Reuters reported that POSCO the world third biggest steelmaker is not in talks with Sundance Resources over the latter USD 4.6 billion iron ore project in West Africa.

The source told Reuters, declining to be named as he was not authorised to talk to the media that "We previously met Sundance Resources (on the project) but are not currently in talks with the company on it."

Sundance Resources said on Wednesday that it had shortlisted potential partners for its Mbalam iron ore project which is developing deposits in Cameroon and the Republic of Congo in time to begin rail and port works before the end of 2011.

(Sourced from Reuters)