Australia miner pushes on with US$3.5 billion Cameroon project
June 7, 2014, 12:06 am TWN
SYDNEY--Australian miner Sundance Resources said Friday it is pushing ahead with a US$3.5 billion iron ore project in Cameroon, despite the recent slump in commodity prices.
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.
The project includes a 510-kilometer (316-mile) railway, a 70-kilometer rail spur line and a 35 million tonnes per annum (MTPA) deep-water port on Cameroon's west coast.