afr - another bidder?

AFR - just out:

Elsewhere, Sundance Resources appeared to toughen its stance for the first time in a long time yesterday, saying it won’t extend the timetable to get its hands on a credit-approved term sheet to complete the transaction from takeover suitor Hanlong Mining.

It didn’t go into details over the latest stoush but Street Talk understands that Chinese private company Hanlong is trying to wriggle out of stumping up the term sheet until Sundance secures a mining permit from the Republic of Congo.

Last Friday, Sundance finally got its hands on the mining convention from Cameroon, which its management is understood to think should satisfy Hanlong’s banks enough to prompt the sign-off on funding ahead of a scheduled court hearing to approve the scheme implementation agreement on December 18.

In the revised timeframe for the SIA, Hanlong agreed to provide the term sheet by December 13, but is now seeking to further delay until the government of Congo also signs permits.

Some corners of the market said Sundance had reason to be emboldened – now that it officially hosts the right to mine the Mbalam iron ore deposit in Cameroon, it is pretty confident that the rights to Nbeba will be forthcoming within the next week or so.

The latest delay, whilst irritating to shareholders who have waited since last July for this deal to get done, could open up a window of opportunity.

In renegotiating the price from 57¢ to 45¢, Hanlong waived its exclusivity rights and there is strong word that one very interested party has conducted due diligence recently.