on August 3, 2012 by blogadmin in Cameroon News, Comments (0)

Hanglong Mining Gets Closer to Taking Over Sundance Resources: Cameroon News

The USD 1.3 billion takeover of Australia’s Sundance Resources by China’s Hanglong Mining is closer being a reality as Hanglong has cleared one of the key parameter, clearing some key terms with the government of Cameroon over development of the Mbalam iron ore project.

To further secure their takeover bid of Sundance, Hanglong needs the approval of Australian Foreign Investment Review Board before the 30th of June, 2012, Cameroon news media reports. After that would come the toughest part, requiring Hanglong to line up funding from China Development Bank by August end.

Cameroon’s part in this entire scenario is actually where this whole situation originates. Hanglong’s primary interest in Sundance is, in fact, due to the Australian mining concern’s USD 4.7 billion Mbalam iron ore project situated on the border of Congo and Cameroon. Iron ore is a resource that China sorely needs a direct access to in order to reduce dependence on Brazil and Australian. However, the hiccup is that even in view of the Chinese government’s strong inclination to tapping new sources of iron ore in Africa, China Development Bank has so far failed to give its blessing—or funding, for that matter—to the AUD 1.34 billion bid by Hanglong.

Representatives of CDB, approached for comment, said that the bank was Cameroon and Congo to seal mining agreements.

Mr George Jones, the Chairman of Sundance Resources stated, “We now look forward to finalising the remaining elements of the (agreement) and paving the way for the people of the republics of Cameroon and Congo to reap the benefits of this world-class project.”

Sources within China, on the other hand, indicate that China Development Bank is being extremely conscious about financing or investing into large ventures involving a privately owned Chinese company in the current business scenario.

The good news for the deal is that diplomatic channels between Cameroon and China have been opened up to address this situation. Cameroon’s Prime Minister Philemon Yang has recently written to Chinese premier Wen Jiabao calling for China’s support on the deal and hence on the Mbalam project. While the Cameroon mining sector is a major force of development in general, the Mbalam iron ore project is particularly crucial to the Central African nation as the entire project also includes building a 510 kilometers long railway line and a deepwater port.

Cameroon News: World Cup Qualifiers: Victory in First Match Brings Relief to Cameroon Football Fans

on June 6, 2012 by blogadmin in Cameroon News, Cameroon Sports, News, Comments (0)

Cameroon football fans have something to cheer about. The weekend’s encounter against the Democratic Republic of Congo may not have broken any records in terms of goals scored, and neutral […]

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Cameroon Football Star Samuel Eto’o Scores First Hat Trick with Anzhi

on May 12, 2012 by blogadmin in Cameroon Sports, Comments (0)

Cameroon football international and Anzhi Makhachkala striker Samuel Eto’o recorded his first hat trick with the Russian club on the 28th of April,  against Lokomotiv de Moscou. Cameroon football star […]

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Cameroon News – 2012 Olympics Teams to be sponsored by Puma

on March 6, 2012 by admin in Cameroon News, Cameroon Sports, News, Comments (0)

PUMA declared,in the Cameroon news media; that Cedella Marley, well known and popular fashion designer and offspring of Jamaican reggae superstar Bob Marley , will plan, design and create the Jamaican […]

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Cameroon News – 200 Elephants killed by Poachers

on February 26, 2012 by admin in Uncategorized, Comments (0)

Cameroon 2012_ The Cameroon administration has stated in the Cameroon news media that poachers have already killed more than 200 elephants in this year, which is an upsetting number taking […]

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The Republic of Cameroon – République du Cameroun

on February 16, 2012 by admin in Cameroon Travel, Comments (0)

The Republic of Cameroon is a member of both the Commonwealth of Nations and La Francophonie. In this nation, customs are rich and lively. They are apparent in the variety […]

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Tourism in Cameroon

on February 8, 2012 by admin in Cameroon Travel, Comments (0)

Cameroon, well known for its tourism, is officially known as the Republic of Cameroon is a country situated in west Central Africa. When it comes to traveling, it is a […]

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Winner’s Chapel International – Helping the Community

on January 25, 2012 by admin in Cameroon News, Douala Cameroon, News, Comments (0)

Douala: A large number of folks continue to receive health, accommodation, dietary and fiscal help from Winner’s Chapel International.  Over a few weeks a large number of the people in […]

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Cameroon Mining: Newly Discovered Diamond Mines Bring Hopes of Development

on January 3, 2012 by blogadmin in Cameroon News, Comments (0)

The recent discovery of previously untapped diamond mines in Eastern Cameroon has had the Cameroon news media in a virtual frenzy, but that’s not all. The local residents, whose standard […]

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The Indomitable Lions of Cameroon Go on Strike

on December 25, 2011 by blogadmin in Cameroon News, Comments (0)

The national football team of the Republic of Cameroon has gone on strike and has refused to travel for a friendly match against Algeria, saying they haven’t been paid the […]

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