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SUNDANCE RESOURCES LIMITED
ANNUAL REPORT 2013
• Mbalam Convention with Cameroon Government signed on
29 November 2012; paves way for legal rights to commence
development of the Mbalam-Nabeba Iron Ore Project.
•
Republic of Congo Government approved issuing the
Congo Mining Permit for the Nabeba deposit in December
2012, and Permit granted to Congo Iron by Presidential
Decree in February 2013.
• Scheme Implementation Agreement with Hanlong terminated
on 8 April 2013.
•
A renewed project development strategy has been
implemented following approval by the Sundance Board in
April 2013.
• Tender documents issued for Engineering, Procurement and
Construction (EPC) contractors for rail and port infrastructure
construction and financing.
•
Negotiations commenced for equity and off-take of the
full production capacity of 35Mtpa of high grade iron ore.
• Collective Bargaining Agreement signed on 29 November 2012
with main Labour Union Organisations in Cameroon; first of its kind
in Cameroon and sets the benchmark for future agreements for
other mining companies.
•
High Grade Probable Ore Reserves increased to 436.3Mt at
62.6% Fe from 352Mt at 62.4% Fe, underpinning 12 years of
Direct Shipping Ore (DSO) production for Stage One.
• High Grade Hematite Resources total 775.4Mt at 57.2% Fe.
•
Itabirite Hematite Resources total 4.05Bt at 36.3% Fe, confirms
potential for mine life of 30-plus years for Mbalam-Nabeba
Stage Two.
• Exploration Targets of an additional 90-150Mt grading 55-65% Fe
of High-Grade Hematite; and 9.2-13.2Bt grading 30-50% Fe Itabirite
Hematite within current tenement holdings.
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•
Environmental approvals for the Mbalam - Nabeba Project
in place and the Company’s inaugural Environmental Annual
Report published.
• Preliminary works commenced at Lolabe Mineral Terminal.
•
Diverse in-country workforce with more than 85% being
Congo or Cameroon nationals.
• Continuing excellent safety record with no permanent or
serious injuries throughout the year, maintaining a Lost
Time Injury Frequency Rate of zero.
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It must be noted that this range is an Exploration Target
only, and not to be misconstrued as an estimate of Mineral
Resources. The potential quantity and grade is conceptual in
nature, there has been insufficient exploration to define a mineral
resource, and it is uncertain whether further exploration will
result in the determination of a mineral resource.
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