Level 3, 24 Outram Street, West Perth WA 6005
PO Box 497, West Perth WA 6872 Australia
T: +61 8 9220 2300
F: +61 8 9220 2309
ABN 19 055 719 394
ASX Announcement
28 August 2015
Porter Appeal Court decision
Sundance Resources Limited ("Sundance" or "Company") (ASX: SDL) advises that the Court of Appeal (WA) of the Supreme Court of Western Australia has delivered its judgment in the appeal by Absolute Analogue Inc and David Porter ("Plaintiffs") (CACV 98 of 2014) in relation to the Supreme Court decision handed down in August 2014 against the plaintiffs (WA Supreme Court Action No. CIV 1773 of 2007).
The Plaintiffs were not successful in having the Supreme Court Judge's decision reversed but a retrial has been ordered by the Court of Appeal (WA). Sundance is considering its legal position regarding an appeal to the High Court and in any case, Sundance believes that it will be successful at a retrial. Any retrial, if it occurs, would not be expected to proceed until well into 2016.
ENDS GIULIO CASELLO
Chief Executive Officer and Managing Director
Sundance Resources Limited
Tel: +61 8 9220 2300
Luke Forrestal/Warrick Hazeldine
Cannings Purple
Mobile: +61 411 479 144/+61 417 944 616
About Sundance Resources
Sundance Resources is seeking to develop its flagship Mbalam-Nabeba Iron Ore Project, which straddles the border of Cameroon and the Republic of Congo in Central Africa. Existing feasibility study of Stage One will be the production of a Direct Shipping Ore ("DSO")-quality sinter fines product averaging >62.0% Fe at a rate of 40Mtpa for approximately 13 years based on blending material sourced from the deposits in the neighbouring countries of Cameroon and Congo. Stage Two, which is currently at a Pre-Feasibility Stage, would then extend the life of the operation by further 15-plus years producing high-grade Itabirite hematite concentrate. In April 2011, Sundance completed the Definitive Feasibility Study for Stage One and Pre-Feasibility Study for Stage Two of the Mbalam-Nabeba Iron Ore Project. The Project scope involves the construction of a 510km rail line dedicated to the transport of iron ore through Cameroon and
70km rail spur line connecting the Nabeba mine in Congo. It also includes the building of a dedicated mineral export terminal designed for taking bulk iron ore carriers of up to 300,000 tonnes.
Forward Looking Statements
Certain statements made during or in connection with this communication, including without limitation, those concerning the economic outlook for the iron ore mining industry, financing a large capital project, expectations regarding iron ore prices, production, cash costs and to the operating results, growth prospects and the outlook of Sundance's operations including the likely financing and commencement of commercial operations of the Mbalam-Nabeba Iron Ore Project and its liquidity and capital sources and expenditure, contain or comprise certain forward-looking statements regarding Sundance's operations, economic performance and financial condition.
Although Sundance believes that the expectations reflected in such forward-looking statements are reasonable, no assurance can be given that such expectations will prove to have been correct. Accordingly, results could differ materially from those set out in the forward-looking statements as a result of, among other factors: changes in economic and market conditions, deterioration in the iron ore market, deterioration in debt and equity markets that lead to the Project not being able to be financed, success of business and operating initiatives, changes in the regulatory environment and other government action, fluctuations in iron ore prices and exchange rates, business and operational risk management, changes in equipment life, capability or access to infrastructure, emergence of previously underestimated technical challenges, environmental or social factors which may affect a license to operate.
P a g e | 2