The beleaguered iron ore explorer, impatient with the lack of firm
offers for its massive Mbalam iron ore mine plans to run concurrent
bidding processes in a bid to flush out partners
Author: Alex Williams
Posted: Wednesday , 03 Jul 2013
Posted: Wednesday , 03 Jul 2013
LONDON (Mineweb) -
Sundance Resources
has issued what looks to be a 'put-up or shut-up' notice to potential
partners on its Mbalam-Nabeba project in west-central Africa, promising
to settle months of uncertainty surrounding the project's development.
The company said on Tuesday that it will run concurrent bidding
processes for equity interest at the mine and project level, as well as
for take-or-pay off-take agreements, in an effort to flush out
partners. “Steel mills, traders and other iron ore users will be
requested to confirm their interest,” the company said, “and provide
commercial terms."
Sundance has endured months of controversy-laden negotiations
over the project's future in the wake of a collapsed takeover offer by
China's privately-owned Hanlong Group. In April the deal fell through
after Hanlong's chairman disappeared during the Mines & Money
Conference held in Hong Kong. It was reported that he had been detained
by Chinese police on charges of harbouring his brother, who is accused
of triple-homicide.
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