(Ecofin Agency) - Miner Sundance Resources raised $AU80 million (about US$57.8 million) to advance its Mbalam-Nabela iron project, at the border separating Cameroon and DR Congo, and purchase new assets. The fundraising happened through a two-tranche placement of 615.4 million shares, at AU$0.13 per share.

Moreover, the firm revealed eligible shareholders in Australia and New Zealand, a share purchase plan for a maximum of AU$15 million (about US$11.5 million) per shareholder, at $0.13 per share. However, the plan will have to be approved by shareholders.

Let’s recall that in February, Sundance Resources raised AU$16.5 million (about US$10.8 million) to finance part of its operations.

The Mbalam-Nabela project covers 1,740 km2 and includes a two-stage exploitation of the Mbalam and Nabela deposits which are in Cameroon and Congo respectively. Sundance Resources aims to produce in 35 million tons of Direct Shipping Ore, per year, for 12 years, in the first stage. In the second, it intends to extend the life of the project by 15 years by producing a high-grade concentrate of itabirite hematite.

Louis-Nino Kansoun