Sundance Resources Signs MoU On Co-Operation For Iron Ore Infrastructure With Core Mining

Sundance Resources Signs MoU On Co-Operation For Iron Ore Infrastructure With Core Mining

Sundance Resources Ltd has entered an MoU on cooperation for future provision and use of Iron Ore infrastructure with Core Mining Ltd. The infrastructure will service Sundance’s Mbalam/Nabeba Iron Ore Project. Core is a private company incorporated in the British Virgin Islands. Sundance Resources' shares plunged in 2010 after the iron ore explorer emerged from a month-long trading halt entered into due to the death of its entire board in a plane crash in Africa.

Sundance Chairman George Jones said the collaboration with Core was further evidence of the commitment both companies have to developing a new world-class iron ore region in central West Africa. According to Jones, it makes a lot of sense for the company and Core to work together given they operate near each other and both have projects with high-quality iron ore assets. Sundance estimates the two projects may produce upwards of 70 million tonnes per annum of DSO. Jones however believes long-term potential of this region could be up to 100 million tonnes per year — or more.

Under the MoU, the companies will discuss arrangements regarding the potential for Core to access the Mbalam infrastructure by way of direct investment or alternatively by a haulage services agreement. The companies' discussions on the arrangement will however not be limited to access, but over other possible infrastructure solutions. Sundance Resources last year July received a conditional takeover offer from Hanlong Mining Investment that saw its shares jump 22.5%.

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