Sundance suitor to finalise bid

Company News

Sundance Resources Limited’s (ASX:SDL) Chinese suitor Hanlong Mining says it will finalise its drawn out $1.3 billion takeover bid in the next two months.

According to China’s official news agency, Xinhua, Hanlong has flagged the finalisation of the deal by early March.

The news comes as welcome relief following recent concerns over Hanlongs capacity to secure funding for the deal.

The Chinese company has now assured investors it is in a firm financial position to proceed.

Sundance Managing Director Giulio Casello says he hopes the statements from Hanlong will reduce market scepticism over the merger actually going ahead.

Sundance Resources booked a net loss of $25.3 million in the 2012 financial year.