Bloomberg reported that Sundance Resources Ltd, which agreed in October to be bought for AUD 1.65 billion, decided to waive a condition for the takeover by Sichuan Hanlong Group.

Sundance’s acceptance of Hanlong’s 57 cent a share cash proposal to buy stock it doesn’t already own in the Australian iron ore developer is subject to conditions, including receiving a “Highly Confident Letter” from China Development Bank Corp. by November 28. Hanlong asked Sundance to waive the letter as a requirement.

Mr George Jones chairman of Sundance said in the statement “The board of Sundance remains firmly of the view that completing this scheme of arrangement with Hanlong is an attractive outcome for shareholders. I received a letter from Hanlong which has assured us of Hanlong’s genuine interest in acquiring Sundance.”

Mr Jones said that the agreement is expected to be completed by May next year as scheduled.

The statement added “Sundance and Hanlong will continue to work together to obtain government mining approvals from both African nations by February 29.”

Buying Sundance will give Hanlong control of the AUD 4.7 billion Mbalam rail, port and iron ore mine project straddling the border of Cameroon and Republic of Congo.

(Sourced from bloomberg.net)