(Ecofin Agency) - Sundance Resources Ltd, an Australian mining company listed on ASX, announced the signing of a provisional agreement on 30^th June with the Cameroonian government relating to the mining of the large Mbalam-Nabeba iron project, located astride Cameroon and Congo.

All conditions precedent are today satisfied and the provisional agreement is therefore unconditional”, said the Australian company on 7^th July. Sundance Resources Ltd declared, as a result, the deferment of the long stop date of the agreement on the Mbalam deposit and the extension of its EP92 exploration licence till 24 July 2017.

A week ago, Giulio Casello (pictured), CEO for Sundance, explained that the signing of the provisional agreement will allow the company to focus on the financing, construction and development of the Mbarga and Nabeba mines.

The large project covers a total area of 1740 km2 and is concerned with the development in two phases of the Mbalam and Nabeba deposits, respectively in Cameroon and Congo. Sundance Resources Ltd expects in the first phase, a yearly production of 35 million metric tons of direct shipping ore over 12 years.