Sundance Resources Limited (ASX:SDL) says it’s moving closer to securing the mining permit for its flagship Mbalam iron ore project in West Africa.
The confirmation comes amid an admission from the miner that it won’t secure the permit before its end-of-month deadline.
While Sundance’s negotiations between the governments of Cameroon and the Republic of Congo are nearing completion, it’s believed there’s some contention over the division of ownership between the two countries.
Sundance is currently the target of a $1.65 billion takeover bid from its largest shareholder, Hanlong Mining. The permits must be secured before the takeover can proceed.
Sundance Resources booked a net loss of $22 million in fiscal 2011.
