Sun sets on Sundance deal

Company News

Sundance resources (ASX:SDL) looks set to scrap its long fought deal with China’s Sichuan Hanlong Mining.

After nearly two years in the works, the $1.3 billion takeover has hit another stalemate.

Last week Hanlong chairman, Liu Han, was accused of money laundering.

Even more serious allegations have since surfaced, in relation to a triple murder.

Chinese reports say the businessman is being questioned for allegedly hiding his brother, a murder suspect, from police. 

Given this latest development, it appears virtually impossible for Hanlong to produce an approved term sheet from financier China Development by tomorrow’s deadline.

Sundance resources last turned in a $14 million net loss to  December 31st.