All eyes will be on Africa this morning, with Sundance Resources...

All eyes will be on Africa this morning, with Sundance Resources tipped to start trading again after updating the market on Hanlong Mining’s progress securing crucial Chinese approvals.

It’s believed the deadline for getting the National Development and Reform Commission’s blessing could be pushed back by two to four weeks.

But that’s not necessarily a bad thing for the 57¢ a share cash takeover, as it’s understood Hanlong could soon find support in the form of a big Chinese steel maker.

Sundance has already been given assurances that the China Development Bank is ready to sign off on the $1.4 billion needed to complete the takeover transaction once Hanlong gets the NDRC’s nod.

But getting a larger player on board – particularly one that needs the iron ore – would potentially help Hanlong to develop the 35 million tonne a year Mbalam mining project and the 510 kilometre rail line and 70 kilometre spur line needed to get its ore to port.

http://www.afr.com/Blogs/Opinion_Street%20Talk#377e325c-bffa-11e1-b3fa-8eb4abc7ed1f