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$10m placement from Sundance

PERTH-BASED iron ore hopeful, Sundance Resources Ltd, has raised $10 million through a placement to AMCI Holdings Pty Ltd and associated resources fund Triangle Resources Fund. AMCI, which is also backing the Pallinghurst bid for Consolidated Minerals Ltd, has had a long association with Sundance chairman George Jones through principal Hans Mende. The placement comes after coal baron Ken Talbot and property investor Ralph Sarich each bought $20 million worth of Sundance shares in a $50 million placement last month. The company plans to use the money to accelerate work on its Mbalam iron ore project in Cameroon, held by its 90 per cent owned subsidiary, Cam Iron SA. In other corporate finance news, West Perth-based base metals miner, Vulcan Resources Ltd, raised $52 million ahead of its debut on the Oslo over-the-counter market this week. Vulcan shareholders took up $15.5 million through a rights issue while $33.5 million was raised from clients of Scandinavian stockbroking group, Pareto Securities, Oslo, through its guarantee to place the rights issue shortfall. Perth mineral sands miner Iluka Resources Ltd has delivered on its promise to sell its Narama coal assets, with Xstrata Coal to pay $53 million for full ownership of the mine. Staff reporters

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