028b9c3d-04c7-4374-905f-79c24e65ff6f.pdf
Level 3, 24 Outram Street, West Perth WA 6005 PO Box 497, West Perth WA 6872 Australia
T: +61 8 9220 2300
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ABN 19 055 719 394
ASX Announcement | Media Release 23 May 2016
NABEBA CONVENTION PASSED INTO LAW
Sundance Resources Limited (ASX: SDL) ("Sundance" or "the Company") is pleased to announce that the Nabeba Mining Convention ("Convention") has now been passed into law by the Government of the Republic of Congo.
On 25 July 2014, Sundance announced that the Republic of Congo had signed the Nabeba Mining Convention outlining the fiscal and legal terms and conditions to be satisfied by Congo Iron SA for the development and management of the Nabeba iron ore deposit, part of the broader Mbalam-Nabeba Iron Ore Project owned by the Company in Central Africa. The key terms were set out in the ASX release of 25 July 2014.
As reported in Sundance's March 2016 Quarterly, the Convention was unanimously ratified by both houses of Parliament in Congo on 8 April 2016 and was presented to the President of the Republic of Congo for signing and promulgation into law.
This has now been completed following the signing by the President His Excellency Denis Sassou- N'Guesso, Minister of Mines and Geology Pierre Oba, Minister of Economy, Finance and Budget Gilbert Ondongo and the Minister of Transport and Civil Aviation Radolphe Adada. Law No. 14-2016 will be published in the Official Journal of the Republic of Congo next month.
Sundance Managing Director Giulio Casello said: "I want to pass my thanks to the in-country team led by Aimé Emmanuel Yoka for their ongoing work with the Congolese Government. With approximately 70% of our DSO iron ore reserves in Congo we are appreciative of the continued support we are receiving from the Congolese Government as we develop and de risk this world class Project."
GIULIO CASELLO
ENDS
Chief Executive Officer and Managing Director Sundance Resources Limited
Tel: +61 8 9220 2300
Luke Forrestal Cannings Purple
Mobile: +61 411 479 144
Email: [email protected]
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. 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 14 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 will utilise the rail and port infrastructure to be financed, built and owned by the Government of Cameroon, a 540km rail line dedicated to the transport of iron ore through Cameroon and 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.
March 2016 Quarterly Report
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