IRON ORE HOLDING INCREASED IN WEST AFRICA & CONGO

Sundance looks to partners for Mbalam

The West Australian June 2, 2010, 11:43 am

Don LewisWA News / Guy Magowan ©

Sundance Resources has upgraded the resource at its Mbalam iron ore project in West Africa by 93 per cent to 415 million direct shipping ore tonnes after declaring a maiden inferred resource of 200 million tonnes for its Nabeba North deposit.

The company said further resource upgrades at Nabeba in Congo were expected to extend direct shipping ore production beyond 10 years.

Sundance is targeting annual production of 35 million tonnes for at least 25 years.

The company said it expected to complete its definitive feasibility study later this year with construction expected to begin next year.

It said it would now turn its attention to securing project financing targeting major steel mills and infrastructure providers interested in build-operate-finance packages.

Sundance chief executive Don Lewis said the rapid exploration success at Nabeba strengthened what was already a robust proposition for global investors and potential partners.

“The (Mbalam) project direct shipping ore resources are near-surface and high grade, supporting a low-cost mining and processing operation‚Ķ ,” he said.

“The time is right for strategic partners to join this world class project.”
Sourced & published by Henry Sapiecha

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