The Hanlong Group, a privately owned Chinese company, is planning to take over Australian mining company Sundance (ASX:SDL) early next year and gain control over the Mbalam iron ore project in central west Africa, China's official Xinhua News Agency reported Saturday.
Sundance Resources Mining News
Shares of Sundance Resources have been suspended from trading in anticipation of Hanlong Mining Investment's forthcoming USD 0.45-per-share bid for the company's stock. The offer was expected to be announced on Tuesday.
Sundance Resources said Thursday approvals for its Mbalam project are only likely to come in 2 months, further delaying a $1.4bn bid by Hanlong.
Australian mining firm Sundance Resources said on Thursday recent finds at its Mbalam iron ore project in Cameroon had more than doubled the amount of indicated resources in the area.