West-African focused iron ore miner Sundance Resources Limited (ASX:SDL) has received the green light to progress its Nabeba deposit, part of the company’s Mbalam iron ore project.
The Minister of Mines and Geology of the Republic of Congo has now approved Sundance’s application to develop and mine the high-grade iron ore deposit.
Nabeba will help underpin Stage One of the Mbalam development in which 35 million tonnes of direct shipping ore-quality iron ore will be produced annually for at least 10 years.
Managing Director and CEO Giulio Casello says the approval is a key milestone for Sundance.
The project is expected to contribute more than $US2 billion to the Republic of Congo's economy in its first 10 years of operation.
Shares in Sundance Resources rose 1.06 per cent on Friday to close the week at $0.475.
Sundance Resources booked a net loss of $14.4 million in the first half of the 2012 financial year.
