Some very interesting takeouts from the ED's address to Shareholders.
"The relationship with WAPRC and its principals has been cultivated over a long time and the Board hasbecome increasingly comfortable with the financial capacity of WAPRC to become our majorshareholder."
and
"Naturally, the process of securing the requisite and multiple regulatory approvals for the movementof funds from China to Australia is not straightforward and requires lengthy submissions."
and
"Along with my fellow directors, I see the potential to secure a controlling interest in Sundance and toadvance Sundance’s Mbalam-Nabeba Iron Ore Project in Cameroon and the Republic of Congo inCentral Africa as tremendously exciting.
There are some complexities to the proposal that have been reflected in the conditions precedentincluding the extension by the Cameroon Government of the Mbalam Covention that covers the partof the project that is in Cameroon. This extension is needed following the expiration of the MbalamConvention on 14 September 2018.
The Board of AustSino and our advisors and proposed Chinese project partners continue to engageproactively with Sundance and the Cameroon Government with a view to facilitating an extension ofthe Convention as an important hurdle to be overcome to accelerate the completion of the proposedtransaction with Sundance."
So clearly, until Cameroon provide Sundance with an extension or new/updated version of the Mbalam Convention, this ain't goin nowhere.....
Good to hear however that the team are still positive and working diligently to achieve an outcome..
GLTAH. Have a great Xmas & New Year to all holders!
