From AFR Street Talk.The clock is ticking for Hanlong Mining to...

From AFR Street Talk.

The clock is ticking for Hanlong Mining to get its debt financing locked away from the China Development Bank to proceed with the revised 45¢ a share offer for Sundance Resources.

Sundance chairman George Jones is no stranger to the bank’s processes having secured most of the debt financing for Gindalbie Metals’ Karara magnetite projects from the state-owned financier.

It’s understood the timeframe is looking tight based on those Gindalbie experiences, but Sundance is confident there won’t be another price negotiation.

Sundance stock was trading at 27.5¢ on Thursday, well below the 45¢ offer.

Hedge funds are concerned that Hanlong’s financier might pull out given the large amount of capital expenditure required at Sundance’s iron ore project at a time when there has been a sharp fall in the iron ore price.