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Shareholding change in project between Cameroon and Congo!

A change of shareholding at Mbalam and Nabeba, an iron ore extraction project between Cameroon and Congo, has been authorized by Sundance Resources.

Shareholding change in project between Cameroon and Congo!

Sundance Resources is making a change of shareholding in Mbalam and Nabeba, an iron ore extraction project between Cameroon and Congo. The definitive feasibility studies for the Mbalam and Nabeba projects, which involve the construction of a 70-kilometer rail line that will connect 510 kilometers of railway in Cameroon to the Nabeba mines in Congo, were completed in 2011.

Sundance's shareholder structure has changed, with Hanlong Resources Ltd. acquiring a 15% stake in the leading minerals company, and Hanlong Resources Ltd. became the major shareholder of the company by a resolution effective March 12, 2024.

After slowing down due to the Covid-19 outbreak, project activities are expected to be reactivated in 2024. With the start of Mbalam and Nabeba, economic and infrastructural developments in the region are expected to accelerate.

These developments are expected to be supported by local companies contributing to iron ore mining, which is expected to make significant contributions to the region by revitalizing the local economy, and the infrastructure projects mentioned in related to these activities.

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SteelRadar Insight - Sayı 1 (Haziran 2024)

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