After two years of honeymoon period, Hanlong Group and Sanders Resources Limited (Sundance, under the "Sanders") but unfortunately broke up.
Yesterday, Hanlong Group was not able to before the deadline for the transaction financing, Sanders terminated deal with Hanlong Group.
According to Sanders's latest announcement, the financing conditions of the deal was not reached, and Hang Lung Group said it is unlikely to meet other necessary conditions, the company decided to terminate the arrangements for the implementation agreement. Sanders also said that the current iron ore project the Mbalam-Nabeba (Mubarak) to negotiate with potential investors.
The acquisition was first started in March 2011, Hanlong Group Hanlong Mining acquired a 18.6% stake in Sanders, the two sides reached in September of the same year, a wholly-owned acquisition plan. After adjustment, the purchase price of A $ 0.57 per share from the original adjusted to $ 0.45 per share, O'Hanlon, a wholly-owned acquisition Sanders will have to pay about 14 billion Australian dollars (U.S. $ 9 billion yuan).
If everything goes smoothly, the start date of this acquisition on February 26, 2013 , the end date of March 1, 2013.
Sanders is expected that the project development is divided into two parts, pre-focus on the development of infrastructure, transport facilities and part of the mine, the second large-scale development of iron ore projects. Among them, only the first phase will need about $ 5 billion investment.
Real progress is not a smooth sailing: Chinese National Development and Reform Commission with additional requirements, O'Hanlon must have sufficient capacity and its jointly developed Mubarak's iron ore project in large Chinese corporations with a signed agreement, in order to continue to promote the transaction for the acquisition of Sanders. Thus this acquisition postponed to July 30. Thereafter Ambrose, chairman of Hang Lung Group surveyed, everything has changed: in late October of last year, China Development Bank loans to O'Hanlon undertaking, expressed intention O'Hanlon to provide a loan of $ 1.022 billion for the latter. the acquisition of the entire equity interest in Sanders, Australia. But since the beginning of the year, the loan did not make the trip.
Sanders said earlier that on March 21 this year, the company could not be contacted on Ambrose, which exacerbates the difficulty of Hanlong Group to obtain funds, and this acquisition to get the approval of the government in its mergers and acquisitions Sanders also become increasingly difficult. Sanders eventually changed his mind.
At present, most of the outside world that then set the Mubarak iron ore project in Africa is most likely to come from China, Wuhan Iron and Steel Group ( market area ) and Hebei Iron and Steel Group ( market share point of sale ) before Sanders to discuss, regarded as the best alternative for a short period of time. However, this has not yet been officially confirmed.
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