Hanlong raises offer for Sundance
- Publishing Date
- 04 Oct 2011 12:59pm GMT
- Author
- Mining Journal
The board of Sundance Resources Ltd has unanimously recommended an offer from Hanlong Mining Investment Ltd, after the Chinese company increased the value of its bid to A$1.65 billion (US$1.58 billion).
The price of A$0.57/share represents a 65% premium to the Cameroon iron-ore explorer’s share price immediately prior to the original offer of A$0.57/share.
In a statement, Sundance directors described the new bid as “attractive”, and recommended shareholders vote in favour of the scheme of arrangement.
Hanlong became the company’s largest shareholder in March, when it purchased all of the shares out of the late Ken Talbot’s estate.
Sundance’s Mbalam iron-ore project contains high-grade hematite resources of 521.7Mt at 60.7% Fe, and a further 2,300Mt of Itabirite hematite resources at 38% Fe.
The project is forecast to produce 35Mt/y Direct Shipping Ore (DSO)-quality for ten years in stage one.
It is anticipated that the deal will be complete by May 2012.
The price of A$0.57/share represents a 65% premium to the Cameroon iron-ore explorer’s share price immediately prior to the original offer of A$0.57/share.
In a statement, Sundance directors described the new bid as “attractive”, and recommended shareholders vote in favour of the scheme of arrangement.
Hanlong became the company’s largest shareholder in March, when it purchased all of the shares out of the late Ken Talbot’s estate.
Sundance’s Mbalam iron-ore project contains high-grade hematite resources of 521.7Mt at 60.7% Fe, and a further 2,300Mt of Itabirite hematite resources at 38% Fe.
The project is forecast to produce 35Mt/y Direct Shipping Ore (DSO)-quality for ten years in stage one.
It is anticipated that the deal will be complete by May 2012.
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