Hanlong Mining to Acquire Sundance for $1.5bn

19 July 2011 (Last Updated July 19th, 2011 18:30)

Hanlong Mining has made a conditional proposal to acquire 100% of Sundance Resources for a total value of A$1.4bn (US$1.5bn). According to the transaction, Hanlong will acquire all the shares of Sundance Resources for $0.53 per share. Sundance Resources is negotiating with pot

Hanlong Mining has made a conditional proposal to acquire 100% of Sundance Resources for a total value of A$1.4bn (US$1.5bn).

According to the transaction, Hanlong will acquire all the shares of Sundance Resources for $0.53 per share.

Sundance Resources is negotiating with potential strategic partners for a possible joint venture, financing and offtake arrangements to develop its Mbalam iron ore project in the Republic of Cameroon and Nabeba iron ore project in Congo.

Currently, Hanlong Mining holds an 18% stake in Sundance Resources.

Sundance chairman George Jones said the firm has the vision, passion and technical expertise to develop the Mbalam project, which will produce 35Mtpa of high-grade hematite.