Sundance Resources: Sundance prepares for arbitration over Congo mine project

Australia's Sundance Resources said on Thursday it was advancing its plans to start international arbitration proceedings against Republic of Congo after the African country cancelled its Nabeba iron ore project in December. Sundance, which delisted from the Australian Stock Exchange on December 21, said arbitration proceedings would be conducted under International Chamber of Commerce rules, before a tribunal of three arbitrators in London. A presidential decree issued on December 17 said Sundance's permit had been withdrawn for "prolonged insufficiency of exploitation manifestly contrary to the potential of the deposit" and a failure to pay royalties.