Australian miner Sundance Resources has announced that it has been granted a mining permit by the Ministerial Council for the Republic of Congo to develop and mine the high grade Nabeba iron ore deposit.
According to Sundance's statement, the Nabeba iron ore deposit is crucial to the company's Mbalam-Nabeba iron ore project. The deposit contributes to Stage One of the Mbalam iron ore project development, in which 35 million mt of direct shipping ore will be produced each year for a minimum 10 years.
Sundance managing director and CEO Giulio Casello said that this approval, coupled with the recently signed Mbalam Convention in Cameroon, paved the way for work to start on what will be a world-class iron ore operation once financing is confirmed.
Additionally, the approval also clears all requirements from Sundance to hold a shareholder meeting on February 1, 2013 to vote on the $1.4 billion takeover offer by China-based Hanlong Mining Investment Ltd. Hanlong expects to close the deal by March 2013.