Sundance to settle offtake agreements by year-end
KALGOORLIE (miningweekly.com) – Iron-ore developer Sundance Resources was confident that it would have offtake agreements in place for its Mbalam-Nabeba project, in Central Africa, by the end of the year.
The offtake agreement was expected to cover initial production of 35-million tonnes a year.
CEO and MD Giulio Casello said on the sidelines of the Diggers and Dealers conference that the term sheets for project equity and take-or-pay contracts would be issued to interested parties within the next two weeks.
Sundance on Wednesday issued tender documents relating to the financing and construction of the port and rail infrastructure for the Mbalam-Nabeba project, and Casello said contractors would have six weeks to clarify their desired involvement.
“The documentation has gone out to a wide-ranging number of tenderers, all of them internationally well-known and capable of doing this project. They will come back with a clarification on the engineering, procurement and construction documents,” he said.
In total, the interested parties would have a four-month period to register their interest and complete the tender process.
“The interest shown in our project from a wide range of potential investors, constructors and customers has been outstanding. This reflects both the high quality of the resource and the advanced nature of the project, which is now well and truly poised for development,” Casello said.
He noted that the company was hoping to bring Mbalam-Nabeba online in the tail end of 2017, allowing the company to benefit from an expected supply deficit in the iron-ore market.
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