Reports have emerged that Sundance Resources Limited
(ASX:SDL) and its suitor, China’s Hanlong Mining, have moved a step closer to finalising a $1.4 billion takeover of the West African iron ore developer.
After announcing early this month its Financier Commitment letter from China’s development bank had been delayed, the letter has now been received according to the Wall Street Journal.
The letter is a vital next step in Hanlong’s drawn out buy out attempt of Sundance.
Once the letter is verified, the company’s will be able to present respective shareholders with the offer.
Owing to the delay, required funds are now unlikely to be secured by the end of the year.
Sundance Resources recorded a net loss of $25.3 million in the 2012 financial year.
