Australian miner Sundance Resources has announced that it has signed an agreement with the government of Cameroon regarding the development of the Mbalam iron ore project.
The agreement paves way for Cameroon's first mine, rail and port iron ore project, while marking another milestone on the path to completion of the takeover by China's Hanlong Mining. Sundance needs a partner such as Hanlong for the funding of the $4.7 billion iron ore project.
The agreement will provide Sundance Resources with the mining permit and it will lead to the commencement of construction.