Sundance Resources Limited (ASX:SDL)
says it has made significant progress in seeking finance for the Mbalam-Nabeba Iron Ore Project in the Republic of Cameroon and the Republic of Congo.
The iron ore developer advises the Government of Cameroon will seek funding for and own the rail and port infrastructure in Cameroon.
Sundance plans to focus on funding, constructing and operating the Mbarga and Nabeba mines and will pay a tariff to use the infrastructure.
Sundance will now work to progress the funding of the mines while the Cameroon Government has expressed optimism that it will be successful in financing the infrastructure.
Sundance Resources reported a net loss of $14.11 million in the first half of the 2015 financial year.