29/06/2012 - 10:28

Sundance extends deadline for Hanlong takeover

29/06/2012 - 10:28

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Sundance extends deadline for Hanlong takeover

Sundance Resource has extended the deadline for China's regulatory watchdog to approve Hanlong Mining's proposed $1.7 billion takeover bid.

A one-month extension was requested by China's National Development and Reform Commission to allow it more time to review key terms of the Mbalam iron ore project agreement between Sundance, Hanlong and the Cameroon government; the increase in resources at Mbalam; and Australian regulatory approval of the tie-up.

Sundance chairman George Jones said there was a substantial amount of new information for NDRC to review after significant progress was made on the Mbalam development.

“This progress, while delaying provisional approval from NDRC, means we are significantly closer to completing the SIA in November as planned,” Mr Jones said in a statement.

Hanlong chairman Liu Han said discussions with the NDRC had been productive and was confident the company would achieve the required approvals.

At 10:20AM, WST, Sundance shares had slipped 4.3 per cent, trading at 33.5 cents.

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