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According to someone who has read the Ocean broker's report, IMIC has set out key milestones on the successful acquisition of Afferro for the development of the Nkout project. The first objective is to renew the Djoum III (Nkout) license by the 18th Jul’13. Two points spring to mind. The first is that if it needs renewing Afferro ought to have this in hand already. The second is that if IMIC want to do it themselves they're going to need to get a move on with formalising their bid.

Ian Cowie at the Daily Telegraph has spotted that trend too: http://blogs.telegraph.co.uk/finance/ianmcowie/100024005/are-investors-missing-the-next-global-mega-trend-because-of-bad-media-coverage/

Sundance are looking at three options. Before the Hanlong deal, their strategy was to joint venture with a Chinese steel mill or another substantial steel player. This would be a joint venture at the asset level, where the steel mill or other large player buys into the asset and develop it together. They've resumed looking for such a joint venture partner. They're also looking at a low capital strategy where the port and rail is provided by an infrastructure provider and they pay them a tariff. Then Sundance would provide funding for the development of the mine only. The third option is a take-over. They're not actively looking to be acquired but would evaluate any approach along with the other options. See full details at http://www.sundanceresources.com.au/IRM/Company/ShowPage.aspx/PDFs/2579-53148789/OpenBriefingHanlongDealandProjectOutlook

http://www.proactiveinvestors.co.uk/columns/sp-angel/12665/todays-market-view-including-kefi-minerals-north-river-resources-solgold-sundance-resources-and-others-12665.html Note the suggestion of linking with AFF as a possible way forward.

The suggestion is that IMIC have access to funding well beyond the declared current level. The whole IMIC/AIOG business plan seems to involve fronting for heavyweight Chinese as well as Western financial interests. It may also be that there is scepticism about AFF being the real target rather than about the apparent lack of funds. I am, of course, only speculating and may be wildly out in doing so.

No need to apologise to me, dear chap, I was simply putting up my own personal umbrella for when the Intellectual Property police come knocking. What I was trying to say was that both IMIC and AFF have described IMIC's interest as a straightforward takeover. AFF make it clear that POSCO Africa are the ones interested in a JV/project level investment. Still, I'm now beginning to worry that IMIC might move its interest from AFF to Sundance which, after all, comes with the Iron Ore port contract (through CAMIRON) and the rest of the infrastructure Convention as well as a resource of considerable size. Oh and an agreement with a neighbouring country too which fits with the professed regional ambitions of AIOG/IMIC. That would leave AFF free to negotiate with POSCO so not the end of the world.

If one reads IMIC's strategy document one might discount the umbrella idea (JV) simply because IMIC says it intends to get into the business of mining for itself. The AIOG strategy on the other hand is, as I understand it, to draw on all miners in its area of infrastructure interest under its umbrella (i.e. to pay up front pro rata) not just one or two. Of course, I haven't read the Ocean report because I don't fall within Articles 19, 47, 48, 49, 50 or 51 of The Financial Services and Markets Act 2000 (Financial Promotions) Order 2001 and Schedule 11 to the Financial Services and Markets Act 2000. If I did, I would expect to read that it is definitely advertising material put together and distributed on behalf of IMIC themselves and so indicates that they paid for it and are serious about this bid.

Thank you for that. IMIC is clearly still very relevant. I recall that in FY 2012 they spent over $1m on adviser fees relating to their potential approach. That's on top of the shares purchased and added to with options this FY. Now that Hanlong has had the elbow from Sundance perhaps we can look forward to something substantive being announced.

Ocean Equities kicked of coverage of AIM-listed company IMIC (LON:IMIC), which it reckons has set itself apart from the pack. The company develops mining infrastructure in Central and West Africa, mainly railways and seaports along with its partner African Iron Ore (AIOG). Ocean said: “Unlike the majority of current African iron ore developers who are looking to Chinese steel companies as potential investors and joint partners in the iron ore projects themselves (see for example Sundance and Hanlong), IMIC and AIOG are looking to China Inc as construction partners/contractors, and have already reached agreements with a number of key partners in China, including suppliers of rail, port, power and processing plants.”

Certainly the appointment of Bank of America Merrill Lynch to oversee the putative bid is a statement of intent.

"Whether it will or won’t land this particular deal is difficult to say at this stage". www.proactiveinvestors.co.uk/companies/news/55451/international-mining-infrastructure-corporation-thinking-big-55451.html

http://www.proactiveinvestors.co.uk/companies/news/55451/international-mining-infrastructure-corporation-thinking-big-55451.html

"The Company is currently in advanced discussions with International Mining and Infrastructure Corporation (“IMIC”) an AIM listed investment company focused on mining and related infrastructure, and POSCO, a South Korea-based multi-national engaged in the steel manufacturing industry. IMIC is interested in acquiring the entire issued share capital of the Company while POSCO is interested in investing at project level through a joint venture agreement. Both parties have the capability to contribute to the infrastructure solution that is required to unlock the potential of the Nkout Project." They are not mutually exclusive.

The Company is currently in advanced discussions with International Mining and Infrastructure Corporation (“IMIC”) an AIM listed investment company focused on mining and related infrastructure, and POSCO, a South Korea-based multi-national engaged in the steel manufacturing industry. IMIC is interested in acquiring the entire issued share capital of the Company while POSCO is interested in investing at project level through a joint venture agreement. Both parties havehttp://www.onlinetradingservices.co.uk/?offer=1224&uid=71549&tag=sharepricelink the capability to contribute to the infrastructure solution that is required to unlock the potential of the Nkout Project.

"(“Nkout Project”), which is 100% owned by Afferro subject to the Government of Cameroon having a right to receive a 10% free carried interest in the share capital of the project operating company, and to increase the said 10% interest up to 30% according to mutually agreed conditions. Under the recently negotiated Mbalam Convention, the Government of Cameroon negotiated with Sundance Resources Ltd a further 5% interest (in total 15%) by way of a loan participation." There's another incentive for the Government to take the Hanlong funding failure as an opportunity to withdraw from the Mbalam Convention.

"Today is the day Sundance Resources has the freedom to say goodbye to Hanlong Mining once and for all," Read more: http://www.businessspectator.com.au/article/2013/4/3/health-and-pharmaceutical/breakfast-deals-medibank-melee#ixzz2PLUQ5x7s

Welcome back after the Easter Break with positive news from China and South Korea. http://www.reuters.com/article/2013/04/01/us-china-economy-pmi-idUSBRE93000N20130401

It's taken this long, in my opinion, because of the slow unwinding of the Sundance/Hanlong t/o and the background positioning of AIOG to take on their infrastructure remit. I'm expecting to read about a new MOA sometime after 8 April. For an understanding of just how tied in IMIC is with AIOG a read of today's IMIC RNS is recommended. By coincidence, maybe, the average price paid by IMIC for its shares so far is almost exactly (as far as I can tell) the cash value: 57.22p.

I calculate that the average price paid by IMIC so far for the AFF shares it holds is 57.22p. Last price paid as I type was 63.6p, noting also that there is additional to pay on contingent events.

In the IMIC RNS notes there is the following encouragement: "The acquisition of the shareholdings in Afferro are subject to additional consideration should certain conditions be triggered. Given the sensitive nature of the ongoing negotiations on the takeover, the current estimate of this contingent liability cannot be precisely calculated."