Sundance lays down bidding gauntlet to flush out partners

The beleaguered iron ore explorer, impatient with the lack of firm offers for its massive Mbalam iron ore mine plans to run concurrent bidding processes in a bid to flush out partners
Author: Alex Williams
Posted: Wednesday , 03 Jul 2013

LONDON (Mineweb) - 

Sundance Resources has issued what looks to be a 'put-up or shut-up' notice to potential partners on its Mbalam-Nabeba project in west-central Africa, promising to settle months of uncertainty surrounding the project's development.
The company said on Tuesday that it will run concurrent bidding processes for equity interest at the mine and project level, as well as for take-or-pay off-take agreements, in an effort to flush out partners. “Steel mills, traders and other iron ore users will be requested to confirm their interest,” the company said, “and provide commercial terms."
Sundance has endured months of controversy-laden negotiations over the project's future in the wake of a collapsed takeover offer by China's privately-owned Hanlong Group. In April the deal fell through after Hanlong's chairman disappeared during the Mines & Money Conference held in Hong Kong. It was reported that he had been detained by Chinese police on charges of harbouring his brother, who is accused of triple-homicide.

Read the original article

Aucun commentaire:

Enregistrer un commentaire