numbers indicates holders holding tight, page-56

Hi Westcott, I agree with you 100% that Sundance didn't welcome the Hanlong bid (refer to the Newscorp article) and the mining permit and convention were the key CATALYST that was always going to UNLEASH the competition.

Also it is quite disingenious to dwell on the recommendation of the 45c deal in the absence of a superior offer. Because shortly after Liu Han disappeared (coincidentally 48 hours before the Chinese Development Bank term sheet was due - for a deal that DIDN'T exist), the preparation for the OPEN COMPETITIVE INTERNATIONAL TENDER was in motion. We were also told that some interested parties were by that stage in more advanced discussions than others.

http://www.perthnow.com.au/news/western-australia/sundance-issues-tenders-for-african-iron-ore-mine/story-fnhocxo3-1226692687405

Sundance Chairman George Jones said the collapsed Hanlong deal was a blessing in disguise as it enabled the company to complete the licensing process for Mbalam-Nabeba.

“Sundance did not welcome that bid from Hanlong, but after they made it we decided to work with them, getting through all the approvals, because all the people we had been talking to wanted us to have those licences,” he said.

“They’ve seen what happened in Guinea with not having a licence … they come back and say, ‘well another five or seven hundred million please’.

“So we were determined to get those licences before we concluded a deal with anybody and now we have achieved that. So Hanlong had its plusses.”