A further six month extension will be given if Sundance Resources can show progress on funding the project either by itself or with a creditable partner.
Sundance Resources’ subsidiary Cam Iron SA has a mining permit application over the land covered by exploration permit EP92.
In order for the Government of Cameroon to proceed to grant the mining permit application, the conditions precedent referred to in the Mbalam Convention need to be satisfied by the CP Long Stop Date.
With the agreement of the Government of Cameroon to extend the Mbalam Convention, Cam Iron now has an initial six months to satisfy these conditions precedent.
EP92 has now expired as it has reached the maximum number of extensions possible under the Cameroon Mining Code.
With the extension of the Mbalam Convention and with Cam Iron’s mining permit application over the land area covered by the previous EP92, Cam Iron believes it has priority over that area for the purposes of having the mining permit granted to it.
“We are pleased with the time extension but more so the partnership that has been reinforced by the Prime Minister of Cameroon and his teams in recent meetings in Cameroon,” says Sundance Resources CEO and MD, Giulio Casello.
“We look forward to continuing to work together with the Cameroon government to develop the project.”
Sundance Resources has asked the ASX to lift the trading suspension over the company’s shares.
Feature image credit: Wikimedia