Are the Big 4 doing SDL a favour?, page-25

"Sundance has made great strides of late in moving this complex project forward, for which it deserves credit. But its extraction of shareholder value from a high quality project seems open to question."

http://resourceinvestingnews.com/75432-sundance-resources-divide-and-conquer.html

For a company with a market cap of A$250m and little cash, funding a capital project of A$5 billion presents challenges, but also options. Sundance however seems to have made a series of strategic decisions almost intentionally designed to limit its options. It now seems in effect to have been carved up. Hanlong can’t increase its stake due to issues in China, and is more than likely a seller at the right price. Noble doesn’t need to increase its stake as it now has the off-take which is all it really ever wanted and so would also possibly be a seller at the right price. While it’s new partner Bogolyubov already has established mining businesses in Africa and Australia, a stated desire to build a mining empire and now sitting alongside two large shareholders who are likely sellers at the right price