on May 2, 2012 in Cameroon
Afferro Mining has been talking to the Cameroon government over its possible participation in the financing of the special purpose vehicle that is being set up to develop the railway being built to serve Sundance Resources’ Mbalam iron ore project. According to Afferro, the Cameroon authorities have said third party access to the line will be allowed. Afferro, which is negotiating with potential strategic partners in the development of its flagship Nkout project, is to revise the preliminary economic assessment to take account of the “potential infrastructure enhancement”. Affero CEO Luis da Silva is quoted saying: “This represents a significant step in the development of the rapidly emerging iron ore district that covers the south of Cameroon and the north of the Republic of Congo.”
Bollore group also currently manages Cameroon's main container terminal at the port of Douala, and it is vying for the concession of another terminal at the Kribi deep sea port which is under construction.
YAOUNDE (Reuters) - Indian group Jindal Steel and Power will invest around $500 million in Cameroon to build a power plant, a railway line and an iron ore processing plant, Cameroon's state radio reported, citing the country's mines ministry.
CHENGDU, Dec. 29 (Xinhua) -- Chinese mining firm Hanlong is expected to take over Australia's Sundance in February, the company disclosed, a move that will put it in control of a major iron ore mine in west Africa.
The acquisition will start on Feb. 26 and end on March 1, 2013 after documents are submitted to the Australian Securities and Investments Commission, officials with the privately-held Hanlong Group said Friday.
Hanlong will pay 0.45 Australian dollars per share to buy Sundance shares -- a price agreed upon in August 2012. The offer will save Hanlong 2 billion yuan (315 million U.S. dollars) for the deal, which was originally valued at 1.7 billion Australian dollars (1.76 billion U.S. dollars).
Sundance controls the Mbalam Iron Ore Mine in Cameroon and the Republic of Congo. Hanlong executives have disclosed that the company is in talks with leading state firms to jointly develop the mine.
Hanlong is investing 5 billion U.S. dollars to develop its first mining project in Mbalam, as well as build a 550-km railway and a shipping port. It is slated to start operating in 2014, the company officials said.
The Mbalam mine -- composed of the Mbarga fields in Cameroon and the Nabeba fields in the Republic of Congo -- holds 865 million to 925 million tonnes of iron ore, according to an initial estimate.
Observers say Hanlong's control of the Mbalam mine will give China greater influence in international iron ore pricing talks.
The Hanlong Group owns or has stakes in more than 30 firms with combined assets totalling 36 billion yuan. The group says its annual revenues are about 1.6 billion yuan.
He revealed that there were ongoing talks between the Cameroonian and Chinese authorities for the construction of a high- speed standard gauge railway in Yaounde to end the perennial traffic jams.
Cameroon and Chad have reached an initial agreement to link northeastern Cameroon to the neighbouring capital N'Djamena by rail, according to officials from the two countries.
Yaounde unveiled an ambitious plan in 2012 for building railways to expand trade with Chad as well as southern neighbours such as Gabon and Equatorial Guinea, but work has not yet begun.