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wanderer53 Sir Nigel Gresley

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CAMEROON RAIL MASTER PLAN
on February 14, 2012 in Cameroon

On 10 February, Cameroon’s economy, planning and regional development minister Emmanuel Nganou Djoumessi revealed a national railway master plan. It dovetails with government objectives to transform the country into an “emerging economy” by 2035. The plan was prepared in partnership with South Korea’s Korpec and Chunsuk Engineering company. Cameroon’s existing railway extends some 987km on metre gauge.

A much improved railway is seen as a stepping stone to expanded trade with adjoining countries, including the Central African Republic, Chad, the Republic of Congo, Gabon, Equatorial Guinea and Nigeria. The first three of these, being landlocked, rely on the port–capital of Douala for exports and imports. More importantly, in the short term, existing and planned mining sites in Cameroon – involving iron ore, nickel, cobalt, manganese, gold, diamond and bauxite – are to be linked to a new deep-sea port being built at Lolabe-Kribi, about 140km south of Douala.

New rail extensions are envisaged to serve cocoa production in the south-west as well as coffee trading centres such as Mbanga, Nkongsamba, Bafoussam, Foumban and Bamenda in the littoral, western and north-west. In addition, connection is foreseen with the proposed new railway from Sudan through Chad.

Options under consideration for funding and operating include Public/Private Partnership (PPP) and Build, Operate and Transfer (BOT). The master plan foresees operating speeds of between 150 km/h and 170 for passenger trains and between 70km/h and 90 for freight.
 
Tonymercury Sir Nigel Gresley

Location: Botany NSW


Afferro Mining (LON:AFF, CVE:AFF) today told investors that it has secured an opportunity to access vital transport infrastructure for its projects in Cameroon.

A railway line is being proposed through the south of Cameroon to service another mine development in the country, Sundance Resources' (ASX:SDL) Mbalam iron ore project. And, according to Afferro, the Cameroon authorities have said third party access will be allowed. 

The company has been in talks with the Cameroon government regarding its possible participation in the financing of the special purpose vehicle that is being set-up to develop the railway.

Afferro says it remains in talks with potential strategic partners in the development of its flagship Nkout project. Additionally Afferro said it will revise the preliminary economic assessment of Nkout to account for this potential infrastructure enhancement, and the PEA is expected next month.

"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,” said chief executive Luis da Silva.

“It is very pleasing to be able to see the infrastructure solution for this district coming together, and for Afferro to have a stated commitment from the Cameroon Government for access. We believe the situation will be further clarified in the coming months.

“Afferro has a very good relationship with the Cameroon Government and held a series of productive ministerial meetings last week, at which infrastructure was discussed and commitment given, that Afferro would have access. 

“We find the Government to be far-sighted in respect of the opportunity to develop various iron ore projects in the region."

 
wanderer53 Sir Nigel Gresley

Location: front left seat EE set now departed

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.”


 
awsgc24 Minister for Railways

Location: Sydney


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.”



- wanderer53


Afferro would of course save hundreds of millions of dollars in sharing "existing" railways and ports, and would of course be expected to share some of those savings with the owner of these railways and ports.

Examples to follow include:
* "trackage rights" found on many US railroads.
* BC Iron "mine gate" deal with Fortescue Metals Group (FMG) (see other threads)
* some kind of cost-plus arrangement
 
Tonymercury Sir Nigel Gresley

Location: Botany NSW


What do you get fro USD 98 m?
 
 

 French financier Vincent Bollore said on Monday that his investment group Bollore plans to invest about 50 billion CFA francs ($97.86 million) in a high-speed train line linking Cameroon's capital Yaounde to its commercial hub Douala.

Speaking to journalists after meeting Cameroon's President Paul Biya, Bollore, chief executive of the French family conglomerate, said the group also plans to extend Cameroon's rail line to some countries in the sub-region and invest in renewable energy.

"In the short-term, we intend to introduce within 12 months, a high-speed train line between Yaounde and Douala," Bollore said, adding that the project will cost about 50 billion CFA francs.

Bollore group took over management of Cameroon's national railway in 1999 for a 20-year concession following the government's decision to privatise the former state-run rail company.

Though Cameroon is the sub-region's economic powerhouse and gateway port serving neighbours such as Chad and Central African Republic, its rail and other transport network remains underdeveloped, undermining efforts to boost economic growth, the International Monetary Fund has said.

The country's rail network consists of a main line running from the port city of Douala through the capital to Ngaoundere in the Adamawa Region in the north of the country, and shorter line from Douala to Kumba in the South-West Region, all covering about 1,104 km.

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.


 
awsgc24 Minister for Railways

Location: Sydney


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.


- Tonymercury


Would there be a rail link from a container terminal at Kribi to Doula and the capital Yaounde ?
 
wanderer53 Sir Nigel Gresley

Location: front left seat EE set now departed









BOLLORÉ PLANS “HIGH SPEED” LINE IN CAMEROON






In 1999, the French Bolloré group gained a 20-year concession to manage Régie Nationale des Chemins de fer (RNCF – the state railway of Cameroon). Bolloré also manages Cameroon’s main container terminal at the port of Douala, and it is vying for the concession of another terminal at the new Kribi deep-sea port which is under construction. Company CEO Vincent Bolloré told press representatives on 14 May 2012 that investment of about $US98 million is planned, to construct a “high-speed” line from the capital Yaounde to Douala (285km). It is also intended he said to extend the existing railway to certain neighbouring countries. This is a metre-gauge line, running from Ngaoundere in the north of the country, through Yaounde and Douala to Kumba in the south-west, a total distance of some 1,100km







 
Tonymercury Sir Nigel Gresley

Location: Botany NSW

Legend Mining (ASX: LEG) is now concentrating all of its efforts on advancing the Ngovayang Iron Ore Project in Cameroon with the completion of the sale of its Pilbara Project tenements to Artemis Resources (ASX: ARV)

The deal netted the company a 12.5% shareholding in Artemis following the issue of 60 million shares to Legend. 

Artemis also reimbursed Legend for expenses incurred in relation to the tenements and the transaction.

Mark Wilson, managing director of Legend Mining, commented on the positive outcome: 

“The sale of the Pilbara Project is the last of the Australian assets held by Legend and now enables us to fully focus on the Ngovayang Iron Ore Project in Cameroon.”

Demonstrating the strength of the 2,900 square kilometre Ngovayang project, earlier this year Legend secured South Korean steel giant POSCO as a joint venture partner.

POSCO is the third largest producer of steel in the world, and has interests in engineering and construction, power generation and natural resource development around the world.

One of the major drawcards for POSCO was Ngovoyang’s proximity to infrastructure, including road, rail, port and airports.

Ngovoyang is located halfway between the major cities of Douala and Yaounde, which are connected by a sealed road and a rail line. Both cities host international airports, and Douala is home to a port.

The project is also supported by a rail and port access deal struck in 2011 with fellow Cameroon-focused Australian iron ore company Sundance Resources (ASX: SDL).

Legend has completed a phase 1 drilling program with multi target potential identified.

Promising assays from previous drilling include 116.2 metres at 26.2% iron, 80.5 metres at 36.6% iron, and 33.1 metres at 22.5% iron. 


 
wanderer53 Sir Nigel Gresley

Location: front left seat EE set now departed






Business at Kumba station, about 120km north-west of Douala in Cameroon, “nosedived”, says station manager Bille Roger, after the main road was tarred. Currently, he explained to local reporters Peter Efande and Asong Sylvester, there is only one trainset in use on the line. It comprises a locomotive, one goods wagon, two passenger coaches and a staff of ten. It makes four one-hour journeys on weekdays to Mbanga (about 15km), stopping at Ediki, and one trip on Saturdays to Douala. Roger told the reporters that the station itself needs renovation, but the track is old and needs attention too. So does the train, noted for frequent breakdowns.


 
Tonymercury Sir Nigel Gresley

Location: Botany NSW

Infrastructure co-operation in Central Africa

Equatorial Resources and Sundance Resources have signed a memorandum of understanding (MOU) regarding joint use of rail and port infrastructure for iron ore projects in Congo and Cameroon.
 

Given the proximity of Sundance’s Mbalam project in Cameroon, Nabela in Congo-Brazzaville and Equatorial’s Badondo scheme, also in Congo- Brazzaville, such co-operation seems sensible, particularly given the similarities in the requirements of the two Australian firms.

 
wanderer53 Sir Nigel Gresley

Location: front left seat EE set now departed

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.

              The 500 MW thermal power station will be built in the southwestern town of Limbe, while the rail line will run between the coastal city of Kribi and Perth-based Sundance Resources Ltd.'s iron ore project in Mbalam in the east.

              The processing plant will be located in Kribi, home to a deep-water port.

              "Jindal Steel and Power will invest nearly $500 million... in the beginning. Afterward, other investment projects... could also follow," state broadcaster CRTV reported late on Wednesday, quoting a mines ministry statement.

              Jindal is also in talks with Caminex SARL, a unit of Toronto and AIM-listed Afferro Mining, to process ore from its Nkout iron ore project at the Kribi plant, the radio reported.

              Jindal's chairman Naveen Jindal met with Cameroon's President Paul Biya on Tuesday.

              "We feel that Cameroon offers lots of investment opportunities especially in the areas of mineral development, infrastructure development and power generation," he told journalists following the meeting.

              "We feel very encouraged, we feel very confident of investing in Cameroon," he said.

              New Delhi-based Jindal Steel and Power is part of the $18 billion diversified O.P. Jindal Group.

              In India, it currently operates power plants with a total capacity of 2,298 MW as well as a steel plant with annual production capacity of 3 million tonnes.

              In Africa, it holds coal mining licences in South Africa and Mozambique.

 
awsgc24 Minister for Railways

Location: Sydney

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.

- wanderer53


Sounds a bit like the Iron Boomerang proposal.
 
wanderer53 Sir Nigel Gresley

Location: front left seat EE set now departed

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.

 
awsgc24 Minister for Railways

Location: Sydney


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.
- wanderer53


According to the FinReview newspaper, the head of the Hanlong Group has been arrested by the Chinese government, for some or other unspecified reason. Australian company Sundance has been put into trading halt, with last sale at 21c. Hanlong was originally going to take over Sundance at 57c, later reduced to 45c. This is all good news for other iron mining companies, at reduces potential competition, which would of course tend to lower iron ore prices as output increases. Presumably the governments of Cameroon and Congo-Brazzaville would be interested in all this, though their reactions are as yet unclear.
 
wanderer53 Sir Nigel Gresley

Location: front left seat EE set now departed
LONDON (Reuters) - Investment group IMIC is preparing a 147 million pounds offer for West Africa-focused miner Afferro, the biggest move yet in its strategy of building an Africa-orientated resources group.
IMIC's bid promises to resolve the infrastructure problems that have held back Afferro's flagship asset, the Nkout iron ore project in Cameroon, through a separately secured partnership with a subsidiary of China Railway Group.
But the possible offer depends on IMIC raising the finance in the next 15 days and some analysts said it was hard to see value in the bid, which could result in a rights issue of new stock by Afferro which would be hugely dilutive to the company's shareholders.
Afferro, whose stock jumped 15 percent, still owns all of its main asset, unlike many of its regional peers, and has been in talks with several potential partners since late last year. It disclosed an initial approach from IMIC in December.
The bid is an ambitious move for IMIC, an investment company that targets projects and businesses in the resources sector, with Afferro having a market capitalisation four times its size, according to Thomson Reuters data.
IMIC, which already owns almost 5 percent of Afferro, Thomson Reuters data shows, in January appointed as chief executive Ousmane Kane, who had previously served as a non-executive director at Afferro.
IMIC said on Wednesday it had approached Afferro with three potential options:
- 80 pence per share in cash plus a loan note worth 20p convertible into shares or cash after 24 months and carrying an 8 percent coupon;
- 50p per share in cash plus a 70p per share convertible loan note;
- an equity swap into IMIC stock equivalent to 140p per Afferro share.
GOOD SOLUTION
Afferro CEO Luis da Silva said the offer was a good solution for solving infrastructure issues, but it all depended on IMIC finding the funding for its offer in the next 15 days - the deadline outlined in the proposal.
"What analysts and shareholders will have to look at is, what will be different if IMIC is successful, and the difference is infrastructure," he told Reuters on the phone from Cameroon.
Da Silva stressed the importance of agreements IMIC has signed with subsidiaries of the China Railway to develop infrastructure for Afferro's projects in Cameroon.
"These are very detailed agreements, they're not just simple one-page MOUs (memorandums of understanding)," he said.
Jeremy Dibb, analyst at brokerage Canaccord, said IMIC's lack of cash made the deal risky for Afferro shareholders.
"Without a full cash bid, shareholders would still have an equity or loan exposure, in our view exposing the company to further fundraisings or potentially leveraging a development company, as IMIC lacks the funds to internally fund the bid," he said in a note.
Dibb said IMIC only has around $20 million cash compared with Afferro's reserves of $90 million.
"It just seems to be opening the door for a Chinese party to come in and put in a significant amount of cash and pay very little for it in terms of equity skin in the game," Dibb told Reuters.
IMIC said the cash portion Of the offer would be subject to a limit of $100 million.
 
wanderer53 Sir Nigel Gresley

Location: front left seat EE set now departed
LONDON (Reuters) - IMIC, the infrastructure and mining company which recently made an agreed bid for West Africa-focused miner Afferro, is looking at more investments in the region as it strives to open up a Cameroon export route for iron ore.

"We won't stop at Afferro ... we're looking along the development corridor," Haresh Kanabar, chairman of IMIC, said in an interview on Friday, adding the company had plans to invest in between three and five junior mining companies.

"People did not believe in us, but now we're turning a few heads," Kanabar said.

IMIC has a stock market value of less than $20 million, but its infrastructure deal with the Guinean government to develop a transport route from iron ore deposit Simandou, and its bid for Afferro, have raised its profile.

Infrastructure has emerged as the central obstacle to developing mines in West Africa, with few investors eager to shoulder the costs with commodity prices so fragile.

IMIC, which is allied with African Iron Ore Group, run by Afren Plc founder Bert Cooper, says it is prepared to take on the risks involved.

"Our view is very simple ... Where we believe we can do the infrastructure, we'll take a stake, sometimes 100 percent," Kanabar said.

The company's board includes former cabinet ministers from France and Mauritania, a former president of OPEC and an ex-president of the African Development Bank.

CHINESE PARTNERS

IMIC spent the last three years in China building partnerships which might be bearing fruit.

IMIC's recent takeover target, Afferro, lies on the iron belt between Cameroon and Congo, where a number of other junior companies have deposits, including Sundance and West African Minerals.

Having signed a partnership deal with Chinese state-owned engineering firm CREEC for a port and a railway going through the area, the entire corridor could be opened up.

Kanabar says any railway would be open to other companies to use. Such a line would transform the value of companies there and IMIC is already looking at other targets.

A takeover deal for Sundance by Chinese company Hanlong, which included a proposed railway, fell through in April. IMIC is now talking to some of the company's main shareholders, but no discussions with Sundance's management have taken place.

Some analysts have raised doubts over whether IMIC's bid for Afferro will go through, but IMIC last week bought a further 4.9 percent in the group, raising its voting stake to 9.94 percent. It bought 5.2 million shares at 77.89p, below the 80p cash element of its bid, which also includes a 40p convertible loan.

"We bought it just like that in an afternoon ... that tells you there are sellers at that price," Kanabar said, adding the deal should be done by the end of the month. The transaction would then be completed by the end of August.

If all goes to plan, Kanabar said IMIC could have the railway built and Afferro's flagship iron ore deposit, Nkout, up and producing in five years. "It's all very exciting," he said.
 
wanderer53 Sir Nigel Gresley

Location: front left seat EE set now departed
YAOUNDE, Nov. 12 (Xinhua) -- Cameroon and China on Monday signed four cooperation agreements in the domains of water, air transport and telecommunication.
In the first agreement worth 173 million U.S. dollars, China promised to fund water projects in four Cameroonian towns of Bafoussam, Bamenda, Kribi and Sangmelima.
The second agreement worth about 158 million dollars will provide partial funding to an emergency national telecommunications network in Cameroon.
Cameroon also received 16 million dollars for funding economic and technical cooperation projects and another 80 million dollars to purchase two MA60 aircraft from China.
Chinese Ambassador to Cameroon Wo Ruidi hailed the signing of the agreements and said this would reinforce the 40-year bilateral relations between Beijing and Yaounde.
Cameroon's Transport Minister Robert Nkili recalled the agreements were concluded during President Paul Biya's visit to China in July 2011.
Through another agreement, a third MA60 was received by Cameroon in November 2012 and the transport minister said it was already serving Cameroon and its neighboring states.
"It is the same small plane that carried seven French hostages who were released in March 2013 after having been kept in captivity for over a month by Nigerian kidnappers," Nkili recalled.
Cameroon's Economy Minister Emmanuel Nganou Djoumessi said the signing of agreements in the water sector will enable the government to achieve its objective of increasing the rate of access to water in the capital from the current 25 percent to 75 percent by the year 2020.
The economy minister expressed confidence that the national telecommunications project will improve the country's disaster prevention and management system.
"It will boost the early warning system for better protection of the population and their properties," he said, adding that "the telecommunications system will also coordinate rescue operations at the local and national level."
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.
 
awsgc24 Minister for Railways

Location: Sydney
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.
- wanderer53

Presumably the other end of this SG railway would be the port of Douala.

The metre gauge section between Yaounde and Douala was regraded and curve-eased in the 1970s, when the line to the north was built.

One wonders if a SG connection between this proposed line and the SG Iron Ore railway belonging to the Sundance company will also be built? It is suspected that the Iron Ore port at Kribi will handle bigger ships than the existing Douala port.

Most interesting.
 
wanderer53 Sir Nigel Gresley

Location: front left seat EE set now departed
HOME NEWS INVESTING Markets Metals & Mining Energy & Oil Agricultural Commodities Quotes Currencies VIDEO AlertNet Humanitarian News About Thomson Reuters Cameroon, Chad agree to build 700 kilometre railway link - Africa
05.06.2014 14:47
Section: International cooperation
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.
The new agreement between the two countries, reached on June 3, will launch a feasibility study although financing for the new infrastructure has yet to be agreed.
"If the work programme is respected, then work should begin in 2016," said Chad's infrastructure minister Adoum Younousmi.
The landlocked central African country of Chad is seeking ways to reduce its isolation through building infrastructure projects linking it to the Atlantic coast.
Around 80 percent of Chad's imports and exports already pass via Cameroon's commercial capital of Douala but the road route is long and expensive for traders.
Cameroon's transport minister Robert Nkili told state radio on Wednesday that the project would also benefit northern regions of Cameroon where traders were struggling to export their merchandise to other regions.
af.reuters.com/
 
awsgc24 Minister for Railways

Location: Sydney

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.
- wanderer53

Chad has no railways yet. One hopes that the extension from Cameroon to Chad will be at least dual gauge (SG/MG)

Equatorial Guinea has no railways yet.

The Mbalam iron ore railway in the south of Cameroon will be SG.

Gabon to the south is SG.

Further south is Republic of Congo, which is NG (1067mm). This is not but could be connected to the dozen countries in southern Africa that are NG and mostly all connected together.

Thus existing gauges are a mess, with SG, MG and NG all present.
 
wanderer53 Sir Nigel Gresley

Location: front left seat EE set now departed
Sydney (AFP) - Australian miner Sundance Resources said Friday it is pushing ahead with a $US3.5 billion iron ore project in Cameroon, despite the recent slump in commodity prices.

Related Stories

Guinea hopes for first iron ore from Simandou in 2018: minister Reuters

Sundance said it had appointed engineering and construction company Mota-Engil Africa to build the multi-billion-dollar port and rail project and South Africa's Standard Bank as the venture's financial adviser.

"The Mbalam-Nabeba iron ore project will be one of the lowest cash-cost producing assets in the world," Sundance chief executive Giulio Casello said in a statement.

"Now that we have confirmed capital costs for the project, I believe it is positioned as the most attractive large-scale, high-grade iron ore project in the world that is ready for development."

The deal comes despite iron ore prices slumping about 30 percent this year, falling below US$100 a tonne in May for the first time since 2012 owing to a supply glut.

The project includes a 510-kilometre (316-mile) railway, a 70-kilometre rail spur line and a 35 million tonnes per annum (MTPA) deep-water port on Cameroon's west coast.

The miner said last month the project would be one of the largest in sub-Saharan Africa and was estimated to increase Cameroon's economic growth by about 10 percent once in production.

Cameroon's Prime Minister Philemon Yang hailed the contract between Mota-Engil and Sundance, which was signed in the capital Yaounde on Thursday, as a "significant milestone".

"The importance of such a contract cannot be diminished in what it represents for the future of Cameroon's mining industry," Yang said in the Sundance statement.

He added that it "will bring significant employment benefits and economic growth" to his country.

Construction of the port and railways are expected to start in mid-2015 and take three and a half years.

Sundance said in a presentation at the Africa Iron Ore Conference on Tuesday in Johannesburg that the Mbalam-Nabeba project was a "strategic fit" for the company amid continued Chinese demand for iron ore.
 

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