Sundance shares plunge as talks collapse

By on April 9, 2013

SHARES in Sundance Instruments have plunged by using using more than 50 per cent after the give approach of its $ 1.Three billion takeover maintain China’s Hanlong Mining.

Sundance revealed late on Monday that it had ended talks with Hanlong after the Chinese Language Language firm bumped into considerations financing the deal.

alternatively, the Africa-founded miner mentioned it was in talks with other Firms about developing its proposed West Africa iron ore undertaking.

Merchants expressed their upset when Sundance’s shares resumed buying and selling on Tuesday after a three-week trading halt.

The inventory used to be 11.1 cents, or Fifty Two.9 per cent, decrease at 9.9 cents at 10.16am AEST.

In its commentary launched after the Australian inventory market closed the previous day, Sundance chairman George Jones mentioned the miner persevered to obtain toughen from the governments of Cameroon and Republic of Congo and from China for the Mbalam-Nabeba undertaking.

He stated Sundance was once certain of finding the ideal companion to convey the mission into manufacturing.

Hanlong had proposed to obtain all of the issued share capital of Sundance.

But final week Sundance stated it had not received $ 5 million in funding from Hanlong.

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