and-hanlong-negotiating-still-no-cigar-34260.html
<![CDATA[News - Sundance Resources awaits Hanlong commitment, in trading halt ]]> https://www.proactiveinvestors.com.au/companies/news/162648/sundance-resources-awaits-hanlong-commitment-in-trading-halt-33932.html Sundance Resources (ASX: SDL) has been granted a trading halt this morning pending an announcement on Hanlong's financial commitment obligations under the Revised Scheme Implementation Agreement, with the company's shares placed in pre-open.

In August this year Sundance accepted a revised Hanlong offer of $0.45 a share for the acquisition of 100% of the company.

At the time Sundance also stipulated, and Hanlong agreed, to a number of amendments in the Revised Scheme Implementation Agreement aimed at providing a greater level of certainty to shareholders that Hanlong will be able to fulfill its obligations and complete the Scheme by the end of the 2012 calendar year.

The Revised Scheme Timetable discussed in a presentation by Sundance in late August included:

- Hanlong to secure Financier Commitment Letter; 1 October 2012 (this coming Monday).

The halt will last until the earlier of an announcement being made to the market, or the opening of trade on Tuesday 2nd October 2012.

 

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Fri, 28 Sep 2012 09:40:00 +1000 https://www.proactiveinvestors.com.au/companies/news/162648/sundance-resources-awaits-hanlong-commitment-in-trading-halt-33932.html
<![CDATA[News - Sundance Resources: Response to Media Coverage ]]> https://www.proactiveinvestors.com.au/companies/news/162647/sundance-resources-response-to-media-coverage-20588.html Sundance Resources (ASX: SDL) has provided an update to the market relating to media coverage.

Sundance notes today’s media coverage relating to the application by the Hanlong Mining Group (Hanlong) for Foreign Investment Review Board (FIRB) approval.


Sundance made this statement to the ASX.

Hanlong has informed Sundance that it is continuing to work productively with FIRB on its application and expects to receive FIRB’s decision well within the indicative timetable for the proposed Scheme of Arrangement.

Hanlong has informed Sundance that ASIC’s investigation focuses on the individuals, not Hanlong.

The Scheme Implementation Agreement (SIA) signed by Hanlong and Sundance, as announced to the ASX on 4 October 2011, requires Hanlong to promptly inform Sundance should there be any material development that may lead to the non-fulfilment of a regulatory approval.

Hanlong has advised it has no reason to provide such notification.

Both companies continue to progress phase one of the SIA which has Sundance and Hanlong in an exclusive arrangement with the mutual objective of working together to confirm the ratification of the Mining Permit in the Republic of Congo and the Mining Convention in the Republic of Cameroon on acceptable terms.

Sundance is being advised by UBS AG, Clayton Utz and CITIC Securities.

 

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Tue, 11 Oct 2011 14:40:00 +1100 https://www.proactiveinvestors.com.au/companies/news/162647/sundance-resources-response-to-media-coverage-20588.html
<![CDATA[News - Sundance Resources' board unanimously recommend increased A$0.57 offer from Hanlong ]]> https://www.proactiveinvestors.com.au/companies/news/162646/sundance-resources-board-unanimously-recommend-increased-a057-offer-from-hanlong-20345.html Sundance Resources (ASX: SDL) has welcomed an increased takeover bid of A$0.57 a share from Hanlong, which is 14% higher than the A$0.50 offer first put on the table.

The increased offer values Sundance at around A$1.65 billion, and the Sundance directors unanimously recommend shareholders vote in favour of the scheme, in the absence of a superior proposal.

The offer is subject to a conclusion from the Independent Expert that the scheme is in the best interests of all shareholders, and conditional on Regulatory Approvals by the governments of Australia, the Republic of Cameroon, the Republic of Congo and the People's Republic of China.
 
The interest from Hanlong in Sundance is due to the company's Mbalam Iron Ore Project, where stage one targets an annual rate of production of 35 million tonnesof DSO-quality high-grade hematite for ten years.

Stage two includes further production of 35Mtpa of itabirite hematite concentrate product for an additional 15 years.

As part of the Definitive Feasibility Study released in April 2011, the Project has an internal rate of return of 27% on an un-geared basis over the life of the mine.

 

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Tue, 04 Oct 2011 10:08:00 +1100 https://www.proactiveinvestors.com.au/companies/news/162646/sundance-resources-board-unanimously-recommend-increased-a057-offer-from-hanlong-20345.html
<![CDATA[News - Sundance Resources in pre-open pending Hanlong Mining proposal announcement ]]> https://www.proactiveinvestors.com.au/companies/news/162645/sundance-resources-in-pre-open-pending-hanlong-mining-proposal-announcement-20301.html Sundance Resources (ASX: SDL) has been granted a trading by the ASX, with the company's shares in pre-open.

Sundance requested the halt pending an announcement, '... regarding the proposal from Hanlong Mining Limited to enter into a Scheme of Arrangement to acquire 100% of the issued capital of Sundance.'

The halt will last until the earlier of an announcement being made, or the opening of trade on Wednesday 5 October.

In July this year Hanlong informed Sundance that it intended to offer $0.50 a Sundance share, with Sundance last trading before the halt at $0.43.

Earlier in the year Sundance also revealed that the company is in discussions with as many as seven separate parties about potential joint venture, financing and offtake at its Mbalam Iron Ore Project in the Republics of Cameroon and Congo.

 

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Mon, 03 Oct 2011 10:00:00 +1100 https://www.proactiveinvestors.com.au/companies/news/162645/sundance-resources-in-pre-open-pending-hanlong-mining-proposal-announcement-20301.html
<![CDATA[News - Sundance Resources replies to ASX Price and Volume speeding ticket ]]> https://www.proactiveinvestors.com.au/companies/news/162644/sundance-resources-replies-to-asx-price-and-volume-speeding-ticket-18082.html Sundance Resources (ASX: SDL) has popped up on the ASX radar after massive trade in the stock in recent days and a 10% share spike to $0.54, and has become the recipient of a Price and Volume speeding ticket.

Of course Sundance replied to the ASX stating that the company is unaware of any material information to explain the sudden investor interest.

Investor interest is being powered by the potential of another bidder to trump the Hanlong Mining Investment $0.50 per share offer.

Sundance did however acknowledge media attention proposing the situation of another bidder emerging, and stated in a reply to the ASX:

'Sundance also notes that there have been a number of news articles over the past week speculating on the future of the company in regards to a possible takeover or strategic partnership deal.

'... Sundance is continuing to progress its advanced negotiations with potential strategic partners in respect to possible joint venture, financing and offtake arrangements to develop its Mbalam Iron Ore Project in the Republics of Cameroon and Congo.'

Sundance last traded at $0.535 - at 1pm Friday 22 July.

 

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Fri, 22 Jul 2011 13:13:00 +1000 https://www.proactiveinvestors.com.au/companies/news/162644/sundance-resources-replies-to-asx-price-and-volume-speeding-ticket-18082.html
<![CDATA[News - Sundance Resources "engaging in discussions" with Hanlong about its takeoffer proposal ]]> https://www.proactiveinvestors.com.au/companies/news/162643/sundance-resources-engaging-in-discussions-with-hanlong-about-its-takeoffer-proposal-17945.html Sundance Resources (ASX: SDL) has branded the offer proposal from Hanlong Mining Investment Pty Limited as not "providing adequate value or certainty to Sundance shareholders."

However, the Board of Sundance said that it intends to engage in discussions with Hanlong about the terms of its proposal.

Hanlong informed Sundance today it intended to offer $0.50 a Sundance share. This was 25% higher than previous closing price. Sundance is currently trading up 20% to $0.48 in midday trading.

Sundance has revealed it is in discussions with as many as seven separate parties about potential joint venture, financing and offtake at its Mbalam Iron Ore Project in the Republics of Cameroon and Congo.

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Mon, 18 Jul 2011 12:55:00 +1000 https://www.proactiveinvestors.com.au/companies/news/162643/sundance-resources-engaging-in-discussions-with-hanlong-about-its-takeoffer-proposal-17945.html
<![CDATA[News - Sundance Resources A$60m placement agreement for JORC reserves and resources boost ]]> https://www.proactiveinvestors.com.au/companies/news/162642/sundance-resources-a60m-placement-agreement-for-jorc-reserves-and-resources-boost-15733.html Sundance Resources (ASX: SDL) has entered into a A$60 million placement agreement with international investors, which the company said was heavily oversubscribed.

The capital raising is within the company's placement capacity, so shareholder approval is not required.

Giulio Casello, managing director and CEO said, "We are aiming to broaden the reach and exposure of the company to the international investment market ahead of our proposed project financing activities in 2011.

“This raising allows us to continue the development program at Mbalam (Mbalam Iron Ore Project in the Republics of Cameroon and Congo), solidifying Sundance's position as the first mover in an emerging world-class iron ore region.

"It is significant in terms of enabling the company to realise the full potential of the Mbalam Iron Ore Project now that the DFS for Stage One is complete."

Sundance also reiterated the company's intention to announce a strategic partner once negotiations are complete and an agreement has been reached.

Proceeds will be used to increase both JORC Reserves and Resources, undertake value engineering to identify reductions to capital cost of stage one and establish project readiness.

Earlier in the month Sundance completed the Mbalam Definitive Feasibility Study (DFS) for stage one, and the Pre-Feasibility Study (PFS) for stage two.

The project is expected to generate strong cash margins and the company is well placed for first-mover advantage in the province where the development of this integrated mine, rail and port project is expected to unlock its potential.

The Net Present Value has been estimated at over US$4 billion for the total project (stage one and two) and there is an estimated Internal Rate of Return of 27% on an un-geared basis.

The DFS for stage one was based on a forecast average production rate of 35 million dry tonnes per annum (mdtpa) of direct shipping ore averaging 63.6% iron.

The PFS completed for stage two was based on continued production of 35 Mdtpa of Itabirite hematite concentrate product at 66% iron.

 

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Wed, 27 Apr 2011 09:48:00 +1000 https://www.proactiveinvestors.com.au/companies/news/162642/sundance-resources-a60m-placement-agreement-for-jorc-reserves-and-resources-boost-15733.html
<![CDATA[News - Sundance Resources in pre-open pending capital raising announcement ]]> https://www.proactiveinvestors.com.au/companies/news/162641/sundance-resources-in-pre-open-pending-capital-raising-announcement-15690.html Sundance Resources (ASX: SDL) has been granted a trading halt by the ASX pending a capital raising announcement, with the company's shares placed in pre-open.

Sundance has not yet indicated specifically where the potential new inflow of funds will be allocated, but recently has been achieving some major milestones in West Africa.

Earlier in the month Sundance completed the Definitive Feasibility Study (DFS) for Stage One, and the Pre-Feasibility Study (PFS) for Stage Two, at its Mbalam Iron Ore Project in the Republics of Cameroon and Congo.

By completing the studies the company has taken another step towards becoming a major iron ore producer and unlocking a new iron province in central West Africa.

The project is expected to generate strong cash margins and the company is well placed for first-mover advantage in the province where the development of this integrated mine, rail and port project is expected to unlock its potential.

The Net Present Value has been estimated at over US$4 billion for the total project (Stage One and Two) and there is an estimated Internal Rate of Return of 27% on an un-geared basis.

The DFS for Stage One was based on a forecast average production rate of 35 million dry tonnes per annum (mdtpa) of direct shipping ore averaging 63.6% iron.

The PFS completed for Stage Two was based on continued production of 35 Mdtpa of Itabirite hematite concentrate product at 66% iron.

 

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Thu, 21 Apr 2011 09:52:00 +1000 https://www.proactiveinvestors.com.au/companies/news/162641/sundance-resources-in-pre-open-pending-capital-raising-announcement-15690.html
<![CDATA[News - Sundance Resources delivers milestone Feasibility Studies for West African Iron Ore Project ]]> https://www.proactiveinvestors.com.au/companies/news/162640/sundance-resources-delivers-milestone-feasibility-studies-for-west-african-iron-ore-project-15277.html Sundance Resources (ASX: SDL) has completed the Definitive Feasibility Study (DFS) for Stage One, and the Pre-Feasibility Study (PFS) for Stage Two, at its Mbalam Iron Ore Project in the Republics of Cameroon and Congo.

By completing the studies the company has taken another step towards becoming a major iron ore producer and unlocking a new iron province in central West Africa.

The project is expected to generate strong cash margins and the company is well placed for first-mover advantage in the province where the development of this integrated mine, rail and port project is expected to unlock its potential.

The Net Present Value has been estimated at over US$4 billion for the total project (Stage One and Two) and there is an estimated Internal Rate of Return of 27% on an un-geared basis.

The DFS for Stage One was based on a forecast average production rate of 35 million dry tonnes per annum (Mdtpa) of Direct Shipping Ore (DSO) averaging 63.6% iron (Fe).

The PFS completed for Stage Two was based on continued production of 35 Mdtpa of Itabirite hematite concentrate product at 66% Fe.

The Stage One capital expenditure will be about US$4.6 bilion and capital payback is projected to be achieved in three years.

There will be cash operating costs, pre-royalties, of US$21.20 per tonne for Stage One. The company estimates an Initial JORC Maiden Reserve of 252 million product tonnes at 63.6% Fe. Based on the recent mineral resource upgrade a Reserve update will follow.

Subject to entering into agreements with Government, obtaining Government approvals and securing project finance, Sundance is looking to progress the development of the Mbalam Iron OreProject, paving the way for transition to production.

The first ore shipment is anticipated in the last quarter of calendar 2014, positioning Sundance to become a significant global iron ore producer.

Stage One of the Project focuses on the production of DSO for approximately 10 years, with Stage Two covering the next 15 years of production of high-grade Itabirite hematite concentrate.

The DFS now forms the basis for capital appropriation and will provide the budget input for the Project to move forward to a final investment decision.

The PFS for Stage Two will progress to a DFS commencing in 2012, leading to mining of Sundance’s broader Itabirite hematite resource which has a current resource estimate of 2.32 billion tonnes grading 38% Fe.

First production from Stage One is targeted for the last quarter of 2014, subject to achieving these milestones in a timely fashion.

Giulio Casello, managing director, said “this brings to fruition more than three years of hard work and positions Sundance to realise its vision of becoming a world-class iron ore producer.

“These two studies have defined a high-quality iron ore project of global significance that will generate substantial financial returns and position Sundance as a key player in the international iron ore space."

The development of the Mbalam Iron Ore Project will also bring significant economic and employment benefits to the countries of Cameroon and Congo, as well as provide the opportunity for the development of neighbouring iron ore deposits which could potentially see production in the region ramp up to 100 million tonnes per year.

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Wed, 06 Apr 2011 12:08:00 +1000 https://www.proactiveinvestors.com.au/companies/news/162640/sundance-resources-delivers-milestone-feasibility-studies-for-west-african-iron-ore-project-15277.html
<![CDATA[News - Giulio Casello appointed new managing director at Sundance Resources ]]> https://www.proactiveinvestors.com.au/companies/news/162639/giulio-casello-appointed-new-managing-director-at-sundance-resources--10650.html Sundance Resources (ASX: SDL) has appointed Giulio Casello as the new managing director, with Casello joining the company from a senior position with the Western Australian iron ore producer Sinosteel Midwest Corporation.

Casello will take up his new position on 8 November 2010.

Sundance chairman George Jones strongly supports the appointment as the company stabilises the board, and looks to the future.

Jones added, “I have made it clear that I have set a firm deadline to have all foundation agreements required for development of the Mbalam Project to proceed in place by no later than March 2011 - a timetable which would enable us to begin construction on schedule by the middle of next year."

Adam Rankine-Wilson will also resign as a director, effective 14 October 2010, with Robin Marshall appointed to the board effective the same day.

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Fri, 08 Oct 2010 09:15:00 +1100 https://www.proactiveinvestors.com.au/companies/news/162639/giulio-casello-appointed-new-managing-director-at-sundance-resources--10650.html
<![CDATA[News - Sundance Resources adds further value to African iron ore projects, with port deal ]]> https://www.proactiveinvestors.com.au/companies/news/162638/sundance-resources-adds-further-value-to-african-iron-ore-projects-with-port-deal-9993.html With a recent announcement and agreement regarding rail access, Sundance Resources (ASX: SDL) is on something of a roll.  Today, Sundance and China Harbour Engineering Company have entered into an agreement for the proposed bulk materials port at Lolabe, Republic of Cameroon.

The MOU key agreement commits the Parties to work together to establish; the scope, cost and programme for delivery of the Lolabe Port Project sufficient to support planned output of 35m.t.p.a. of iron ore from Sundance’s proposed Cameroon and Congo Mines, and terms of an EPC Contract under which CHEC would deliver the Port Project.

The Port is needed to support Sundance’s Mbalam Project in Cameroon and Congo, West Africa.

The agreement recognizes that the Lolabe Port Project will be integral with the Mine Project itself and the Mine Rail Project, also recognising that the Port, Rail and Mine Projects are subject to a range of conditions precedent including government approvals, funding and title requirements for the rail corridor and other assets.

George Jones, chairman for Sundance, said, "I am again delighted to announce that we have reached this agreement with China Harbour Engineering Company Ltd."

"The Lolabe Port development is the gateway to export of our planned tonnages from West Africa."

"CHEC is world renowned in the field of port construction with extensive experience of working in Africa."

"This follows hard on the heels of our MOU with CRCC China-Africa Ltd as to the Mbalam Rail Project."

"We now have in place MOUs with two of China’s leading infrastructure providers."

"These agreements will fix the delivery requirements for our logistics infrastructure from Mine to ship."

"This is another big step forward for our Mbalam Project".

Lin Yi Chong, vice president for CHEC, said, “CHEC announces its entry into the MOU for the proposed Port for the Mbalam Project."

"CHEC looks forward to great efforts between the two sides to develop and maintain a close relationship and to execute the Project in the earliest possible time.”

The agreement was signed for CHEC by Vice President, Lin Yi Chong, and for Sundance by Board Chairman, George Jones.

At the conclusion of that work the Parties may enter into a Delivery Contract for the Port Project.

Neither Party is bound to enter into the Delivery Contract if it is not prudent to do so.

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Tue, 14 Sep 2010 07:07:00 +1000 https://www.proactiveinvestors.com.au/companies/news/162638/sundance-resources-adds-further-value-to-african-iron-ore-projects-with-port-deal-9993.html
<![CDATA[News - Red Rock associate Jupiter Mines confirms death of chairman Geoff Wedlock in Sundance plane crash ]]> https://www.proactiveinvestors.com.au/companies/news/162637/red-rock-associate-jupiter-mines-confirms-death-of-chairman-geoff-wedlock-in-sundance-plane-crash-8079.html Red Rock Resources (LON:RRR) offered its condolences to the family, friends and colleagues of Jupiter Mines' (ASX:JMS) late chairman Geoff Wedlock, who died in a plane crash on Saturday in West Africa. Pallinghurst (JSE:PGL) chairman Brian Gilbertson, has joined the board as a non-executive director and temporarily assumed the position of acting non-executive chairman, to ensure corporate stability and continuity for JMS over this difficult period.

Geoff Wedlock was travelling to the Yangadou mine in Cameroon in his role as Sundance Resources (ASX: SDL) chairman, along with the entire board of Sundance directors. Over the weekend it emerged that the chartered aircraft, carrying 11 passengers, went down in thick jungle and rescue workers had been searching for the crash site.

Sundance confirmed earlier today that rescuers had found the wreckage, and sadly there were no survivors. Sundance chief executive Don Lewis, company secretary John Carr-Gregg and non-executive directors Ken Talbot, John Jones and Craig Oliver all died in the crash.

Red Rock’s 25.1%-owned associate, Jupiter, is currently finalising the acquisition of a 49.9% stake in the world-class Tshipi Kalahari Manganese Project in South Africa. Pallinghurst's Gilbertson was expected to join Jupiter’s board in the coming months, subject to the successful completion of the transaction. He now joins the board to stabilise the business.

A shareholders meeting is planned for August in order to approve the proposal. The share-based Tshipi deal is worth approximately A$490m and it is expected to transform Jupiter into a significant manganese and iron ore explorer and developer. Under the terms of the deal, Jupiter will issue 1.1bn new shares to the Pallinghurst co-investors at a price of A$0.2110 per share.

The Tshipi project is currently being developed through a joint venture between Ntsimbintle, a Black Economic Empowerment (BEE) consortium holding 50.1%, and a group of investors, including Red Rock’s former associate Pallinghurst. The project is located in the Kalahari basin, adjacent to the BHP Billiton (LSE: BLT) controlled Mamatwan mine. Tshipi will mine the contiguous Mamatwan ore body which has which has been mined for 45 years, and is currently producing 3m tonnes of manganese ore per annum.

The Tshipi joint venture carried out a comprehensive drilling campaign and completed the project's feasibility study during 2008 and 2009. Consequently a SAMREC mineral resource estimate totalling 163.23m tonnes grading 37.1%, which will be re-stated in compliance with the JORC-code in due course.

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Tue, 22 Jun 2010 17:28:00 +1000 https://www.proactiveinvestors.com.au/companies/news/162637/red-rock-associate-jupiter-mines-confirms-death-of-chairman-geoff-wedlock-in-sundance-plane-crash-8079.html
<![CDATA[News - Sundance Resources receives $47.3 million from investors under first tranche of placement ]]> https://www.proactiveinvestors.com.au/companies/news/162636/sundance-resources-receives-473-million-from-investors-under-first-tranche-of-placement-3386.html International iron ore company Sundance Resources (ASX: SDL) has received $47.3 million from institutional investors to assist in the advancement of its Mbalam Project in the Republic of Cameroon.

The Perth-based company has issued 315,511,294 shares at $0.15 per share to international institutional investors in this first tranche of the $85 million private placement.

The balance of 1,295,127 shares are expected to be issued shortly taking the total amount received under the first tranche of the placement to $47,520,963.

The second tranche of the placement will be completed upon shareholder approval being obtained at an Extraordinary General Meeting of shareholders to be held on 9 December.

The second tranche will comprise the issue of 249,860,246 shares at $0.15 per share, raising an additional $37,479,037.

The proceeds of the placements are to be used to complete Definitive Feasibility Study of the Mbalam Project, including mine, process, transport and port infrastructure.

It will also be used to undertake drilling to define further High Grade mineralisation with a view to achieving up to 10 years of DSO-quality production and provide general working capital.

Sundance is focusing on mining interests in the Republic of Cameroon and the Republic of Congo, on the central west coast of Africa.

The company has commenced a feasibility study on its Mbalam Iron Ore Project as the basis for developing a global iron ore business.

It has been listed on the Australian Stock Exchange since 1993 and is also traded on over-the-counter markets in Frankfurt, Berlin, Hamburg, Stuttgart and Munich.

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Fri, 20 Nov 2009 06:25:00 +1100 https://www.proactiveinvestors.com.au/companies/news/162636/sundance-resources-receives-473-million-from-investors-under-first-tranche-of-placement-3386.html
<![CDATA[News - Sundance Resources nails $85 million raising to advance Mbalan iron ore project ]]> https://www.proactiveinvestors.com.au/companies/news/162635/sundance-resources-nails-85-million-raising-to-advance-mbalan-iron-ore-project--3183.html International iron ore developer Sundance Resources (ASX: SDL) has wrapped up a Placement Agreement to raise A$85m from institutional investors to advance its projects.

The completion of the agreement saw shares in the company increase 6.7% to 16c.

In the agreement, a total of 566,666,667 shares will be issued at A$0.15 per share, subject to shareholder approval.

The raising will be completed in two tranches, with the first tranche of 316,806,421 shares to be issued within the company’s 15% placement capacity.

The second tranche of 249,860,246 shares will be issued at an Extraordinary General Meeting of shareholders next month.

Proceeds of the raising will be used to complete a Definitive Feasibility Study of the Mbalam Project in West Africa, undertake drilling to define further high-grade mineralisation on the company’s portfolio of exploration landholdings and provide general working capital.

Managing director Don Lewis said Sundance was pleased with the strong interest received from institutional investors for the raising.

"We have deliberately targeted a new investor base to broaden the reach and exposure of the company to the international market ahead of our proposed project financing activities in 2010," Mr Lewis said.

"The raising will allow us to aggressively accelerate our development program at Mbalam, establishing Sundance as the first mover in this emerging iron ore province.

"This is a very significant step in terms of realising the full potential of the Mbalam Iron Ore Project.”

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Mon, 09 Nov 2009 08:53:00 +1100 https://www.proactiveinvestors.com.au/companies/news/162635/sundance-resources-nails-85-million-raising-to-advance-mbalan-iron-ore-project--3183.html
<![CDATA[News - Geoff Wedlock appointed as chairman of Sundance Resources ]]> https://www.proactiveinvestors.com.au/companies/news/162634/geoff-wedlock-appointed-as-chairman-of-sundance-resources-1890.html Cameroon focussed iron ore developer Sundance Resources (ASX: SDL) has appointed Geoff Wedlock as Chairman elect, to replace George Jones in September 2009.

Geoff Wedlock brings a wealth of iron ore experience to Sundance. He was directly involved in the development of four iron ore mines, upgrades of two ports and two railways, and the development of iron ore processing operations.

He was also previously Managing Director of the successful Australian iron ore producer, Portman Limited.

Geoff Wedlock said, "Since George joined the Board as Chairman in late 2006, Sundance has secured over $90 million in capital from a range of strategic investors, including Talbot Group Holdings. This funding has underpinned our exploration program, which has so far defined a combined total Indicated and Inferred Resource of 2.5 billion tonnes of high grade and itabirite hematite at Mbalam."

Sundance Director Ken Talbot, whose investment company Talbot Group Holdings has a 21% stake in the Company, said he was looking forward to working closely with Geoff to maximise the potential of the Mbalam Project.

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Fri, 03 Jul 2009 08:08:00 +1000 https://www.proactiveinvestors.com.au/companies/news/162634/geoff-wedlock-appointed-as-chairman-of-sundance-resources-1890.html
<![CDATA[News - Sundance Resources gains investor support from Talbot Group ]]> https://www.proactiveinvestors.com.au/companies/news/162633/sundance-resources-gains-investor-support-from-talbot-group-1359.html Sundance Resources (ASXSDL) has seen its major mining investor shareholder Talbot Group Holdings increase its already sizeable stake in the company.

In a notice to the ASX, Talbot Group indicated it had acquired 83 million shares in Sundance Resources at prices ranging from 8 cents (placement of shares) to 64 cents per share (on market).  Talbot now owns 20.72% of Sundance Resources increasing from 19.4% from the acquisitions.

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Fri, 01 May 2009 07:23:00 +1000 https://www.proactiveinvestors.com.au/companies/news/162633/sundance-resources-gains-investor-support-from-talbot-group-1359.html
<![CDATA[News - Sundance Resources increases Nabeba Project hematite target to 250 million tonne ]]> https://www.proactiveinvestors.com.au/companies/news/162632/sundance-resources-increases-nabeba-project-hematite-target-to-250-million-tonne-1182.html Sundance Resources (ASX:SDL) has advised that recent field sampling at Nabeba Project in the Republic of Congo (ROC), West Africa has been sufficiently encouraging to increase the exploration target to 100 to 250 million tonnes hematite at 55 - 65% Fe. 

The Nabeba Deposit is located 42km south of the Mbarga Deposit where Sundance has previously reported JORC-Code compliant Inferred Resources totalling 2.47 billion tonnes (comprising 220 million tonnes of high grade supergene hematite at 60% Fe and 2,255 million tonnes of itabirite hematite at 39% Fe).

The sampling program was designed to follow up the airborne geophysical survey completed by Sundance in December 2008 and to validate previous preliminary exploration work on the Nabeba Deposit reported by Bureau de Recherches Géologiques et Minières (BRGM) in 1986.

The Exploration Target for high grade, near surface hematite at the Nabeba Deposit has been increased to 100 to 250 million tonnes at 55 - 65% Fe based on the results of this sampling program and assessment of four vertical diamond drill holes (SN01 to SN04) previously completed by BRGM.

A total of 124 samples were collected over the deposit with 94 samples assaying at +58% Fe (averaging 64.5% Fe).

Sundance’s Managing Director, Don Lewis, said, “We are very pleased with these latest exploration results which indicate that our previous assessment of the high grade iron ore potential of the Nabeba Deposit was relatively conservative.”

“The latest results, combined with recent aeromagnetic survey work and historical drilling data, suggests that the potential mineralisation at Nabeba may be of similar scale to the Mbarga Deposit, where we have successfully defined a world-scale resource of high grade supergene and itabirite hematite.”

“We are encouraged by the potential of the Nabeba deposit and have commenced planning for advanced exploration work. Definition of additional high grade resources at Nabeba or other prospects on our exploration landholdings will significantly enhance the overall value of the Mbalam Project.”

Sundance is developing the Mbalam Iron Ore Project based on Exploration Permits controlled by the Company in Cameroon and the ROC, with a total landholding of 3,755 km2 in this emerging iron ore province.

Nabeba is accessible from Sundance’s existing exploration base at Mbarga and offers potential for definition of significant additional iron ore tonnages close to the Company’s proposed production infrastructure.

On the basis of this increased Exploration Target for the Nabeba Deposit, Sundance has increased the overall Mbalam Project Exploration Target for high grade hematite to 340 to 510 million tonnes at 55 - 65% Fe.

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Tue, 07 Apr 2009 09:49:00 +1000 https://www.proactiveinvestors.com.au/companies/news/162632/sundance-resources-increases-nabeba-project-hematite-target-to-250-million-tonne-1182.html
<![CDATA[News - Sundance Resources gets vote of confidence from Talbot Group in new share placement ]]> https://www.proactiveinvestors.com.au/companies/news/162631/sundance-resources-gets-vote-of-confidence-from-talbot-group-in-new-share-placement-0988.html International iron ore company Sundance Resources (ASX:SDL) has received a strong vote of confidence from its major investor and shareholder, Talbot Group Investments Pty Limited (“TGI”), in respect of a A$5 million share placement in Sundance.  The company will also offer a Share Purchase Plan Offer (“the Offer”) to eligible shareholders.

The funds raised through the placement and Offer will strengthen Sundance‟s financial position and underpin continued development of the Company‟s majority-owned Mbalam Iron Ore Project in Central West Africa.

The A$5 million placement to TGI, comprising the issue of 62.5 million shares at 8 cents per share, will increase TGI‟s interest in the Company (prior to the issue of shares pursuant to the Offer) to 22.14%. The placement is subject to shareholder approval.

TGI has been a cornerstone investor in Sundance since 2007 and participated in the last major capital raising undertaken by the Company. The Share Purchase Plan Offer will be open to all Sundance shareholders with a registered address in Australia and New Zealand. The Offer will open on Friday 27 March 2009 and close at 5.00pm (AWST) on Friday 24 April, 2009.

Under the Offer, eligible shareholders will have an opportunity to acquire up to A$5,000 worth of new shares free of brokerage or other transaction charges. The price of these new shares under the Offer will be the lower of:

- 8 cents per share; and
- a 5 per cent discount to the volume weighted average price (VWAP) to three decimal places of shares traded on the ASX in the five trading days up to and including the scheduled offer closing date.

Sundance‟s Chief Executive Officer, Don Lewis, said: "The proposed placement and Share Purchase Plan Offer will supplement our existing cash reserves to ensure that the Company has funding in place to continue its current activities on the Mbalam Project through to 2010. This will allow us time to develop arrangements with potential strategic partners and ensure that we are best positioned to advance the project as and when global financial conditions improve.”

“We are very pleased that our largest shareholder has committed to support the Company by subscribing for the share placement at 8 cents per share. As Ken Talbot is a Director of the Company, it is necessary for this placement to TGI to be approved by shareholders and a General Meeting of shareholders will be held on 29 April 2009 for this purpose.”

“We are also pleased to extend the Share Purchase Plan Offer to eligible shareholders such that they can invest in the Company on the same, or better, pricing terms as proposed for the placement to our major shareholder. The underwriting of BBY Limited offers very valuable market support for the Offer.”

“Sundance controls a world scale project at Mbalam which offers the opportunity for development of an international iron ore business,” Mr Lewis said.

About Sundance Resources

Sundance Resources Ltd is an Australian exploration company focused on mining interests in the Republic of Cameroon and the Republic of Congo, on the central west coast of Africa. Sundance has commenced feasibility study on the Mbalam Iron Ore Project as the basis for developing a global iron ore business.

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Tue, 10 Mar 2009 12:18:00 +1100 https://www.proactiveinvestors.com.au/companies/news/162631/sundance-resources-gets-vote-of-confidence-from-talbot-group-in-new-share-placement-0988.html
<![CDATA[News - Sundance Resources targets 100m tonnes DSO iron ore in Congo ]]> https://www.proactiveinvestors.com.au/companies/news/162630/sundance-resources-targets-100m-tonnes-dso-iron-ore-in-congo-0703.html Sundance Resources (ASX:SDL) has reported encouraging results from the high-resolution airborne geophysical survey recently completed over its consolidated iron ore exploration portfolio in Cameroon, West Africa and the neighbouring Republic of Congo.

These results are supported by historical drilling data recently obtained by the Company which indicates potential DSO quality mineralisation on the Mt Nabeba Prospect in the Republic of Congo. The airborne geophysical surveys were over selected areas of Exploration Permits 2007-362 and 2007-363 in the Republic of Congo.

The survey was undertaken to delineate the magnetic response over significant topographic features within the permit areas which were considered to have potential to host iron ore mineralisation. Initial processing of the survey data has confirmed extensions to the areas of high magnetic response immediately to the south of the Company’s Mbalam Iron Ore Project in Cameroon into the adjacent Congo tenements.

Preliminary field mapping of these areas indicate the presence of supergene iron mineralisation. The survey data has also confirmed the presence of a significant magnetic response over the Mt Nabeba Prospect, previously identified in exploration undertaken by Bureau de Recherches Géologiques et Minières (BRGM) in 1986. A 15km linear magnetic anomaly has also been delineated in the Mt Letioukbala locality, to the south of Mt Nabeba.

Both areas have been identified as priority exploration targets. The assessment of the Mt Nabeba Prospect identified the presence of high grade iron mineralisation with iron rich weathered material overlying supergene iron mineralisation. This shows potential outcrop over two areas of the prospect with a strike length of around 2 - 3 km.

The Company has assigned an Exploration Target of 25 to 100 million tonnes of DSO quality mineralisation with a grade range of 60% to 65% Fe at the Mt Nabeba Prospect based on the results reported by the survey.

Sundance’s Managing Director, Don Lewis, said: “These recent results reinforce the scale of prospectivity of the Company’s large landholding in the Republic of Cameroon and the Republic of Congo, highlighting the potential to expand our resource inventory with ongoing exploration.” “While this is early-stage exploration, high-resolution airborne surveys do provide a cost effective means for reconnaissance exploration over our large permit areas,” Mr Lewis said.

“The geophysical survey has generated multiple targets with magnetic signatures similar in scale to the Mbarga Deposit at Mbalam, where we have reported JORC-Code compliant Inferred Resources totalling 2.45 billion tonnes of itabirite and DSO quality hematite over a drilled area of just 10km2,” he said.

Sundance Resources was trading at 9.9 cents.

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Thu, 22 Jan 2009 00:00:00 +1100 https://www.proactiveinvestors.com.au/companies/news/162630/sundance-resources-targets-100m-tonnes-dso-iron-ore-in-congo-0703.html