Sundance Resources Limited (ASX:SDL) has received approval from Congo’s Ministerial Council to develop and mine its high grade Nabeba Iron Ore Deposit.
The council reviewed the application and received a recommendation from the Conganese Minister of Mining in approving the mining permit.
Sundance CEO Giulio Casello says the approval paves the way for work to start once financing is confirmed.
The project is expected to significantly contribute to the Republic of Congo’s economy in its first ten years of operation, while providing thousands of employment opportunities for local personnel.
Sundance Resources booked a net loss of $25.3 million in the 2012 financial year.