Sundance, CHEC Finalise MoU for Lolabe Port (Cameroon)

China Harbour Engineering Company (CHEC) and Sundance Resources announced that they have entered into a Memorandum of Understanding to establish the scope, cost and delivery programme for the proposed bulk materials port at Lolabe, Republic of Cameroon.

The Port is needed to support Sundance’s Mbalam Project in Cameroon and Congo, West Africa.

The MOU was signed for CHEC by Vice President, Mr Lin Yi Chong, and for Sundance by Board Chairman, Mr. George Jones. The MOU’s key agreement commits the Parties to work together to establish:

– Scope, cost and programme for delivery of the Lolabe Port Project sufficient to support planned output of 35m.t.p.a. of iron ore from Sundance’s proposed Cameroon and Congo Mines; and terms of an EPC Contract under which CHEC would deliver the Port Project.

– At the conclusion of that work the Parties may enter into a Delivery Contract for the Port Project. Neither Party is bound to enter into the Delivery Contract if it is not prudent to do so.

The MOU recognizes that the Lolabe Port Project will be integral with the Mine Project itself and the Mine Rail Project.

The MOU also recognizes that the Port, Rail and Mine Projects are subject to a range of conditions precedent including government approvals, funding and title requirements for the rail corridor and other assets.

[mappress]

Dredging Today Staff, September 7, 2012