Sundance still seeking JV partners

Sundance Resources Ltd is still seeking partners for its development of the greenfield Mbalam‐Nabeba iron ore project in central Africa, and is aiming to reach the final negotiations stage by the end of the year.

In a development update, Sundance chief executive Giulio Casell said the group had " identified a number of potential interested parties", including in China.

“We have spent the last few weeks in discussions with potential interested parties, including steel mills, iron ore traders and infrastructure providers," he said.

Sundance will run two joint venture tender processes, one for the mine and/or secured take or pay iron ore offtake contracts and a second for the development of deep water port and rail infrastructure through EPC contracts or an independent infrastructure consortium.

“By the end of 2013, we aim to have agreements in place for the full production capacity of 35 million tonnes per annum and be in final negotiations for building the infrastructure with EPC contractors,” Mr Casell said.

Sundance said the $21.20 per tonne cash costs for the first stage of the Mbalam‐Nabeba project would make it "one of the lowest‐cost, high‐grade iron ore projects in the world".

In April, Sundance Resrouce's $1.3 billion takeover deal with China's Hanlong Mining collapsed, after the suitor ran its problems financing the deal.