sundance resources, hanlong, george jones, oak

http://www.businessspectator.com.au/bs.nsf/Article/Rio-Tinto-Ivanhoe-Oyu-Tolgoi-Sundance-Hanlong-Oaka-pd20111005-MBR3E?opendocument&src=rss

Sundance Resources, Hanlong, George Jones, Oakajee

Sundance Resources has unsurprisingly backed Hanlong Mining’s 57 cents a share cash offer and the iron ore junior’s chairman George Jones can take heart from the fact that he has managed to get a sweeter offer from the Chinese suitor to ensure that its Mbalam project stays on track. The decision has its critics and there is still a chance that the conditionality attached to the deal, which basically means that Hanlong is only going to come on board once Sundance gets the necessary approvals from the governments of Cameroon and Congo, could still derail the $1.7 billion deal. Jones said those approvals should be received in the next eight weeks but some investors and analysts aren’t too thrilled that Hanlong will pick up Sundance only when all the regulatory risks attached are out of the picture. Still, this will be a victory of sorts for Jones, who only took charge at Sundance after a tragic accident in June claimed the miner’s entire board. The industry veteran came out of retirement to take charge at Sundance and he reckons he has got a pretty decent price from Hanlong. With the deal almost sealed, Jones has already flagged that he is keen to pull off another rescue act, this time at the troubled Oakajee port development. Jones has told AAP that he intends to continue as the chairman of Gindalbie Metals, one of the miners attached to the project, and will do his best to help ensure Oakajee is built. Gindalbie has previously flagged the possibility of acquiring a small equity stake in the beleaguered $5.9 billion port development that is on the ropes after its developer Murchison Metals said it didn’t have the money for the project and major customer Sinosteel mothballed its $2 billion Weld Range mine.