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May 26, 2017

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Australia miner pushes on with US$3.5 billion Cameroon project

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.

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