China’s Hanlong Mining has become the largest shareholder in Sundance Resources Ltd (ASX:SDL) after buying a $19 million stake.
The estate of Ken Talbot has sold its complete 15.95 per cent stake in Africa-focused iron ore explorer Sundance to privately owned Hanlong.
The purchase of 433.79 million shares for 44 cents each, brings Hanlong’s interest in Sundance to 19 per cent.
Sundance chairman George Jones says that the company perceives the transaction positively and, it is an indication of Chinese interest in the group’s operations.
Hanlong’s chairman and head of iron ore business Peter Mansell says Hanlong will be a supportive shareholder and assist Sundance in fast-tracking its infrastructure and mine development plans.
Last year Mr Talbot was one of six Sundance executives who lost their lives when their plane crashed after taking off from Cameroon in West Africa.
In 2010 financial year Sundance Resources booked a net loss of $9.2 million.
