Sundance Resources Ltd
(ASX:SDL) has moved a step closer to securing a partner for the proposed bulk materials port at Lolabe in the Republic of Cameroon.
The iron ore explorer has advised that it has entered into a memorandum of understanding with China Harbour Engineering Company Ltd, to establish the scope, cost and delivery programme for the project.
Sundance says the Lolabe port development is the gateway to export its planned tonnages from West Africa, and China Harbour Engineering is renowned in the field of port construction with experience in working in Africa.
The memorandum of understanding commits both companies to work together to determine the viability of the port project to support 35 million tonnes per annum of iron ore from Sundance’s proposed Cameroon and Congo Mines project.
Chairman George Jones says the company now has in place two MOU’s with two of China’s leading infrastructure providers and these agreements will fix the delivery requirements for the mine to ship logistics infrastructure.
Sundance Resources reported a loss of $4.9 million for the six months to 31 December 2009.
