Business in Cameroon) - On March 19, 2018, two months after it concluded a Memorandum of Understanding with Tidfore Heavy Equipment Group Ltd for the development of Mbalam-Nabeba iron ore, Sundance Resources published a statement announcing that Cameroon agreed to extend its convention on the project by six months.
Indeed, due to the difficulties Sundance Resources had in finding partners for the development of this project, Cameroon had to extend, for the umpteenth time, the convention to January 26, 2018. The country also promised to extend the license by 6 months if significant progress was made towards the search of a partner for the development of Mbalam-Nabeba ore.
In the statement, Sundance Resources explains that “On literal reading of the extension that would be to 26 July 2018 but the Company understands that the intent of the extension is 6 months from the approval of the extension which takes it to 14 September 2018”.
The exploration company also added that “Sundance will keep the market informed of progress in our discussions with Tidfore, CCECC and other potential partners and our ongoing engagement with the Government of Cameroon”
It should be reminded that according to the MoU signed in January 2018 by Tidfore Heavy Equipment Group Ltd and Sundance resources, “Sundance will sell 51% of its ownership in Cam Iron to Tidfore for a value to be agreed or independently valued…”. Tidfore thus takes over Mbalam-Nabeba project with the MoU.
The state visit of Paul Biya, from March 22 to 24, to China could accelerate the conclusion of this memorandum between Tidfore and Sundance Resources and spur the development of Cameroon’s most developed mining project.
For the record, in the framework of this MoU, the Chinese company has signed a joint-venture framework agreement with China Civil Engineering Construction Corporation (CCECC), a subsidiary of China Railway Construction Corporation (CRCC). Under the agreement, Tidfore is to construct the iron ore terminal of Kribi deepwater port from which iron extracted from the mine will be exported. CCECC, on its part, is to construct the railway which will span over 500 km between Mbalam and Kribi.
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