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BRIEF-Sundance Resources Says Republic Of Congo Issued Decree To Withdraw Mining Permit From Unit

Published 16/12/2020, 12:39 pm
© Reuters.
SDL
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Dec 16 (Reuters) - Sundance Resources Ltd SDL.AX :

* SUNDANCE RESOURCES LTD - MARKET UPDATE - CONGO AND CAMEROON-SDL.AX

* BECAME AWARE ON 7 DEC REPUBLIC OF CONGO ISSUED DECREE ON 30 NOV TO WITHDRAW MINING PERMIT FROM UNIT CONGO IRON

* CONSIDERS CONGO BREACHED NUMEROUS PROVISIONS OF MINING CONVENTION DATED 24 JULY 2014 BETWEEN CONGO AND CONGO IRON

* CONGO IRON IS NOW COMMENCING FORMAL DISPUTE RESOLUTION PROCESS PROVIDED FOR IN CONVENTION

* IF DISPUTES ARE NOT RESOLVED WITHIN 60 DAYS CO & UNITS TO START INTERNATIONAL ARBITRATION PROCEEDINGS TO PURSUE FULL COMPENSATION

* FURTHER, WITHDRAWAL BREACHES CONGO'S UNDERTAKING NOT TO EXPROPRIATE ALL OR PART OF ASSETS OF CONGO IRON

* CO BEEN IN DISCUSSIONS WITH ASX AND AGREED CO'S SHARES TO BE DELISTED AS AT CLOSE OF TRADING ON 21 DEC

* CONSIDERS CAMEROON HAS BREACHED CERTAIN OBLIGATIONS OWED TO SUNDANCE AND CAM IRON UNDER TRANSITION AGREEMENT DATED 30 JUNE 2015

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