Shares in the Perth-based iron ore explorer Sundance Resources have been placed in a trading halt.

Chinese media was reporting at the weekend that the Chinese company Hanlong is set to increase its takeover offer for the company from 50 cents to 57 cents, valuing the company at AUD 1.7 billion.

Sundance says it will release a statement to the market in the next 24 hours.

Sundance came to prominence last year, when six board members, including five men from Perth, were killed in a plane crash while traveling to their mine in West Africa.

(Sourced from abc.net.au)