Hanlong seeks deal extension
Source: Agencies |
December 4, 2012, Tuesday
|
Print Edition
Print Edition
CHINA'S Hanlong Group has sought to extend the timetable to close its long-delayed US$1.4 billion takeover of Sundance Resources, the Australian company said yesterday.
Hanlong has told Sundance it will not be able to deliver key paperwork by December 13 as initially agreed because China Development Bank, which is providing the majority of funding for the deal, has requested further information.
Sundance said it has not agreed to amend the timetable for the deal, which was due to close on January 8, and was seeking more details from Hanlong.
Sundance was targeted last year by Hanlong for its US$4.7 billion Mbalam iron ore project on the border of Cameroon and the Republic of Congo, a new source of iron ore that could help trim China's dependence on the big three iron ore producers, Vale, Rio Tinto and BHP Billiton.
The takeover has dragged on amid CDB's reluctance to sign off on a loan for the deal and earlier delays in securing mining deals with the governments of Cameroon and Congo.
The bank eventually agreed in October to provide a debt facility of up to US$1.02 billion, subject to credit approval processes.
Hanlong also received a loan commitment from the Bank of Deyang for the remainder.
However, Sundance said yesterday that CDB has requested a review of the just signed Cameroon Convention and of the anticipated Congo Mining Permit before it provides the term sheet for the deal.
Hanlong has told Sundance it will not be able to deliver key paperwork by December 13 as initially agreed because China Development Bank, which is providing the majority of funding for the deal, has requested further information.
Sundance said it has not agreed to amend the timetable for the deal, which was due to close on January 8, and was seeking more details from Hanlong.
Sundance was targeted last year by Hanlong for its US$4.7 billion Mbalam iron ore project on the border of Cameroon and the Republic of Congo, a new source of iron ore that could help trim China's dependence on the big three iron ore producers, Vale, Rio Tinto and BHP Billiton.
The takeover has dragged on amid CDB's reluctance to sign off on a loan for the deal and earlier delays in securing mining deals with the governments of Cameroon and Congo.
The bank eventually agreed in October to provide a debt facility of up to US$1.02 billion, subject to credit approval processes.
Hanlong also received a loan commitment from the Bank of Deyang for the remainder.
However, Sundance said yesterday that CDB has requested a review of the just signed Cameroon Convention and of the anticipated Congo Mining Permit before it provides the term sheet for the deal.
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