Sundance Resources Limited (ASX:SDL) its suitor, China’s Hanlong Mining, and representatives from the Government of Cameroon have agreed to the key terms of the Mbalam Iron Ore Project Convention.
The iron ore explorer’s flagship Mbalam Project involves the development of deposits in Cameroon and the Democratic Republic of the Congo in West Africa.
The key terms agreed upon cover government equity in the project and fiscal terms. Agreeing on the key terms of the convention satisfies the next significant condition required under Sundance’s Scheme Implementation Agreement with Hanlong.
Sundance Chairman George Jones says the terms were finalised on a basis acceptable to all and Sundance now looks forward to finalising the remaining elements of the agreement.
Sundance Resources booked a net loss of $14.4 million in the first half of the 2012 financial year.
