Shares in Sundance Resources are today likely to resume trade –...

Shares in Sundance Resources are today likely to resume trade – possibly with a spike – amid rumours a $1.65 billion buyout bid from Hanlong Mining has been cleared by China's top planning body.

A conditional seal of approval from the National Development Reform Commission is said to have arrived at Sundance's Perth headquarters late yesterday, according to The Australian Financial Review. However, there's no word yet on what those conditions might be.

Sundance shares last traded at 33.5 cents, which reflects great uncertainty about the 57-cents-a-share offer from China. While the nod from the NDRC will reassure investors, sources told the newspaper it will probably take "many months" to finalise the deal.

NDRC approval will pave the way for Sundance shareholders to vote the deal through, although their support might still depend on the conditions China attaches.

Australia's Foreign Investment Review Board approved the takeover in June.

Hanlong Mining, Sundance Resources