Sundance.... China-Krise als Riesenchance?
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ANNUAL REPORT 2011 We are exceptionally well placed to realise our vision to become a leading global iron ore producer. CONTENTS Highlights Chairman’s Report Board of Directors Chief Executive’s Report Overview of Operations The Mbalam Iron Ore Project 4 6 8 10 12 14 JORC-Code Compliant Global Mineral Resources 22 People Health, Safety, Environment, Community And Security Competent Persons Statement Corporate Directory 2011 Financial Report 29 32 38 39 40 Developing the Mbalam Iron Ore Project in central west Africa and leading the development of the world’s next great iron ore province. Sundance Resources’ camp at Mbarga deposit in Cameroon Project Location Douala Chad - Cameroon Cil Pipeline Yaounde Cameroon Kribi Multi User Port Proposed Lolabe Iron Ore Terminal Transport Corridor Mbarga Nabeba Equatorial Guinea Letioukbala Gabon Other Iron Ore Deposits Cities Congo 0 50 100 Sundance Iron Ore Deposits Former British and French colonies that gained independence in 1960.
Population: approx 20 million Land Area: 475,442 km2 Capital: Yaounde GDP: $22 billion Resources: Timber, Iron Ore, Agricultural products including tea, coffee, sugar, rubber, palm oil and tobacco About The Republic of Cameroon About The Republic of Congo Former French colony that gained full independence in 1960 as a presidential republic. Population: approx 4 million Land Area: 342,000 km2 Capital: Brazzaville GDP: $11.5 billion Resources: Oil, Gas, Gold, Phosphates, Iron Ore Africa.
ASX Announcement and Media Release 27 October 2011 SUNDANCE REACHES HALF A BILLION TONNES OF HIGH GRADE HEMATITE AND SIGNS SCHEME IMPLEMENTATION AGREEMENT WITH HANLONG MINING QUARTERLY REPORT FOR THE PERIOD ENDED 30 SEPTEMBER 2011 HIGHLIGHTS  Increase in Indicated and Inferred High Grade Hematite Resources to total 521.7 million tonnes at 60.7% Fe with 94% now in the Indicated category. Total Itabirite Hematite Resource of 2.325 billion tonnes at 38% Fe. Reserves upgrade process near completion aiming to support DSO production for 10 years.
Conditional cash offer for 100% of Sundance from the Hanlong Group at $0.57 per share via Scheme of Arrangement unanimously recommended by Sundance Directors in the absence of a superior proposal. Continuation of early works planning to develop site establishment scopes including the commencement of geotechnical drilling at the Lolabé port site. Project Management Contractor (PMC) tenders received; selection process underway.
Negotiations with the Governments for the Mining Permit in the Republic of Congo and Mbalam Convention in the Republic of Cameroon nearing completion. Cash reserves of approximately A$60M as at 30 September 2011.       OVERVIEW During the reporting period of 1 July to 30 September 2011, Sundance Resources Limited (‘Sundance’ or ‘the Company’) (ASX: SDL) announced it had received written advice from its largest shareholder, Hanlong, of its intention to make a conditional cash offer for 100 per cent of Sundance at a price of A$0.50 per share under an Australian Scheme of Arrangement (‘Scheme’).
The Board considered the terms of the initial proposed offer unacceptable and following this the Company commenced discussions with Hanlong in mid July 2011 regarding the terms of the proposal, whilst at the same time holding further discussions with other potential strategic partners with a view to securing project financing through either a joint venture or whole of company transaction. Subsequent to the Quarter but material to this report, on 4 October 2011 it was announced that Hanlong had revised its conditional cash offer to acquire 100 per cent of Sundance with an increased offer price of A$0.57 cash per share via a Scheme. Sundance Directors believe the price, which values the Company at A$1.65 billion, 1 | P a g e is attractive and therefore unanimously recommend shareholders vote in favour of the Scheme in the absence of a superior proposal, and subject to the Independent Expert’s report concluding the Scheme is in ....
Appendix 5B Mining exploration entity quarterly report Rule 5.3 Appendix 5B Mining exploration entity quarterly report Introduced 01/07/96 Origin Appendix 8 Amended 01/07/97, 01/07/98, 30/09/01, 01/06/10, 17/12/10 Name of entity Sundance Resources Limited ABN Quarter ended (“current quarter”) 19 055 719 394 30 September 2011 Consolidated statement of cash flows Cash flows related to operating activities 1.1 1.2 Receipts from product sales and related debtors Payments for: (a) exploration and evaluation (b) development (c) production (d) administration Dividends received Interest and other items of a similar nature received Interest and other costs of finance paid Income taxes paid Other (provide details if material) Net Operating Cash Flows Cash flows related to investing activities Payment for purchases of: (a)prospects (b)equity investments (c) other fixed assets Proceeds from sale of: (a)prospects (b)equity investments (c)other fixed assets Loans to other entities Loans repaid by other entities Other (provide details if material) Net investing cash flows Total operating and investing cash flows (carried forward) Current quarter $A’000 Year to date (3 months) $A’000 - 1.3 1.4 1.5 1.6 1.7 (1,629) (7,312) (6,462) 1,078 (14,325) (1,629) (7,312) (6,462) 1,078 (14,325) 1.8 (339) (339) (14,664) (339) (339) (14,664) 1.9 1.10 1.11 1.12 1.13 + See chapter 19 for defined terms. 17/12/2010 Appendix 5B Page 1 Appendix 5B Mining exploration entity quarterly report 1.13 Total operating and investing cash flows (brought forward) Cash flows related to financing activities Proceeds from issues of shares, options, etc. Proceeds from sale of forfeited shares Proceeds from borrowings Repayment of borrowings Dividends paid Other (share issue costs) Net financing cash flows Net increase (decrease) in cash held 1.20 1.21 1.22 Cash at beginning of quarter/year to date Exchange rate adjustments to item 1.20 Cash at end of quarter (14,664) (14,664) 1.14 1.15 1.16 1.17 1.18 1.19 5,110 5,110 (9,554) 70,333 11 60,790 5,110 5,110 (9,554) 70,333 11 60,790 Payments to directors of the entity and associates of the directors Payments to related entities of the entity and associates of the related entities Current quarter $A'000 1.23 1.24 1.25 Aggregate amount of payments to the parties included in item 1.2 Aggregate amount of loans to the parties included in item 1.10 Explanation necessary for an understanding of the transactions Payments to parties reported in 1.23: Legal fees to a director related entity - $52,687 Remuneration of Directors - $292,500 345 - Non-cash financing and investing activities 2.1 Details of financing and investing
ASX Announcement and Media Release 16 November 2011 ORE RESERVE UPGRADE TO 352MT OF HIGH-GRADE HEMATITE; NEW EXPLORATION TARGET HAS POTENTIAL TO DOUBLE CURRENT ITABIRITE RESOURCES Expanded inventory confirms Stage One annual production of 35 Mt of DSO for 10 years; Focus now on expanding Stage Two with exploration drilling target to increase Itabirite HIGHLIGHTS • • • • • High Grade Hematite Ore Reserves increased to 352 Mt at 62.4% Fe delivers Stage One of the Mbalam Project based on planned production of 35Mtpa of DSO for at least 10 years. Prospects for Stage Two underpinned by additional resources of 2.3Bt of Itabirite Hematite at 38% Fe at Mbarga. Exploration Target at Nabeba of an additional 1.5 - 2.5Bt of Itabirite at 30 - 40% Fe.
1 Ore Reserve upgrade cements Sundance’s first-mover advantage in this extensive new iron ore province. Significant potential to grow the Project further with numerous drilling targets identified in both the Republic of Cameroon and the Republic of Congo. Sundance Resources Limited (‘Sundance’ or ‘the Company’) (ASX: SDL) advises that the High Grade Ore Reserve for Stage One of the Mbalam Iron Ore Project in the Republic of Cameroon and the Republic of Congo now totals 352 million tonnes (Mt) at 62.4% Fe.
All Mineral Resources and Ore Reserves have been estimated in accordance with the JORC Code. This upgraded estimate is significant because it confirms Mbalam now has sufficient Reserves to deliver Stage One of the Project. Stage One proposes the production of 35 Mt per year of High-Grade Direct Shipping Ore (DSO) for at least 10 years.
The Ore Reserves increase is based on the current inventory of 521.7 Mt of High Grade Hematite Resources at 60.7% Fe (as reported to the ASX on 1 September 2011) and represents a conversion of 72% of the Company’s total Indicated Mineral Resources. Including Stage Two, the Mbalam Project has a long mine life of at least 25 years. Under Stage Two, the extensive Itabirite Hematite Resource, which currently stands at 2.3 billion tonnes (Bt) at 38% Fe from the Mbarga Deposit alone, will be mined for a further 15 years.
1 It must be noted that this range is an Exploration Target only, and not to be misconstrued as an estimate of Mineral Resources. The potential quantity and grade is conceptual in nature, that there has been insufficient exploration to define a mineral resource ....
This upgraded estimate is significant because it confirms Mbalam now has sufficient Reserves to deliver Stage One of the Project. Stage One proposes the production of 35 million tonnes per year of High-Grade Direct Shipping Ore for at least 10 years.
The Ore Reserves increase is based on the current inventory of 521.7 million tonnes of High Grade Hematite
HIGHLIGHTS
1. High Grade Hematite Ore Reserves increased to 352 million tonnes at 62.4% Fe delivers Stage One of the Mbalam Project based on planned production of 35 million tonnes per annum of DSO for at least 10 years.
2. Prospects for Stage Two underpinned by additional resources of 2.3 billion tonnes of Itabirite Hematite at 38% Fe at Mbarga.
3. Exploration Target at Nabeba of an additional 1.5 to 2.5 billion tonnes of Itabirite at 30 to 40% Fe to bring total Itabirite resource potential to over 4 Billion tonnes.
4. Ore Reserve upgrade cements Sundance's first-mover advantage in this extensive new iron ore province.
5. Significant potential to grow the Project further with numerous drilling targets identified in both the Republic of Cameroon and the Republic of Congo.
Mr Giulio Casello CEO and MD of Sundance said this Ore Reserve upgrade further highlighted the financial and technical strength of the Mbalam Project. He added that "This outstanding result emphasises Mbarga/Nabeba's status as having some of the best quality, high grade iron ore in Africa. The quality of the high grade reserves which would be mined during Stage One is competitive in the international seaborne iron ore market.”
Mr Casello further said that "When combined with the over two billion tonnes of Itabirite resource we have at Mbarga, and the potential to grow our total resources of Itabirite2 and High Grade Hematite to beyond 5 billion tonnes, it is clear that the Mbalam Project is poised to play a significant role in the global iron ore market for decades to come."
Appendix 3B New issue announcement Rule 2.7, 3.10.3, 3.10.4, 3.10.5 Appendix 3B New issue announcement, application for quotation of additional securities and agreement Information or documents not available now must be given to ASX as soon as available. Information and documents given to ASX become ASX’s property and may be made public. Introduced 1/7/96.
Origin: Appendix 5. Amended 1/7/98, 1/9/99, 1/7/2000, 30/9/2001, 11/3/2002, 1/1/2003, 24/10/2005. Name of entity Sundance Resources Limited ABN 19 055 719 394 We (the entity) give ASX the following information.
Part 1 - All issues You must complete the relevant sections (attach sheets if there is not enough space). 1 +Class of +securities issued or to be Ordinary Fully Paid Shares issued 2 Number of +securities issued or to be issued (if known) or maximum number which may be issued 3,340,000 3 Principal terms of the +securities (e.g., if options, exercise price and expiry date; if partly paid +securities, the amount outstanding and due dates for payment; if +convertible securities, the conversion price and dates for conversion) Ordinary Fully Paid Shares + See chapter 19 for defined terms. 24/10/2005 Appendix 3B Page 1 Appendix 3B New issue announcement 4 Do the +securities rank equally in all respects from the date of allotment with an existing +class of quoted +securities? If the additional securities do not rank equally, please state: the date from which they do the extent to which they participate for the next dividend, (in the case of a trust, distribution) or interest payment the extent to which they do not rank equally, other than in relation to the next dividend, distribution or interest payment Yes 5 Issue price or consideration $0.20 each (1,340,000 shares) $0.25 each (2,000,000 shares) 6 Purpose of the issue (If issued as consideration for the acquisition of assets, clearly identify those assets) 1,340,000 shares issued on the exercise of options exercisable at 20 cents each on or before 30 January 2012.
2,000,000 shares issued on the exercise of options exercisable at 25 cents each on or before 5 April 2012. 7 Dates of entering +securities into uncertificated holdings or despatch of certificates 17 November 2011 8 of Number and +securities quoted on ASX (including the securities in clause 2 if applicable) +class Number all 2,902,422,169 +Class Fully paid ordinary shares + See chapter 19 for defined terms. Appendix 3B Page 2 1/1/2003 Appendix 3B New issue announcement ....
ASX Announcement and Media Release 22 November 2011 SUNDANCE MOVES CLOSER TO CONFIRMING MBALAM CONVENTION AND CONGO MINING PERMIT Negotiations for the Mbalam Convention in the Republic of Cameroon and the Mining Permit in the Republic of Congo nearing completion. Meetings held with high ranking Government officials in China, Africa and Australia. Presidents of the Republics of Cameroon and Congo voice their support.
Phase 1 of Scheme Implementation Agreement progressing to schedule. Sundance Resources (‘Sundance’ or ‘the Company’) (ASX: SDL) provides the following update on its activities to progress development of the Mbalam Iron Ore Project in the Republic of Cameroon and the Republic of Congo. As announced to the ASX on 4 October 2011, the Scheme Implementation Agreement (‘SIA’) signed between Sundance and Hanlong (Africa) Mining Investment Limited (‘Hanlong’) has a two phase structure.
During Phase 1, Sundance and Hanlong are to use all reasonable endeavours to progress the Mbalam Convention in Cameroon and the Congo Mining Permit, and Hanlong is to confirm its funding arrangements. The initial conditions precedent must be met prior to progressing to Phase 2 of the SIA. Sundance and Hanlong have been actively working together to engage with the Governments of the Republic of Cameroon and the Republic of Congo with a view to confirming the ratification of the Mbalam Convention and Congo Mining Permit.
Sundance and Hanlong executive management have attended a number of meetings together with senior Government officials of both Republics of Cameroon and Congo to demonstrate their unified commitment to the development of the Project. In July 2011, Sundance and Hanlong along with representatives from CITIC Securities and China Development Bank met with his Excellency Mr. Paul Biya, the President of Cameroon, in Beijing, China to discuss the Mbalam Project.
On 21 October 2011 the results of the Cameroon Presidential election were announced and confirmed the re‐ election of the incumbent President Mr Paul Biya for another seven year term. Figure 1 (Left to Right): Mr Ted Tokuchi, CITIC Securities, Mr Li Jiping, Vice Governor China Development Bank, Mr George Jones, Chairman Sundance Resources, His Excellency Mr Paul Biya, President of the Republic of Cameroon, Mr Liu Han, Chairman of Hanlong Group. 1 | P a g e On 27 October 2011, his Excellency Mr.
Denis Sassou‐Nguesso, the President of the Republic of Congo, met with Sundance and Hanlong in the country’s capital of Brazzaville. The ....
WWW:www.sundanceresources.com.au/
(ABN) Company Overview
Sundance Resources Limited (ASX:SDL)
Sundance Resources Limited (ASX:SDL) Moves Closer to Confirming Mbalam Iron Ore Project Convention and Congo Mining Permit
Perth, Nov 22, 2011 (ABN Newswire) - Sundance Resources Limited (ASX:SDL) provides the following update on its activities to progress development of the Mbalam Iron Ore Project in the Republic of Cameroon and the Republic of Congo.
As announced to the ASX on 4 October 2011, the Scheme Implementation Agreement ('SIA') signed between Sundance and Hanlong (Africa) Mining Investment Limited ('Hanlong') has a two phase structure. During Phase 1, Sundance and Hanlong are to use all reasonable endeavours to progress the Mbalam Convention in Cameroon and the Congo Mining Permit, and Hanlong is to confirm its funding arrangements. The initial conditions precedent must be met prior to progressing to Phase 2 of the SIA.
Sundance and Hanlong have been actively working together to engage with the Governments of the Republic of Cameroon and the Republic of Congo with a view to confirming the ratification of the Mbalam Convention and Congo Mining Permit. Sundance and Hanlong executive management have attended a number of meetings together with senior Government officials of both Republics of Cameroon and Congo to demonstrate their unified commitment to the development of the Project.
In July 2011, Sundance and Hanlong along with representatives from CITIC Securities and China Development Bank met with his Excellency Mr. Paul Biya, the President of Cameroon, in Beijing, China to discuss the Mbalam Project.
On 21 October 2011 the results of the Cameroon Presidential election were announced and confirmed the reelection of the incumbent President Mr Paul Biya for another seven year term.
On 27 October 2011, his Excellency Mr. Denis Sassou-Nguesso, the President of the Republic of Congo, met with Sundance and Hanlong in the country's capital of Brazzaville. The President gave his support to the Nabeba development and expressed his understanding of the necessary trans-border requirements for Stage One of the Mbalam Project.
Sundance and Hanlong also met with a number of senior Government officials for the Republic of Congo, including the Minister of State and Coordinator of the Economic Cluster, Minister of Economy, Planning, Land Reform and Integration, Minister of Petroleum and Natural Gas, Minister of Foreign Affairs and Cooperation, Director of Cabinet to the Ministry of Mines and Geology, the Director General of Mines and the Presidential Advisor for Mines and Geology.
The final Environment and Social Assessment Report for the Congo is expected to be submitted by the end of November 2011, which completes the requirements for the application process for the Mining Permit. It is anticipated a successful Mining Permit from the Congo Government would then be awarded within the next three months.
Sundance and Hanlong also met with a number of Government officials in the Republic of Cameroon in the country's capital of Yaounde. They met with the Deputy Secretary General of the Presidency of the Republic of Cameroon, the Minister of Domains and Land Affairs, the State Secretary from the Ministry of Industry, Mines and Technological Development, and the Director of the Kribi Deep Sea Port Project.
Following the meetings in Cameroon and Congo, Sundance and Hanlong executives left the countries confident that an acceptable outcome for all parties was within reach and should align with the previously reported target timetable within the SIA.
In Australia, Sundance and Hanlong were honoured to welcome the Prime Minister of Cameroon, Mr Philémon Yang, to a meeting at the Sundance corporate office in Perth, Western Australia, while he was attending the Commonwealth Heads of Government Meeting at the end of October 2011. The Prime Minister further expressed the Cameroon Government's strong support of the Mbalam Project, confirming it was a project of national interest that they are eager to see developed in the near term.
Sundance aims to have the final terms of the Mbalam Convention agreed by the end of December 2011 with the Government of Cameroon and then expects an Enabling Act which makes the Convention effective to be passed by the Cameroon National Assembly when it is next expected to meet in March 2012.
Follow up meetings between Sundance, Hanlong and the Cameroon Government are now scheduled to occur during December 2011.
The key principles for Sundance's operations while it continues to advance activities to meet all conditions precedent in Phase 1 of the SIA are:
(1) Maintain core competencies within the organisation particularly with the effective management of the Company's human capital and intellectual property.
(2) Prudent management of expenditure; while focussing on activities that further de-risk the Project, enhance Company value, and maintain in-country tenement tenure.
(3) Grow the Project's value further by increasing total Inferred and Indicated Mineral Resources.
(4) Ensuring construction will commence as soon as possible and meet the targeted DFS construction period of 3 years following the completion of the SIA or securing Project financing.
About Sundance Resources Limited
Sundance Resources Limited (ASX:SDL) (PINK:SUDCF) is an international resources company developing the Mbalam Iron Ore Project in the Republic of Cameroon and the Republic of Congo, in central west Africa. Sundance Resources is listed on the Australian Securities Exchange and is part of the S&P ASX200 Index.
The Company's corporate head office is based in Perth, Western Australia, home to the world-class iron ore deposits of the Pilbara region. This location means the Company has assembled a management and technical team that draws readily on the skills of some of the world’s most experienced iron ore specialists as it continues to cement its position as an emerging force in the global iron ore sector.
Contact
Giulio Casello
Managing Director & CEO
Sundance Resources
WWW:www.sundanceresources.com.au/
(ABN) Company Overview
Sundance Resources Limited (ASX:SDL)
Sundance Resources Limited (ASX:SDL): Cameroon Government Declares Mbalam Rail Corridor
Perth, Nov 23, 2011 (ABN Newswire) - Sundance Resources Limited (ASX:SDL) is pleased to announce that its plan to develop the world's next major iron ore province has progressed with the Government of the Republic of Cameroon confirming that the land identified for the proposed rail corridor which links the Mbalam Project to the Lolabe Port has been declared Land for Public Utility.
The declaration was made by Cameroon's Ministry of Property and Land Tenure. It covers the corridor from the Mbalam mine site to Sundance's planned deep water iron ore terminal at Lolabe at the Kribi port area.
The decision paves the way for the government to secure the necessary land required for building the Mbalam rail line. This will be done through a formal process led by a committee appointed by representatives of each of the six affected regional districts: Vallée du Ntem, Océan, Mvila, Dja et Lobo and Haut Nyong. This decision also freezes all further property transactions and construction permits along the proposed rail corridor.
The process will now include:
- A survey of the land, existing buildings and improvements along the proposed railway line;
- Compilation of current and pending property titles in the affected areas;
- A cadastral survey to delineate the railway corridor boundaries.
The committee will then refer its final report back to the Ministry of Property and Land Tenure, which will determine expropriation and compensation. This process is expected to take approximately six months.
Expropriation will enable the Government to grant Sundance's Cameroonian subsidiary Cam Iron (or an affiliate) the rights to the land necessary to construct and operate the railway, in accordance with the Mbalam Convention currently being negotiated between the Government of Cameroon and Sundance.
This declaration ensures all land required for the project is either subject to a Declaration of Public Utility or a Mining Permit Application and is a significant step forward to securing all land leases required in Cameroon. The declaration of public utility for the Kribi port area (which includes Lolabe) was announced in 2010 and environmental approval for the rail, port and mine was granted in 2010.
Sundance CEO and Managing Director Giulio Casello said the Cameroon Government has once again demonstrated its ongoing support for the Mbalam Iron Ore Project.
"We thank the Government of Cameroon and specifically the Minister of Property and Land Tenure for making this declaration," Mr Casello said. "This declaration demonstrates the Government's desire to finalise agreements required to commence the development of the Project."
About Sundance Resources Limited
Sundance Resources Limited (ASX:SDL) (PINK:SUDCF) is an international resources company developing the Mbalam Iron Ore Project in the Republic of Cameroon and the Republic of Congo, in central west Africa. Sundance Resources is listed on the Australian Securities Exchange and is part of the S&P ASX200 Index.
The Company's corporate head office is based in Perth, Western Australia, home to the world-class iron ore deposits of the Pilbara region. This location means the Company has assembled a management and technical team that draws readily on the skills of some of the world’s most experienced iron ore specialists as it continues to cement its position as an emerging force in the global iron ore sector.
Contact
Giulio Casello
Managing Director & CEO
Sundance Resources Limited
Jill Thomas
Investor Relations Manager
Tel: +61-8-9220-2300
Email: info@sundanceresources.com.au
As announced to the ASX on October 4th 2011, the Scheme Implementation Agreement signed between Sundance and Hanlong (Africa) Mining Investment Limited has a two phase structure. During Phase 1, Sundance and Hanlong are to use all reasonable endeavours to progress the Mbalam Convention in Cameroon and the Congo Mining Permit, and Hanlong is to confirm its funding arrangements. The initial conditions precedent must be met prior to progressing to Phase 2 of the SIA.
Sundance and Hanlong have been actively working together to engage with the Governments of the Republic of Cameroon and the Republic of Congo with a view to confirming the ratification of the Mbalam Convention and Congo Mining Permit. Sundance and Hanlong executive management have attended a number of meetings together with senior Government officials of both Republics of Cameroon and Congo to demonstrate their unified commitment to the development of the Project.
In July 2011, Sundance and Hanlong along with representatives from CITIC Securities and China Development Bank met with his Excellency Mr. Paul Biya, the President of Cameroon, in Beijing, China to discuss the Mbalam Project.
On 21 October 2011 the results of the Cameroon Presidential election were announced and confirmed the reelection of the incumbent President Mr Paul Biya for another seven year term.
On 27 October 2011, his Excellency Mr. Denis Sassou Nguesso, the President of the Republic of Congo, met with Sundance and Hanlong in the country's capital of Brazzaville. The President gave his support to the Nabeba development and expressed his understanding of the necessary trans border requirements for Stage One of the Mbalam Project.
Sundance and Hanlong also met with a number of senior Government officials for the Republic of Congo, including the Minister of State and Coordinator of the Economic Cluster, Minister of Economy, Planning, Land Reform and Integration, Minister of Petroleum and Natural Gas, Minister of Foreign Affairs and Cooperation, Director of Cabinet to the Ministry of Mines and Geology, the Director General of Mines and the Presidential Advisor for Mines and Geology.
The final Environment and Social Assessment Report for the Congo is expected to be submitted by the end of November 2011, which completes the requirements for the application process for the Mining Permit. It is anticipated a successful Mining Permit from the Congo Government would then be awarded within the next three months.
Follow up meetings between Sundance, Hanlong and the Cameroon Government are now scheduled to occur during December 2011.
The key principles for Sundance's operations while it continues to advance activities to meet all conditions precedent in Phase 1 of the SIA are:
1. Maintain core competencies within the organisation particularly with the effective management of the Company's human capital and intellectual property.
2. Prudent management of expenditure; while focussing on activities that further de-risk the Project, enhance Company value, and maintain in-country tenement tenure.
3. Grow the Project's value further by increasing total Inferred and Indicated Mineral Resources.
4. Ensuring construction will commence as soon as possible and meet the targeted DFS construction period of 3 years following the completion of the SIA or securing Project financing
von user
juwelen
Howdy Folks, ging an die Hauptversammlung gestern Dachte, ich hätte ein paar Notizen schreiben.
Erstens hatte ich ein kurzes Gespräch mit Michael Blackiston vor der Hauptversammlung. Grundsätzlich habe ich vorgeschlagen, dass die langfristige Aktionäre waren sehr zufrieden mit beiden Hanlongs Verhalten und niedrige Kugel Angebot enttäuscht. Michael Antwort war, die versuchen, ein Infrastrukturprojekt dieser Größenordnung (ja es ist tatsächlich ein Infrastrukturprojekt und nicht um eine Eisenerzgrube!) Bekommen war ungeheuer schwierig in diesem Klima, und dass am Ende des Tages Hanlong waren die einzige Gruppe, die wurden Stumpf bis das Geld bereit, aber es scheint, dass Hanlong haben gerade alle brillant, ausgespielt und ich werde auf die etwas später.
George Jones eröffnet die Sitzung;
Er betonte, dass wir (den gesamten Markt) in sehr schwierigen Zeiten sind. Ich muss zugeben, ich hatte ein bisschen wie ein Grinsen auf meinem Gesicht, als George war Hervorhebung alle Errungenschaften seit der letzten Hauptversammlung, und erklärte: "Wir zogen ein Eckpfeiler Investor" (Hanlong).
Ich will nur in diese ein wenig weiter gehen. Es scheint, dass der Treuhänder der Talbott estate den Deal hat mit Hanlong für Talbots 16%, ohne die Bretter Wissen. Jetzt nach dem Flugzeugabsturz, wenn die Aktie um rund 10 Cent schmachten gab es ein echtes Problem bei den neuen Vorstand, dass es eines feindlichen Übernahmeangebots für das Unternehmen etwa auf diesem Niveau, so dass die Bretter Anstrengungen wurden in den frühen Tagen mindestens wurden auf eine Übernahme Präventionsstrategie konzentriert. Deshalb ist, wenn Hanlong und kam stellten sich als Sundances neuen "Cornerstone Investor" das Board waren sehr zufrieden, da sie, dass sie nun hielt eine Sperrminorität für jeden potenziellen feindlichen Übernahme wusste.
Nun ist dies das Bit, das ich nicht bewusst war.
Alle Ankündigungen, die wir hatten, dass Worte aufgenommen haben, um die Wirkung in "fortgeschrittenen Verhandlungen mit potenziellen Partnern ausziehen" wahr. Sundance war sehr nahe zu binden ein Off nehmen beschäftigen sich mit zwei Stahlwerken. Hanlong sprang dann mit dem ersten Angebot, und zwischen den Zeilen lesen war es so weit, die abhebt durchlaufen zu verhindern, dass es unmöglich für Sundance zum Cap Ex allein zu finanzieren.
Brilliant!
So ziemlich, sobald Hanlong gemacht das Gebot, war das Spiel vorbei für Sundance vorwärts zu gehen, um die Produktion in seinem eigenen Recht.
Jetzt unabhängig von der Verschwörungstheoretiker, Hanlong Wetter den Preis manipuliert, bevor das Angebot oder nicht, das erste Angebot war, glaube ich, aus dem Gedächtnis, etwa 30% höher als der durchschnittliche gewichtete Preis von SDL in der Woche vor dem Angebot.
Der Vorstand war gezwungen, das Angebot zu überprüfen.
George erwähnt, dass seit dem ersten Kauf Hanlong haben ihre Beteiligung von 16% auf 17,4% erhöht
Jetzt, um Salz in die Wunden reiben, George fort, dass mit Kosten von $ 21,20 pro Tonne sagen, dies ist eine der billigsten IO produziert in der Welt.
Jetzt haben wir alle an der areo mags sah. Wir sind uns alle bewusst, dass die Ressource ist im Grunde die gleichen die riesigen ittabirite Ablagerungen in Brasilien, und wir alle wissen, dass es viel viel mehr IO in den Boden. George, wie wir der Meinung, dass Mbalam und Nabeeba wird am Ende mit einer Anzahlung "Multiples", was wir bisher definiert.
George ging dann auf die Hervorhebung der Ressource-Upgrades, die ganze Arbeit, dass der Vorstand getan hat, Verhandlungen über die Konvention, etc.
George sagte dann dieses (Wort für Wort) "In Anbetracht der bestehenden Aktionäre er fest davon überzeugt, dies ist ein gutes Angebot", dass das Scheme of Arrangement alle Aktionäre gibt eine Stimme, und es gibt Hanlong die Sicherheit bekommen alle Konventionen und Genehmigungen vor stumping mehr Geld.
Nun ist die höchst vertraulichen Brief. Es war eine Escape-Klausel für SDL entschieden sie sich, um den Zustand zu verzichten, so was sagt euch das?
Nun einige Leute würden unfreundlich legen nahe, dass das Board fast Angst haben, dass, wenn das Angebot geht weg, der Aktienkurs wird kapitulieren, während andere sagen, dass ohne Hanlong an Bord und die Garantie des chinesischen Finanzwesens, dass die Mbalam Konvention nicht durch die unterzeichnet werden kamerunischen Regierung, und das mit daran, dass Sundance hat wirklich nichts. Ich bevorzuge die letztere glauben, alle obwohl es Verdienste für das erste Argument.
Eine weitere interessante Sache war, dass George Jones sagte, dass der Leiter der chinesischen Development Bank (es CITIC ist?) "Guaranteed der Premierminister von Kamerun, dass sie (die Bank) wird die Finanzierung des Projekts."
Die Beschlüsse wurden alle bestanden.
Wenn über den Vergütungsbericht befragt besonders Giullios Aufführungsrechte, Barry Eldridge grundsätzlich sagen, dass die Aufführungsrechte an der letzten Hauptversammlung hatte bestanden, und dass zu Giullio weglocken von seinem Kurzzeit-und langfristigen Nutzen-Paket, dass SDL hatte, etwas Besseres zu bieten . Grundsätzlich, wenn Sie zahlen Erdnüsse erhalten Sie Affen.
Paul Denardi gab dann eine sehr glatte Darstellung, mit einem kleinen animierten Film erklärt alles über das gesamte Projekt.
Ich fragte Paul, was mit den 50mtpa passiert angepriesen anlässlich der Generalversammlung 2009, und er antwortete, dass sie festgestellt hatten, dass es rentabler zu 35mtpa für eine längere Lebensdauer der Mine mit der gleichen Capex mir war.
Paul fuhr dann fort zu sagen, dass die Investitionsquote 135,00 $ pro Tonne (ist das richtig, klingt hoch?) Und dass es eine relativ preiswerte Bahn, denn es gab nur neun Brücken und keine Tunnel, und der Hafen wurde ebenfalls am unteren Ende der die Kosten Maßstab wegen nicht brauchen einen Wellenbrecher und Sein natürlich ziemlich tief.
Paul fuhr fort zu erklären, dass Chinas inländische Eisenerz Produktion war rückläufig, mit ihrer Nachfrage steigt, erwartet zwischen 770mt und 820 mt zwischen 2015 bis 2020 verwenden.
Jetzt wissen wir, dass die Schiene Überkapazitäten hat, so was wird Hanlong pro Tonne zu bekommen für den Versand anderer Völker Erz?
Als ich die Frage gestellt, Paul ungern spekulieren, war, so, wenn ich für eine Beratung gebeten, und schlug vor, $ 3,00 pro Tonne, 5,00 $ für eine Tonne oder $ 10,00 pro Tonne, sprang George Jones und sagte, dass es offensichtlich würde davon abhängen, wie weit die Erz transportiert wurde und dass für "10,00 $ für eine Tonne es eine kurze Reise werden würde", so dass für alle Analysten, fügen Sie mindestens weitere 500 Millionen Dollar pro Jahr, um die Cash-Flow für den Transport anderer Völker Erz (und das ist sehr konservativ!)
Dieser Beitrag ist in einer epischen Drehen
So gab es viel mehr gesagt, aber ich will gehen und ein bisschen wie ein Blick in die Zukunft.
Jetzt im Grunde in einer Unternehmensumgebung Sinne ist es höchst unwahrscheinlich, dass wir ein weiteres Gebot Punkt zu sehen. Dies liegt daran, Hanlong halten einen bedeutenden genug Spiel, um eine feindliche Übernahme zu blockieren und das Scheme of Arrangement schließt jede andere Form der Übernahme.
Doch für die optimistische da draußen, war George selbst, dass bis die Konvention unterzeichnet ist (voraussichtlich im März nächsten Jahres, in der Nationalversammlung Sitzung), dass es kaum eine Chance, ein weiteres Angebot, aber nach der Unterzeichnung der Konvention, dann wäre das Projekt voll derisked werden, und wenn er (hypothetisch) sah bei einer Übernahme hätte er nicht ein Gebot abgeben, bis dann.
Und dann die große Frage für mich hat die kamerunische Regierung oder einer ihrer Vertreter sind dem Vorstand oder einem anderen Vertreter des Sundance, dass sie eine Vorliebe für das Geschäft mit den Chinesen zu tun haben? Für mich ist die Frage, ob Vale, BHP oder RIO kann ein Interesse daran zeigen.
Herr Jones dann sehr geschickt ging beantworten meine Frage nicht direkt, sondern hob die Stärke der Beziehung zwischen der chinesischen Regierung und der kamerunischen Regierung. Dass die Chinesen hatten gerade ein großes Fußballstadion in Kamerun gebaut und finanziert hatte und andere Infrastrukturprojekte gebaut in Kamerun. Exakte Worte wieder "Die Regierung von Kamerun ist sehr glücklich, das Geschäft mit China zu tun".
So von diesem kleinen Juwel, habe ich festgestellt, dass zumindest für die nahe Zukunft erwarte nichts von SDL, ein bisschen mehr Bohrungen in den nächsten 3 Monate vielleicht, eine andere Ressource up grade vielleicht, aber nichts, bis zur Unterzeichnung der Konvention im März. Dann denke ich, wenn Sie super optimistisch können Sie erwarten ein konkurrierendes Übernahmeangebot von einem der großen 3, aber auch mit einem ganz neuen Pilbra zu gewinnen sind, bezweifle ich, es wird eintreten.
Y'all Spaß haben jetzt, und wenn Sie Fragen re der Hauptversammlung haben, werde ich sie beantworten morgen.
CiaoJ. 
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(ABN) Company Overview
Sundance Resources Limited (ASX:SDL)
Sundance Resources Limited (ASX:SDL) Waives Highly Confident Letter and Proceeds with Scheme with Hanlong (Africa) Mining Investment Limited
Perth, Nov 28, 2011 (ABN Newswire) - Sundance Resources Limited ('Sundance' or 'the Company') (ASX:SDL) has today received formal notice from Hanlong (Africa) Mining Investment Limited ('Hanlong') that Hanlong will not receive the Highly Confident Letter from China Development Bank due by 28 November 2011 and requests that Sundance waive the requirement for the letter as a condition precedent for Phase One of the Scheme Implementation Agreement ('SIA') which was signed by both parties on 4 October 2011.
The Sundance Board believes it is in the best interests of all shareholders to waive the requirement for this letter, as it does not affect the current Scheme timetable. Hanlong have reassured the Company of its determination to continue with the Scheme and its confidence that subject to successful completion on acceptable terms of the Mbalam Convention, this Scheme will proceed as intended.
Mr George Jones, Chairman of Sundance, said that even without the letter he believed the Scheme with Hanlong could progress under the current indicative timetable and be completed by May next year.
"The Board of Sundance remains firmly of the view that completing this Scheme of Arrangement with Hanlong is an attractive outcome for shareholders who will receive a significant premium price of 57 cents cash per share compared to Sundance's current share price of around 42 cents. I received a letter from Hanlong which has assured us of Hanlong's genuine interest in acquiring Sundance," Mr Jones said.
"Although it is unfortunate that the letter has not been able to be achieved as expected, the Sundance Directors and I continue to stand by the belief that in the absence of a superior proposal, this continues to be in the best interest of all shareholders."
Sundance and Hanlong will continue to work together to confirm the ratification of the Mbalam Convention in the Republic of Cameroon and the Mining Permit in the Republic of Congo on acceptable terms by 29 February 2012.
Once that has been achieved and proof of availability of finance via a credit approved term sheet is obtained, the Scheme will proceed to the first court hearing, publication of the Scheme Booklet, and the holding of the Scheme Meeting.
Completion of the transaction is subject to the necessary shareholder and regulatory approvals and that the Mbalam Convention becomes binding in Cameroon and the granting of the Mining Permit in the Republic of Congo. Following this, the parties will request that the Court approves the Scheme.
About Sundance Resources Limited
Sundance Resources Limited (ASX:SDL) (PINK:SUDCF) is an international resources company developing the Mbalam Iron Ore Project in the Republic of Cameroon and the Republic of Congo, in central west Africa. Sundance Resources is listed on the Australian Securities Exchange and is part of the S&P ASX200 Index.
The Company's corporate head office is based in Perth, Western Australia, home to the world-class iron ore deposits of the Pilbara region. This location means the Company has assembled a management and technical team that draws readily on the skills of some of the world’s most experienced iron ore specialists as it continues to cement its position as an emerging force in the global iron ore sector.
Appendix 3B New issue announcement Rule 2.7, 3.10.3, 3.10.4, 3.10.5 Appendix 3B New issue announcement, application for quotation of additional securities and agreement Information or documents not available now must be given to ASX as soon as available. Information and documents given to ASX become ASX’s property and may be made public. Introduced 1/7/96.
Origin: Appendix 5. Amended 1/7/98, 1/9/99, 1/7/2000, 30/9/2001, 11/3/2002, 1/1/2003, 24/10/2005. Name of entity Sundance Resources Limited ABN 19 055 719 394 We (the entity) give ASX the following information.
Part 1 - All issues You must complete the relevant sections (attach sheets if there is not enough space). 1 +Class of +securities issued or to be Ordinary Fully Paid Shares issued 2 Number of +securities issued or to be issued (if known) or maximum number which may be issued 14,000,000 3 Principal terms of the +securities (e.g., if options, exercise price and expiry date; if partly paid +securities, the amount outstanding and due dates for payment; if +convertible securities, the conversion price and dates for conversion) Ordinary Fully Paid Shares + See chapter 19 for defined terms. 24/10/2005 Appendix 3B Page 1 Appendix 3B New issue announcement 4 Do the +securities rank equally in all respects from the date of allotment with an existing +class of quoted +securities? If the additional securities do not rank equally, please state: the date from which they do the extent to which they participate for the next dividend, (in the case of a trust, distribution) or interest payment the extent to which they do not rank equally, other than in relation to the next dividend, distribution or interest payment Yes 5 Issue price or consideration Nil 6 Purpose of the issue (If issued as consideration for the acquisition of assets, clearly identify those assets) 14,000,000 shares issued as consideration of successful attainment of 200mt JORC Code Reserves of +60% iron grade hematite at the Mbalam Project as announced on 15 November 2011.
7 Dates of entering +securities into uncertificated holdings or despatch of certificates 28 November 2011 8 of Number and +securities quoted on ASX (including the securities in clause 2 if applicable) +class Number all 2,916,422,169 +Class Fully paid ordinary shares + See chapter 19 for defined terms. Appendix 3B Page 2 1/1/2003 Appendix 3B New issue announcement Number 9 Number and +class of all +securities not quoted on ASX (including the securities in clause
(shareribs.com) Sydney 25.11.2011 - Der australische Erz-, Kupfer- und Goldexplorer Sundance Resources hatte sich heute vom Handel an der Börse aussetzen lassen.
Hintergrund ist eine bevorstehende Mitteilung zum Übernahmebestreben des Unternehmens durch die Tochter der chinesischen Sichuan Hanlong Group, der Hanlong Mining.
Die Hanlong Minig hatte vor über vier Monaten eine Anteilsübernahme angeboten, um ihren bisherigen Anteil von 19 Prozent weiter aufstocken. Dazu bot sie damals 50 Cent pro Aktie an, was einen zu zahlenden Betrag von 1,3 Mrd. Dollar ergibt.
Im September kamen die Verhandlungen dann zum erliegen, da gegen die Chefetage der in Sydney ansässigen Hanlong Insiderhandel, im Zusammenhang mit den Übernahmebestrebungen, vorgeworfen wurde.
Die Australian Securities and Investments Commission hatte per Gerichtsbeschluss das Einfrieren sämtlicher Vermögenswerte von Hanlong und dessen beiden Geschäftsführer, Steven Hui Xiao und Calvin Zhu, erwirkt. Desweiteren wurden beiden mit einer Reisebeschränkung belegt. Ebenfalls in den Ermittlungen eibezogen wurde die Ehefrau von Xiao und das Unternehmen Wingatta Pty Ltd, dessen Vermögen ebenfalls eingefroren wurden.
Vor gut einem Jahr erlitt Sundance Resources einen herben Rückschlag, als bei einem Flugzeugabsturz im Kongo die Führungsspitze des Unternehmens ums Leben kam. Für Sudance würde die Anteilserhöhung eine Unterstützung in dem Aufbau des milliardenschweren Mbalam- Minenprojekts in Kamerun sein.
Hier war das Unternehmen nun einen Schritt nach vorne gekommen. Vor zwei Tagen hatte der Geschäftsführer, Giulio Casello, des in Perth ansässigen Unternehmens mitteilt, dass Kamerun einer Passage durch sein Land zugestimmt habe. Sundance will eine Bahnstrecke von seinem Mbalam Erzprojekt zum Kribi Port errichten. Das es zu dieser Genehmigung kam, war letztlich dem chinesischen Partner Hanlong zu verdanken. Diese hatten Kamerun ihrerseits eine weitere Unterstützung zugesagt.
Die Aktie von Sundance lief seit Anfang des Monats seitwärts und hatte den gestrigen Handel mit einem Plus von 1,2 Prozent auf 42,5 Cent verlassen
Appendix 3B New issue announcement Rule 2.7, 3.10.3, 3.10.4, 3.10.5 Appendix 3B New issue announcement, application for quotation of additional securities and agreement Information or documents not available now must be given to ASX as soon as available. Information and documents given to ASX become ASX’s property and may be made public. Introduced 1/7/96.
Origin: Appendix 5. Amended 1/7/98, 1/9/99, 1/7/2000, 30/9/2001, 11/3/2002, 1/1/2003, 24/10/2005. Name of entity Sundance Resources Limited ABN 19 055 719 394 We (the entity) give ASX the following information.
Part 1 - All issues You must complete the relevant sections (attach sheets if there is not enough space). 1 +Class of +securities issued or to be Unlisted Rights issued 2 Number of +securities issued or to be issued (if known) or maximum number which may be issued 3,406,088 3 Principal terms of the +securities (e.g., if options, exercise price and expiry date; if partly paid +securities, the amount outstanding and due dates for payment; if +convertible securities, the conversion price and dates for conversion) 2,080,002 rights with a vesting date of 31 December 2011. 947,207 rights with a vesting date of 31 December 2013.
378,879 rights with a vesting date of 31 December 2014. + See chapter 19 for defined terms. 24/10/2005 Appendix 3B Page 1 Appendix 3B New issue announcement 4 Do the +securities rank equally in all respects from the date of allotment with an existing +class of quoted +securities? If the additional securities do not rank equally, please state: the date from which they do the extent to which they participate for the next dividend, (in the case of a trust, distribution) or interest payment the extent to which they do not rank equally, other than in relation to the next dividend, distribution or interest payment No 5 Issue price or consideration Nil 6 Purpose of the issue (If issued as consideration for the acquisition of assets, clearly identify those assets) Performance rights issued under the Performance Rights Plan subject to certain vesting conditions.
7 Dates of entering +securities into uncertificated holdings or despatch of certificates 7 December 2011 8 of Number and +securities quoted on ASX (including the securities in clause 2 if applicable) +class Number all 2,918,672,169 +Class Fully paid ordinary shares + See chapter 19 for defined terms. Appendix 3B Page 2 1/1/2003 Appendix 3B New issue announcement Number 9 Number and +class of all +securities