Thought id start a thread spotlighting ANS and whats coming up next for those new and existing holders who may be looking for clues as to where we are heading - i encourage others to provide info here so the wider investment community can see what we are up to and create more Exposure to ANS/SDL. Apologies in advance for those LT holders who know all this but for us newbies its good to gain a better understanding and for those starting to look at us - good exposure
So, Been researching past announcements about Mbalam-Nabeba iron ore project that we now have a 2.3% interest in via SDL
it looks like Chinese companies all over this project and CRCC China Railway Construction Corporation involved in the mix so where does ANS fit in to this puzzle ??????
Peeps, check out this sentence below from March 2018 Announcement by SDL Sundance needs to demonstrate to the Cameroon Government that a credible partner who is interested in the development of the Project has taken equity.
Enter ANS and Chinese investors >??????? WHO KNOWS !!!
read on......
Back in Jan 2018 SDL signed a binding Memorandum of Understanding (MOU) with Tidfore Heavy Equipment Group Co. and Cam Iron S.A. Cam Iron a subsidiary of Sundance which has a mining permit application over the previous EP92 in Cameroon
The purpose of the MOU is to provide a framework for cooperation between the parties and their joint venture partners in order to establish the required consortium of expertise to fund or assist in sourcing the funding to construct the infrastructure and to bring the project into operation.
Tidfore is a private Chinese company established under the laws of the Peoples Republic of China
It is involved in supplying, manufacturing and installing high-end material handling, port and offshore engineering equipment.
Tidfore has signed a Joint Venture Framework Agreement with China Civil Engineering Construction Corporation (CCECC). CCECC is a subsidiary of the state-owned enterprise China Railway Construction Corporation (CRCC).
The JV defines the principle rights and obligations of both parties.
In particular, Tidfore has responsibility for the port construction and CCECC for the railway construction and assisting Cam Iron and Congo Iron S.A. Congo Iron is a Sundance subsidiary which holds the Nabeba permit in Congo and financial institutions to negotiate project loans and project financing. Under the MOU, Sundance will sell 51% of its ownership in Cam Iron to Tidfore for a value to be agreed or independently valued once:
Cam Iron obtains title to the tenure over the area covered by the previous EP92 for a minimum of three years. Currently, Cam Iron has a mining permit application lodged over this area;
the Government of China approves the provision of Sinosure insurance in order to enable Chinese funders to consider funding the Project; and
formal agreements have been agreed and executed.
CAMEROON GOVERNMENT GRANT
“Even though there is still substantial work required to obtain the funding required, the high quality, low costs and large quantity of the Mbalam-Nabeba iron ore fits well into the needs of the future of the Chinese steel industry. Together with our current partners we have the basics required to bring this project into production.”
19 March 2018
Sundance Resources Limited (ASX: SDL) (“Sundance” or “Company” is pleased to announce that the Government of Cameroon has granted a six month extension to the Mbalam Convention. On literal reading of the extension that would be to 26 July 2018 but the Company understands that the intent of the extension is 6 months from the approval of the extension which takes it to 14 September 2018.
""""Sundance and Tidfore, the Government of Cameroon agreed to Sundance’s request for an extension to the Convention. During this 6 month extension Sundance needs to demonstrate to the Government that a credible partner who is interested in the development of the Project has taken equity.""""""
If that occurs, the Government has advised that it will take all useful measures to assist Sundance in carrying out this Project Sundance Chief Executive Officer and Managing Director Giulio Casello said: “Sundance acknowledges the ongoing support of the Government of Cameroon of our efforts to progress development of the Mbalam-Nabeba Iron Ore Project. “This is a world-class iron ore project and Sundance is committed to working towards a development that will deliver benefits to all stakeholders.
so where does ANS fit in to this puzzle ??????
