By Gillian Tan
SYDNEY--Sundance Resources (SDL.AU) has held talks with parties
including Glencore International PLC (GLEN.LN) about the sale of a
stake in its flagship Mbalam iron ore project, a person familiar
with the matter said Tuesday.
The talks are taking place amid worries that China's Hanlong
Mining may fail to complete its 1.38 billion Australian dollar
(US$1.4 billion) takeover of Sundance, which is being advised by
UBS AG. It wouldn't require parties to acquire any equity in
Australia-listed Sundance, the person said.
A credit approved term sheet from Hanlong's financiers, China
Development Bank and China Everbright Bank Co, is due March 26. The
person said it isn't clear whether Hanlong would meet this
deadline.
Sundance said in February the iron ore project, which straddles
the border of the Republic of Cameroon and the Republic of Congo,
will cost around A$5 billion to build. The project is targeting
annual production of 35 million metric tons of iron ore, used to
make steel.
-Write to Gillian Tan at gillian.tan@wsj.com
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