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Sundance still in discussions with Hanlong

22nd March 2013

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

  

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PERTH (miningweekly.com) – Iron-ore developer Sundance Resources on Friday said that it had met with Chinese suitor Hanlong Mining, and confirmed that the proposed takeover offer was still on the table.

“The company remains in incomplete and confidential discussions with Hanlong,” Sundance said on Friday.

It added that as part if this discussion process, Sundance would also further negotiate with Hanlong and China’s National Development and Reform Commission.

The Africa-focused Sundance this week suspended share trading on the ASX amid speculation that the A$1.38-billion takeover offer was in limbo, as Hanlong struggled to meet deadlines.

Reports also emerged that Hanlong founder Liu Han had been detained by police in Beijing, though the nature of the charges against him remained unclear.

Sundance shares remained suspended on Friday.

Edited by Creamer Media Reporter

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