Sundance Resources has appointed China's largest investment Bank, CITIC Securities, to help secure debt and equity funding for its Mbalam iron ore project in West Africa.
Sundance Resources has appointed China's largest investment Bank, CITIC Securities, to help secure debt and equity funding for its Mbalam iron ore project in West Africa.
CITIC will take over current talks between Sundance and several Chinese investment groups which are interested in the project.
Sundance has a long-standing relationship with CITIC Australia, dating back to the Koolyanobbing iron ore joint venture with Portman Mining in the 1990s.
Mr Jones said the appointment highlighted the company's determination to urgently press ahead with the development of Mbalam.
"CITIC Securities' involvement will help with the vast array of potential funding options available to the Mbalam project in China.
"This builds on the partnerships we have recently put in place with two leading Chinese infrastructure groups covering the Port and Rail infrastructure required to support the Mbalam development.
"I am looking forward to working closely with CITIC Securities towards achieving a successful outcome for the Mbalam Project," said Mr Jones.
See company statement below:
International iron ore company Sundance Resources Limited (ASX: SDL) is pleased to advise that it has appointed China's largest investment bank, CITIC Securities Co Ltd, to assist in securing both debt and equity funding in China for its Mbalam Iron Ore Project in West Africa and associated infrastructure.
As part of its mandate, CITIC Securities will take up discussions currently underway between Sundance and several Chinese investment groups which have expressed strong interest in the Mbalam Project.
CITIC Securities has top rankings in the Chinese capital markets across its principal business areas of securities brokerage, investment banking and asset management. CITIC Securities is the investment banking arm of CITIC Group, one of the largest conglomerates in China. CITIC and its subsidiaries operate in China and various parts of the world including Australia and Africa.
Sundance's Chairman, Mr. George Jones, has a long-standing relationship with CITIC Australia, the subsidiary of CITIC Group, dating back to the Koolyanobbing Iron Ore Joint Venture with Portman Mining Ltd in the 1990's.
Mr. Jones said Sundance's appointment of CITIC Securities highlighted the Company's determination to press ahead with the development of Mbalam with a sense of urgency.
"Mbalam has outstanding potential and therefore we are doing everything we can to
accelerate its development," Mr. Jones said.
"CITIC Securities' involvement will help with the vast array of potential funding options
available to the Mbalam project in China.
"This builds on the partnerships we have recently put in place with two leading Chinese infrastructure groups covering the Port and Rail infrastructure required to support the Mbalam development. I am looking forward to working closely with CITIC Securities towards achieving a successful outcome for the Mbalam Project.
"This will also be high on the agenda of our new CEO, Giulio Casello, who starts with us on 8 November and will hit the ground running as we work hard to bring a lot of different elements together by no later than March next year to get construction of this world-class project underway."