Sundance disburses 750 million Fcfa to Mbalam-Nabeba iron project

According to reliable sources, the young Australian mining company, Sundance Resources, has released 750 million FCfa for an amicable arrangement with shareholders of the Hold Co Sarl. The Cameroonian company which was created by Roger Bogne, founder and first Managing Director of Cam Iron, with which Sundance entered into business to develop the Mbalam-Nabeba iron ore located between Congo and Cameroon.

This is the reason why Hold Co Sarl, in addition to its 10% of Cam Iron’s capital, joined Congolese nationals to take 7% of Congo Iron’s capital, another company controlled by Sundance, which is leading the Mbalam-Nabeba iron ore development project (a potential 35 million tonnes to be mined over 25 years) on the Congolese side.

However, removed from his post as Managing Director of Cam Iron in 2012, Mr Bogne will be filing a complaint for “attempted fraud” against its partner, Sundance Resources, before the Douala District Court in the Cameroonian capital on the basis that, in 2011, Cam Iron ceded all its shares in Congo Iron’s capital to its majority shareholder, Sundance Resources, “without the knowledge of Cam Iron’s minority shareholder” – Hold Co Sarl headed by Roger Bogne.

While the case has been pending before the Cameroonian courts since 2012, Sundance announced on August 24, 2013 that it opted to settle amicably following the skirmish between its Cameroonian and Congolese partners. Officially, the fledgling Australian mining company that it will be handing over one million ordinary shares to the former managing director of its Cameroonian subsidiary, Cam Iron, Mr Bogne, in recognition of the “significant role” he played in the development of the Mbalam-Nabeba iron mining project.

According to our sources, this promise was made in the form of the disbursement of 750 million FCfa to Hold Co Sarl, the company headed by Cameroonian, Roger Bogne.