Name of the Project
Mbalam-Nabeba iron-ore project.

Location
The project is located between Cameroon and the Republic of Congo (RoC).

Project Owner/s
Sundance holds a majority interest in subsidiaries Cam Iron and Congo Iron, whose principal asset is the Mbalam-Nabeba project. The RoC expropriated the Nabeba mining permit in 2020. Cameroon subsequently issued the Mbalam permit to another party. Sundance’s principal activity is now centred on legal proceedings arising from those actions.

Project Description
Sundance completed a definitive feasibility study (DFS) for Stage 1 and a prefeasibility study (PFS) for Stage 2 in April 2011. The studies envisaged an integrated mine, rail and port development spanning Cameroon and the RoC.

Stage 1 proposed the production of direct-shipping-ore-quality sinter fines averaging more than 62% iron at 40-million tonnes a year for about 12 years using blended material from deposits in Cameroon and the RoC. 

Stage 2, which remains at PFS stage, would extend the operation by more than 15 years through the production of high-grade itabirite hematite concentrate at 35-million tonnes a year.

The proposed infrastructure comprises a 510 km rail line through Cameroon, a 70 km rail spur connecting the Nabeba mines, in the RoC, and a dedicated mineral export terminal designed to receive bulk iron-ore carriers of up to 300 000 t.

Potential Job Creation
Should the project proceed, Sundance expects that it would to create thousands of jobs, and significant direct and indirect business opportunities for local communities.

Net Present Value/Internal Rate of Return
The April 2011 feasibility studies estimated a nominal, after-tax and ungeared net present value of $4.3-billion at a 12.5% discount rate and an internal rate of return of 27.4%.

Capital Expenditure
The April 2011 DFS estimated Stage 1 capital development expenditure in 2010 at $4.69-billion in real terms in December 2010, with capital payback in three years from the start of production.

Planned Start/End Date
Not stated.

Latest Developments
Sundance reported on July 26, 2026, that an International Chamber of Commerce (ICC) arbitral tribunal had found that Cameroon breached its legal obligations to Cam Iron and Sundance with regard to their significant investment in the Mbalam-Nabeba iron-ore deposit. The tribunal also held that Cameroon breached the applicable arbitration agreement by failing to comply with a March 2022 emergency order prohibiting it from issuing the Mbalam permit to another party.

The tribunal awarded Sundance and Cam Iron damages, interest and costs totalling about $616-million. Sundance stated that, should Cameroon not voluntarily meet its payment obligations, a process would be required to enforce the debt.

In a separate matter, Sundance reported on January 27, 2026, that an ICC tribunal had dismissed all claims against the RoC after finding that the country had a legitimate basis for revoking Congo Iron’s exploitation permit because the project was not developed between 2016 and 2018. Sundance and Congo Iron have applied to the High Court of Justice, Commercial Court in London, to have the award set aside under section 68 of the English Arbitration Act 1996.

Key Contracts, Suppliers and Consultants
Clifford Chance (legal representative); Burford Capital (litigation funder); and Siddarth Dhar KC of Essex Court Chambers (legal representatives).

Contact Details for Project Information
Sundance Resources, tel +61 8 9220 2300 or email info@sundanceresources.com.au.