Sundance to raise $40m for Mbalam

Sundance Resources has announced a $40 million capital raising to undertake early port and rail woks for its Mbalam iron ore development straddling the border of the Republics of Cameroon and Congo.

The company announced today a share placement by way of an accelerated bookbuild managed by UBS and GMP Securities.

Sundance said the funds would assist it to undertake early port and rail works, continue exploration drilling and provide general working capital.

Sundance is seeking to ramp up production at Mbalam to 35 million tonnes per annum of direct shipping ore for the mine’s first ten years.

At close of trade today, Sundance stocks had slipped 5 per cent, trading at 37.5 cents.