The Sundance Resources saga took an unusual turn last week with an AU$40-million cash injection via unsecured convertible notes. It came from Ukrainian mining billionaire Gennadiy Bogolyubov.
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Sundance Resources Ltd. (ASX:SDL) announced that its subsidiaries, Cam Iron SA and Congo Iron SA, have signed a 10-year offtake agreement with Noble Resources International Pte Ltd., a global commodities trader.
Reuters reported that Exxaro Resources Ltd. (OTCMKTS:EXXAY), a South African company, has been awarded a permit to begin production at the Mayoko iron ore mine, located in the Republic of the Congo.
Mining and commodities giant Glencore Xstraa Plc (GLEN) will proceed with a study into an iron mine in the Republic of Congo costing up to $3 billion, Bloomberg reported.
South Africa-based Exxaro’s (OTCMKTS:EXXAY) plans to develop an iron ore mine in Congo (Brazzaville) and a coking coal project in Queensland, Australia are progressing on schedule, Steel Guru reports via Argus.
The Chinese steelmaking sector is improving, which has put upward pressure on iron ore prices.
Despite predictions of weaker prices, the world’s leading producers are sticking by their plans to open new mines and expand their current operations.
Mining Weekly reported Waratah Resources (ASX:WGO) reported an update on the Youkou and Mekambo-Est iron project on the border of Gabon and Congo.
Junior miners are stepping up to the challenge of unearthing West Africa’s world-class iron ore deposits.
Reuters reported junior miners are pushing ahead with plans to tap West Africa’s iron ore resources and break into the lucrative market for the steel-making ingredient despite tough market conditions.