Sundance suitor requires Chinese partner

Company News

Sundance Resources Limited’s (ASX:SDL) acquisition by Hanlong mining has again been delayed after  China’s National Development and Reform Commission (NDRC) imposed conditions on the suitor before it granting approval.

The NDRC has ordered Hanlong to find a Chinese partner to aid the development of the $4.7 billion Mbalam iron ore project in West Africa.

The condition was imposed by the NDRC in granting a six month extension to the provisional approval of the acquisition, now set at July 30.

Sundance says it is of the understanding Hanlong must sufficiently advance an agreement with a large Chinese parter before China’s Development Bank will issue its Credit Approved Term Sheet for the drawn out acquisition.

Sundance Resources reported a $25.3 million loss in the 2012 financial year.