AustSino Resources Inks MoU with Cameroon & Bestway
Upon termination of the placement agreement with Sundance Resources Limited AustSino Resources Group Ltd board undertook a review of its West Africa strategy and whether this was to remain the key focus of the company. The Board decided that it was important to gain first-hand 'on the ground' knowledge as to what was happening with respect to mining rights in the Republic of Congo and the Republic of Cameroon before it would be possible to make the necessary decisions regarding the way forward. The Company obtained the necessary Federal and State Government approvals to permit the Company's Chairman Mr Ding to visit West Africa. r Ding's discussions and the information gathered whilst in West Africa, has culminated in the Board determining that the Company's core strategy should remain on pursuing the investment into and development of mineral resources in West Africa. Part of this strategy involves working in collaboration with Bestway, who the Company was introduced to in January 2021. ANS is pleased to announce that it has now entered into a Memorandum of Understanding with the Government of Cameroon and Bestway.
The MOU contemplates the parties undertaking project development studies and other work with the aim of negotiating and executing binding agreements for the construction and operation of a Railway linking Mbalam and the Port Kribi, together with multimodal mineral harbour infrastructure that has a capacity of efficiently transporting, handling and processing approximately 1OO million tonne of iron ore per annum.
The Company, in collaboration with Bestway, will now begin necessary studies and advancing discussions to achieve the objectives outlined in the MOU. The key next step will be the Company undertaking in-country due diligence and feasibility studies to further understand the available opportunities and develop a working plan as to how the infrastructure would need to be designed, developed and utilised.