Australian miner Sundance Resources has announced that it has requested that trading of its shares be halted at the Australian Securities Exchange (ASX) until April 8, since Hanlong Mining, a subsidiary of Sichuang Province-based Chinese industrial conglomerate Sichuan Hanlong (Group) Co., has not yet decided on a partner for its acquisition of Sundance.
According to Sundance's statement, Hanlong has not yet finalized discussions with potential large Chinese partners in accordance with the requirements set by China's National Development and Reform Commission (NDRC).
Additionally, Sundance clarified that Hanlong has not sought a price re-negotiation regarding the takeover offer. As SteelOrbis previously reported, in August 2012 the takeover price was revised to A$0.45 per share compared to A$0.57 per share in the original agreement signed in October 2011.
Sundance is also seeking information from Hanlong regarding media reports claiming that Hanlong chairman Liu Han has been detained by police.
