Sundance Resources receives $40M for the Mbalam-Nabeba Iron Ore Project
Sundance Resources (ASX: SDL) has received $40 million from the issue of convertible notes
to meet pre-development capital expenditure for the Mbalam-Nabeba Iron
Ore Project in the Republics of Cameroon and Congo.
The notes were issued to Noble Resources ($20 million) and an investor consortium made up of investment vehicles managed by Blackstone Alternative Solutions, the D. E. Shaw Group and Senrigan Capital.
Mbalam-Nabeba will be carried out in two stages, the first of which involves the production of a Direct Shipping Ore sinter fines product averaging 62.6% iron at a rate of 35 million tonnes per annum for 12 years.
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.
The project involves the construction of a 510 kilometre rail line dedicated to the transport of iron ore through Cameroon and 70 kilometre 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.
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