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article in todays west australian

  1. 200 Posts.
    Hope this works, Trying to attach an article in Todays West Australian. I think it sums things up pretty well, what do you think?


    Sundance's aviser, Azure
    Capital. The iron ore hoPeful is
    aiming to announce more detail
    on a way forward bY the end of
    this year.
    As Gindalbie Metals
    chairman,Mr Jones has form.
    Gindalbie has alreadY gone
    down the Partner route,with
    Ansteel building a mill in China
    specihcally to be fed with ore
    from Gindalbie's Kararam ine
    in the wlt's Mid-Vest. Ansteel
    not only owns a big chunk of
    Gindalbie but also half of
    Karara, ensuring the steel
    maker's inPut needs are secured
    for the duration of Karara's life.
    Sundance g'si ant resource
    means it is being marketed as
    the biggest undevelod iron
    ore project in the world not
    controlled by the majors' Critics
    will argue that there's a reason
    why the maiors have not
    touched it, such as develoPment
    costs, grade and so on.
    A patient Sundance, however,
    remains confident Mbalam will
    be sought after in a changing
    world that is affected by the
    financil crisis,consolidation
    amongst he Producers of
    high-quality iron ore and an
    increased willingness bY steel
    makers to also own equitY in
    their iron ore suPPlY.
    o The market turmoil maY have
    frightened most miners but it's
    nod to see at least one of them
    is still pushing ahead with a
    drilling program.
    And the effort is being
    rewarded. united Minerals
    Corp's latest hits at its RailwaY
    Easf proiect in the Pilbara
    incluhed 28m grading 60.5 Per
    cent iron. Given the RailwaY
    proiect's location (surrounded
    6v BHP Billiton) and consistent
    high grades and low imPurities,
    UN{C shouid not be short of
    oDtions when it comes to
    deciding how to monetiseit s
    asset.
    o Last WednesdaY maY go
    down in history as the daY
    (Australian time) Barack
    Obama was elected US
    president, but for Ian Walker's
    Carbon Energy it was equallY
    momentous becauseit marked
    the first day of
    commercial-scaPlero duction
    volumes from the comPanY's
    Bloodwood Creek underground
    coalg asif,rcatioPnr oiecti n
    Queensland.
    It is but a small step in
    CarbonE nergY'se ffortst o
    proveu p its sYngaPs rojectI.t
    also marked the first daY of a
    100-day$, 20m illion trial to
    provei ts commerciasl cale.
    peter'[email protected] sorts Gindalbie,
    nowfor Mbalamd eal
    to-"I";-&
    PETER KLINGER ..I
    WA mining's man of the
    moment,G eorgeJ ones,
    doubling as the Sundance
    Resourcecsh airman,s Pentt he
    tail end of last week with his
    managingd irectorD on Lewis
    in Cameroonm eetinga nd
    greetingd ignitariesa ndt rying
    io advanceth e Perthj unior's
    Mbalam proiect.
    Mbalam'sc hallengehs ave
    beenw ell documenteda nd
    focusa lmoste xclusivelYo n the
    infrastructurea sPectos f its
    developmenPt lan.\ fith a 2.4
    billion inferred hemattte
    resourceM, balam'ss caleis not
    up for debate, although the
    averageg radeo f 40 Per cent
    iron will require beneficiation.
    The big stumbling block, of
    course' is finding the finance for
    the $US3.3b illion ($5b illion)
    proiect, of which almost half is
    accountefdo r by a rail link to
    Cameroon'sc oast.I n this
    credit-challengedw orld, the
    task is a stiff one for the $216
    million-valued Sundance.
    Aware of its limitations,
    Sundanceh ass tartedm arketing
    Mbalam to Potential offtake
    partiesT. he Pitchr uns:s triP
    but the financiatlu rmoil
    engulfing much of the world
    and takea 20 Plus-Yeavr tew.
    Steel mills will continue to
    chaselo ng-term,r eliableir on
    ore feed, which is how
    Sundanceis sellingM balamt o a
    potential Proiect Partner.
    Information memorandums
    have been sent out bY
    ffihi"',K",","project.GeorgeJoneschairsbothGinda|bieandSundance.
 
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