Sundance Resources is working around the clock and around the globe to get a takeover deal – on the cards since last July – done with Hanlong Mining.
Meetings continue to take place between all of the key stakeholders in places as far flung as the Republic of the Congo, Paris, Beijing and Perth.
The mines minister for Congo departed Perth from the Africa Downunder Conference late last month, where he was hosted by Sundance, for Beijing to meet with China Development Bank officials who are diligently working to secure the funding.
Perhaps because both parties have learned the perils of putting in place so-called deadlines for getting things done, the new scheme of arrangement (the one that was signed after Hanlong wriggled out of a deal to pay 57¢ a share and hammered the Sundance board down to 45¢) is now a little bit fluid.
Hanlong only needs a financing commitment letter, rather than a letter of credit, by October 1.
The more formal commitment is now not required until the day before the court hearing that will precede putting the scheme to shareholders.
The word is that negotiations are progressing well and with some haste.
Falling iron ore prices have not deterred Hanlong Mining or the Sundance board, led by George Jones.
Perhaps more importantly, they have not deterred the Chinese funding lines that will bankroll the $1.4 billion deal.
