The West

Hanlong locks in finance for Sundance takeover
Hanlong locks in finance for Sundance takeover

China's Hanlong Mining has locked in deals securing loans to help it finance its $1.37 billion takeover offer for Australian iron ore company Sundance Resources.

Hanlong has secured a commitment from China Development Bank to provide a debt facility of up to $1.02 billion and another from Bank of Deyang Co to help finance the balance of the takeover offer.

Sundance, in a statement, said its board was satisfied with the terms of the financing agreements organised by Hanlong.

It said Hanlong also was expected to lodge more information with the Australian Securities and Investments Commission (ASIC) in coming days.

"Sundance and Hanlong are continuing to work towards holding a Scheme meeting, at which the SDL (Sundance) shareholders will be given the opportunity to vote on the terms of the scheme (implementation agreement), later this year," Sundance said.

Shares in Sundance, which have been suspended from trading since October 1, are due to resume trading at 7am.

Hanlong lowered its takeover offer for the Africa-focused iron ore hopeful by one fifth in August following falls in iron ore prices.

The West Australian

Latest News From The West

Popular videos

Our Picks

Follow Us

More from The West