Page 51 - Sundance Resources Ltd Annual Report 2013

SUNDANCE RESOURCES LIMITED ANNUAL REPORT 2013 49
directors’ report (continued)
FOR THE YEAR ENDED 30 JUNE 2013
7. STATE OF AFFAIRS
The following significant changes in the state of affairs of the Consolidated Entity occurred during the financial year.
• On 9 April 2013, Sundance announced that it had terminated the SIA with Hanlong.
Other than the above, there was no significant change in the state of affairs of the Consolidated Entity during
the financial year.
8. LIKELY DEVELOPMENTS
The Consolidated Entity will continue iron ore exploration and to explore and evaluate development alternatives
for the Project in Cameroon and Congo as discussed in section 5. Review of Operations.Â
9. ENVIRONMENTAL REGULATION
The Consolidated Entity’s operations are subject to environmental regulations under Cameroon and
Congo legislation.
Cam Iron SA received environmental approval to progress the Project on 25 June 2010 with the receipt of a
Certificate of Conformity from the Ministry of Environment and Nature Protection (‘MINEP’). This approval was
unconditional but upgrades to the Environmental and Social Assessment (‘ESA’) documentation were required
to be completed prior to the commencement of operations. The ESA has been submitted and assessed by the
Cameroon Government and the process for renewal has been initiated.
The baseline study programme for Congo Iron SA’s Nabeba Permit ESA was conducted in early 2011. The ESA
documentation was first submitted on 24 January 2012 to the Ministry for Sustainable Development, Forest
Economy and the Environment (‘MDDEFE’) and presented to the public. The ESA was reviewed by the MDDEFE
and additional amendments to the ESA were requested. The revised ESA was re-submitted on 15 May 2012
and was then followed up with a project site visit from members of the MDDEFE on 10 June 2012. On 13 August
2012 a letter from the Chairman of the Inter-Ministerial Commission was received stating that the working group is
satisfied with the amended terms of reference and the ESA has been accepted in its final form. The Certificate of
Environmental Conformity was received from the Minister of the Environment in September 2012 and reissued in
June 2013.
10. DIVIDENDS
In respect of the year ended 30 June 2013, no dividends have been paid or proposed (2012: nil).
11. EVENTS SUBSEQUENT TO REPORTING DATE
Since the end of the financial year, Sundance has progressed negotiations in relation to securing further working
capital and agreed payment terms in relation to aspects of the Cameroon Convention (refer to section 5. Review
of Operations). No other matters or circumstances have arisen since the end of the financial year which significantly
affected or may significantly affect the operations of the Company, the results of those operations, or the state of
affairs of the Company in future financial years.