Yep! Lots and lots of fluff, fluffy fluff fluff and hot air. I was an investor up until 2011, but exited (thankfully with a small profit) when my fluff detector got clogged and my hot air sensor overheated.
6 February 2008 Presentation to Indaba conference: Identify strategic off-takers and Project financing partners 4th QTR 2008.
28 November 2008 AGM 2008: Identify strategic off-takers 1st QTR 2009. Project financing partners 4th QTR 2009.
11 February 2009 Mining INDABA Investor Presentation: Identify strategic off-takers/Partners 2nd QTR 2009. Project financing 4th QTR 2009.
21 October 2009 Sundance Appoints Deutsche Bank as Financial Advisor: International iron ore company Sundance Resources Limited (ASX: SDL – "Sundance") is pleased to announce that it has appointed Deutsche Bank as its financial advisor to arrange project funding to develop the Mbalam Iron Ore Project in West Africa. “Deutsche Bank has a strong track record of securing funding for Australian and international resources companies,” Mr Lewis said. “This is an important step forward for Sundance and we look forward to working with the Deutsche Bank team through project financing.”
26 November 2009 Sundance CEO Don Lewis: The first step is to secure key development partners. These may include strategic off-take partners, constructors and/or financiers. As outlined above, Deutsche Bank is currently engaged with a range of prospective partners with their target being to recommend the preferred party(s) and financing terms before March/April next year with timing for this process aligned with the recovering global economy and forecast rising iron ore prices.
17 September 2010 Inside Briefing interview with George Jones: Our key strategic priorities are to complete the Definitive Feasibility Study by the end of 2010, secure all the necessary governmental approvals and finalise the Mbalam Convention and secure financing terms with strategic partners. All of these are on schedule for completion by the end of 2010.
8 October 2010 Sundance Appoints New CEO: Mr Jones said he was delighted to have secured someone of Mr Casello’s experience, capability, drive and enthusiasm to oversee the next critical stage of the Company’s development, which will be centred around financing and development of the Mbalam Project next year.
5 November 2010 Sundance Appoints CITIC as Financial Advisor: As part of its mandate, CITIC Securities will take up discussions currently underway between Sundance and several Chinese investment groups which have expressed strong interest in the Mbalam Project. Mr Jones said “Mbalam has outstanding potential and therefore we are doing everything we can to accelerate its development. CITIC Securities’ involvement will help with the vast array of potential funding options available to the Mbalam project in China. This will also be high on the agenda of our new CEO, Giulio Casello, who starts with us on 8 November and will hit the ground running as we work hard to bring a lot of different elements together by no later than March next year to get construction of this world-class project underway.”
14 January 2011 Bell Potter: Strategic Partner & DFS Imminent
We rate SDL a Buy and our valuation is now $1.07/sh (previously $0.83). At spot iron ore prices and currency, our valuation increases to over $3.50/sh. Over the next few months SDL will announce a strategic partner and the results of its definitive feasibility study for the Mbalam iron ore project.
We think these announcements will highlight that the market is over-estimating SDL’s capital raising requirement. SDL’s sell-down of the Mbalam project will likely be sufficient to fund its equity contribution for the project’s capex. It is unlikely there will be a large (+$500m) dilutionary capital raising event.
6 April 2011 Feasibility Studies CEO Giulio Casello: Discussions with potential strategic partners are progressing well and we look forward to concluding these discussions in the first half of 2011.
16 May 2011 Strategic partner update: Sundance is pleased with the progress that has been achieved in recent months and is confident of successfully concluding arrangements for the introduction of Strategic Partner(s) to the Project by the end of June 2011.
29 June 2011 Strategic Partner Update: Sundance has shortlisted the preferred potential partners and has entered into commercial negotiations. The Company is very pleased with the progress that has been achieved in recent months and looks forward to successfully concluding arrangements for the introduction of a strategic partner to the Project. Sundance continues to work towards the target of having Conventions in place and Final Investment Decision taken in time to start early works on the construction of the rail and port infrastructure before the end of 2011.
18 July 2011 Hanlong offer 50c per share: The Board considers that the terms of the offer do not provide adequate value or certainty to Sundance shareholders and that it intends to engage in discussions with Hanlong about the terms of its proposal. At the same time, Sundance will continue to progress its advanced negotiations with potential strategic partners in respect to possible joint venture, financing and offtake arrangements to develop its Mbalam Iron Ore Project in the Republics of Cameroon and Congo.
22 July 2011 Mining Weekly.com: Sundance told the ASX that it was continuing to progress its advanced negotiations with potential strategic partners in respect of possible joint venture, financing and off-take arrangements to develop the Mbalam project.
4 October 2011 Hanlong offer 57c per share: Sundance Resources Limited (ASX Code: SDL) is pleased to announce that Hanlong (Africa) Mining Investment Limited (‘Hanlong’) has proposed to acquire 100 per cent of the Company for A$0.57 cash per share via an Australian Scheme of Arrangement (‘Scheme’). Sundance Directors believe the price, which values the Company at A$1.65 billion, is attractive and therefore unanimously recommend shareholders vote in favour of the Scheme in the absence of a superior proposal, and subject to the Independent Expert’s report concluding the Scheme is in the best interests of all Sundance shareholders.
22 November 2011 Answers to FAQs: Question 10. What is the current status of negotiations with potential JV partners? We ceased progressing discussions with other parties now that we are in an exclusive arrangement with Hanlong. Question 14. Can Hanlong reduce its A$0.57 offer if the market goes down further? No.
25 November 2011 Sundance waives highly confidential letter and proceeds with scheme: Sundance Resources Limited (‘Sundance’ or ‘the Company’) (ASX: SDL) has today received formal notice from Hanlong (Africa) Mining Investment Limited (‘Hanlong’) that Hanlong will not receive the Highly Confident Letter from China Development Bank due by 28 November 2011 and requests that Sundance waive the requirement for the letter as a condition precedent for Phase One of the Scheme Implementation Agreement (‘SIA’) which was signed by both parties on 4 October 2011. The Sundance Board believes it is in the best interests of all shareholders to waive the requirement for this letter, as it does not affect the current Scheme timetable. Hanlong have reassured the Company of its determination to continue with the Scheme and its confidence that subject to successful completion on acceptable terms of the Mbalam Convention, this Scheme will proceed as intended. Mr George Jones, Chairman of Sundance, said that even without the letter he believed the Scheme with Hanlong could progress under the current indicative timetable and be completed by May next year.
23 May 2012 ASX Announcement: Sundance Resources Limited (ASX: SDL) is pleased to advise that it has signed a revised Scheme Implementation Agreement (‘SIA’) with Hanlong (Africa) Mining Limited (‘Hanlong’) based on a simplified timetable aimed at ensuring completion in November 2012.
27 August 2012 Sundance accepts revised Hanlong offer of 45¢ a share: Sundance Chairman George Jones said the Board had decided to accept Hanlong’s proposal, which retains the right for the Company's shareholders to vote and ultimately determine whether the revised price is acceptable, following extensive negotiations with Hanlong and after considering a range of factors. “The Board believes that the revised offer is worthy of putting to shareholders in light of several key considerations,” Mr Jones said. “These include the requirements expressed in the NDRC provisional approval and the change in financial markets since the original agreement was struck in October 2011." “Given these changed circumstances, the Board also took into account the current Sundance share price, the feedback it has received from shareholders, and the opportunity that the Revised SIA offers for the Company to seek alternative offers whilst protecting against a further reduction in price.”
1 October 2012 China Development Bank Financier Commitment Letter Delayed: Sundance Resources Limited (ASX: SDL) has been advised by Hanlong (Africa) Mining Ltd (“Hanlong”) that the Financier Commitment Letter (“FCL”) from the China Development Bank (CDB) is expected by mid-October 2012.
8 October 2012 Sundance and Hanlong Negotiations: The Company remains in discussion with Hanlong as to the likelihood of completion of that requirement, the timing of that completion, and the options available to each party under the SIA. These options may include termination by either party. However, the Company has had productive and encouraging negotiations with Hanlong. These negotiations are ongoing, but expected to conclude in the week ending 12 October 2012.
15 October 2012 Market Update: Further to Sundance Resources Limited’s (ASX: SDL) ASX Announcement of 8 October 2012, Hanlong and Sundance representatives and advisors have continued negotiations as to the delivery of the Financier Commitment Letter which, under the present Scheme Implementation Agreement (SIA), was due for delivery by 1 October 2012. Although these negotiations are not complete, good progress has been made and the Company anticipates that final verifying information to conclude these negotiations will be delivered to Sundance in the course of this week (15 – 19 October 2012).
22 October 2012 Hanlong Secures Financier Commitment Letter from China Development Bank: Following certification by Hanlong and its legal advisors, the Sundance Board has concluded that both Financier Commitment Letters are acceptable for the purposes of the Scheme Implementation Agreement (SIA). Sundance and Hanlong are continuing to work towards holding a Scheme meeting, at which the SDL shareholders will be given the opportunity to vote on the terms of the Scheme, later this year. To accommodate the process to achieve financial close, the parties have extended the End Date of the SIA from 31 December 2012 to 11 January 2013, with the target date for financial close as 8 January
7 February 2013 NDRC Extends Provisional Approval for Hanlong’s Provisional Acquasition of Sundance: Sundance Resources Limited (ASX: SDL) advises that the Chinese National Development and Reform Commission (“NDRC”) has extended its provisional approval for Sichuan Hanlong (Group) Co., Limited to acquire 100% of Sundance by six months to 30 July 2013 (“NDRC Extension”). In granting this extension, the NDRC has attached a special requirement that Hanlong will enter into an agreement with a Chinese corporation (“large Chinese Partner”) with sufficient capability to undertake the Mbalam‐Nabeba Project with Hanlong. The NDRC believes that Hanlong requires a large Chinese Partner with size, expertise and experience in large project development.
4 April 2013 Second $5M Funding Tranche Not Delivered: Sundance Resources Limited (ASX: SDL) advises that it has not received the A$5 million Tranche 2 Funding which Hanlong (Africa) Mining Investment Limited (“Hanlong”) was due to provide under the Convertible Note facility by 3 April 2013. Under the Convertible Note Facility, Hanlong Resources Limited (Hanlong's parent company) provided a guarantee to pay any funds owing by Hanlong to Sundance under the facility. Sundance has today issued a demand notice to Hanlong Resources Limited under which it must pay the A$5 million Tranche 2 Funding by no later than Monday, 8 April 2013.
8 April 2013 Sundance Terminates Hanlong Agreement: Sundance has decided to terminate the SIA because the funding condition was not met and after being informed by Hanlong that it was unlikely to meet the other required conditions. As a result of the termination of the SIA, the adjourned meeting of Sundance shareholders that was scheduled for 7 May 2013 will not proceed. “Whilst it is disappointing after all this time that we will not complete this transaction, the Board of Sundance believes it is in its shareholders’ best interests to terminate the agreement with Hanlong,” Sundance Chairman George Jones said. “This will enable us to focus all our efforts on discussions with other parties which have expressed strong interest in the Mbalam‐Nabeba Project.”
27 August 2013 Sundance Issues Tender Documents for Mbalam-Nabeba Project: Sundance Resources Ltd (ASX: SDL) advises that it has commenced issuing tender documents relating to financing and construction of the infrastructure for its Mbalam-Nabeba Iron Ore Project. Tender documents for the Project’s port and rail infrastructure are being provided to a number of International Engineering, Procurement and Construction (“EPC”) contractors that have proven track records in building successful projects of large scope and scale. Six of these groups are Chinese. Sundance will also issue term sheets for Project equity and take-or-pay contracts over iron ore produced at Mbalam-Nabeba. The Company envisages that the negotiations for the take-or-pay contracts and Project equity agreements will be completed this calendar year. “The interest shown in our Project from a wide range of potential investors, constructors and customers has been outstanding,” Mr Casello said.
19 December 2013 Sundance receives strong response to rail and port tender process for Mbalam-Nabeba Project: Sundance Resources Ltd (ASX: SDL) is pleased to advise that it has received a strong response to its call for tenders to finance and build the rail and port infrastructure for the Mbalam‐Nabeba Iron Ore Project. Mr Casello said. “We are confident that this process will result in the Mbalam‐Nabeba Iron Ore Project being developed within the economic and timetable parameters that will ensure it delivers robust returns for investors and the people of Cameroon and the Republic of Congo.”
17 January 2014 SDL Chairman Interviewed by CNBC Asia TV: Regarding the rail and port tender process for Mbalam-Nabeba Project, Mr Jones said ”The two key elements were the price of building that infrastructure and also the financing of it”. On who the candidates are “One is from Europe and one is from China”.
6 June 2014 Sundance appoints Mota-Engil Africa: Sundance Resources Limited (ASX: SDL) is pleased to announce leading international engineering and construction company Mota-Engil Africa has been appointed as the Engineering, Procurement and Construction (EPC) contractor to build the port and rail infrastructure for the Mbalam-Nabeba Iron Ore Project in Central Africa. Sundance has also appointed Standard Bank, Africa’s largest bank by assets and earnings, to advise on funding and be the lead debt arranger for the Project rail, port and mines in the Republics of Cameroon and Congo-Brazzaville. Sundance CEO and Managing Director Mr Giulio Casello said the appointments of these groups marked a pivotal point in the Project’s development.
6 August 2014 WA Supreme Court Finds in Favour of Sundance: Sundance Resources Limited (ASX: SDL) is pleased to advise that on 6 August 2014 the Supreme Court of Western Australia (Action no. CIV 1773 of 2007) delivered its judgment in the longstanding dispute between Absolute Analogue Inc and David Porter (as plaintiffs) and Sundance Resources Limited, following a trial in November 2013. A further claim by Mr Porter (WA Supreme Court Action No. CIV 1632 of 2013) is scheduled to proceed to trial in 2015. This further claim is unrelated to the matters the subject of the claim of today’s decision.
16 December 2914 Cost Reduction Program and Board Changes: Sundance Resources Limited (ASX: SDL) advises the Company has undertaken a number of cost reduction measures to ensure it appropriately manages its cash position whilst retaining the ability to move its world-class Mbalam-Nabeba Iron Ore Project into production rapidly when market conditions improve.
30 June 2015 Financing Update: The Cameroon Government has commenced a process to select an EPC contractor for construction of the rail and port infrastructure to support its application for a loan from financial institutions. It is anticipated it will take 6-12 months for the Cameroon Government to secure their financing commitment. Sundance will now progress the funding of the mines in parallel with the work being undertaken by the Cameroon Government.
28 August 2015 Porter Appeal Court Decision: The Plaintiffs were not successful in having the Supreme Court Judge’s decision reversed but a retrial has been ordered by the Court of Appeal (WA). Sundance is considering its legal position regarding an appeal to the High Court and in any case, Sundance believes that it will be successful at a retrial. Any retrial, if it occurs, would not be expected to proceed until well into 2016.
23 December 2015 Porter Court Decision: The Court has ordered Sundance to pay damages in the amount of $5,037,407.23 in lieu of a grant of 10 million options. No orders have been made yet in relation to either interest or costs.
13 January 2016 Update: Separately, Sundance has been advised that the proposed signing of an Engineering, Procurement and Construction (“EPC”) contract between the Government of Cameroon and a Chinese state‐owned construction company to construct the port and rail infrastructure for the Mbalam‐Nabeba Iron Ore Project located in Cameroon and Congo has been postponed. The selected EPC contractor advised that it continues to support the Project but has requested a postponement of the contract signing until market conditions improve and progress on their financing is more advanced.
3 February 2016 Entitlement Offer to Raise Up To $16.6 Million: Sundance Resources Limited (ASX: SDL) refers to its ASX announcement dated 18 January 2016, and is pleased to announce that it has lodged a Prospectus with ASIC and ASX for a partially underwritten pro rata renounceable entitlement offer of 1 new fully paid ordinary Sundance share for every 1 share held to raise up to $16.5 million.
28 April Quarterly Activity Report – Comment from the CEO: We have done what was needed to secure the Company into 2017, raising $2.3 million and resolving the litigation matters with Mr Porter.
6 June 2016 Update on Activities: Sundance has commenced discussions with various stakeholders about the current capital structure and has received positive initial feedback from a number of those parties concerning the future direction of the business. RFC Ambrian will assist in engaging with stake holders in coming months and will make specific recommendations to the Sundance Board about restructuring options to best position the Company for the future.
Sundance secured its short‐term financial future with the completion of an Entitlement Offer in March 2016 and had $4.3 million cash on hand at the end of March.
26 July 2016 Quarterly activities report: Sundance remains fully committed to the development of the Mbalam-Nabeba Project and is focusing on ensuring that it is ready for development financing as market conditions permit and the Company is fully funded until development. In particular, the Company will continue working with RFC Ambrian to restructure the Company’s capital position and prepare for discussions with equity investors into the mines whilst supporting the Cameroon and Congo Governments as required to advance the port and rail infrastructure funding.
Sundance ended the June quarter with $2.871 million in cash and deposits.
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