Australian Market Report of September 14, 2010: Sundance Resources Limited (ASX:SDL) and China Harbour Engineering Enter Into Memorandum of Understanding (MOU)
Sydney, Sep 14, 2010 AEST (ABN Newswire) - Sundance Resources Ltd (ASX:SDL) and China Harbour Engineering Company Ltd ("CHEC") have entered into a Memorandum of Understanding (MOU) to establish the scope, cost and delivery programme for the proposed bulk materials port at Lolabe, Republic of Cameroon. The Port is needed to support Sundance's Mbalam Project in Cameroon and Congo, West Africa. The MOU's key agreement commits the Parties to work together to establish a scope, cost and programme for delivery of the Lolabe Port Project and terms of an EPC Contract under which CHEC would deliver the Port Project.
New Hope Corporation Limited (ASX:NHC) has agreed to acquire an initial 25% equity interest in a 25 year, exclusive worldwide, licensed technology, creating high value carbon products using a direct coal liquefaction process. The process has superior environmental performance over many of the competitor technologies and can be upgraded to produce synthetic crude oil (SCO) and high grade synthetic coke with high carbon conversion rates from a range of coal types. NHC's initial equity investment will fund the commercialisation program and NHC has the right to acquire up to 51% equity in the technology at agreed costs.
Nucoal Resources NL (ASX:NCR) (PINK:NCKLF) today announced a project update on the Doyles Creek Project. The initial coal quality analyses for the four initial deep holes (DCM001, 002, 003 and 004) have been completed. The results confirm that the main target seams - Whybrow, Redbank Creek, Whynot and Woodlands Hill can all be produced to satisfactory marketable specification with yields within, or better, than Industry expectations. The Whynot Seam quality is exceptional - a very high yielding (>93%), very low ash, semi soft coking coal product. Three drill rigs are now operating at Doyles Creek, these will provide the relevant geological and hydro-geological information needed to meet the announced project timeline.
Australian resources and investment company, Cape Lambert Resources Limited (ASX:CFE) is pleased to announce assay results from eight (8) of the first nine (9) diamond drill holes from the recently completed drilling program at its 80% owned Mayoko Iron Ore Project, located in the Republic of Congo. Assay results confirm supergene hematite cap and enriched banded iron formation (BIF) extending up to 40m and 75m below surface respectively. Drilling shows additional supergene hematite present outside of previously reported Inferred Mineral Resource including 20m at 56.1% Fe from 4m in drill hole MKDD001.