Sundance Resources

Sundance Resources has raised the possibility of terminating its long-running $1.3 billion takeover agreement with China’s Hanlong Mining, while also confirming it is in discussions with other parties.

Hanlong's troublesome 20 month-long takeover of Sundance Resources looks to be almost dead, after the Chinese suitor disclosed it would not meet a key funding deadline for the $1.3 billion deal .

Sundance Resources has given Hanlong Mining until Monday to stump up a $5 million payment due under the companies' stalled takeover agreement.

China has stopped evaluating new investments in Australia until some of its existing projects deliver better returns, according to Gindalbie Metals chairman George Jones.

China’s Hanlong Mining Investments has been successful in its bid to ditch three independent directors from the board of Perth-based gold, copper and molybdenum miner Moly Mines.

When the chief executive of an ASX-listed company is getting paid an annual salary of only $110,000, it’s a sure sign that money is tight. But not for all, as Business News' quarterly CEO salary survey reveals.

African iron ore developer Sundance Resources has appointed David Southam as a non-executive director.Mr Southam is currently an executive director of Western Areas, and was previously chief financial officer of Gindalbie Metals and a director of Karara Mining. 

Sundance Resources has signed agreements to raise $40 million from a consortium of investors as it looks to progress its Mbalam-Nabebe iron ore project in West Africa.

Sundance Resources has outlined a new approach to funding its major iron ore project in West Africa, seven months after terminating a $1.3 billion takeover agreement with Chinese company Hanlong Mining.

Mining and engineering contractors were the biggest losers today when the S&P Dow Jones rebalanced all of its Australian indices, with RCR Tomlinson one of the few to buck the trend.

Sundance Resources says it is confident of attracting financiers to its Mbalam-Nabeba iron ore project after securing a 10 year off-take arrangement with commodities trader Noble Resources International.

Sundance Resources has appointed Alan Rule as chief financial officer, from July 1.Mr Rule was previously CFO at Paladin Energy and Summit Resources, and prior to that CFO at Mount Gibson Iron, Western Metals and St Barbara.

Sundance Resources has appointed Portuguese construction company Mota-Engil Africa to build the $US3.5 billion port and rail infrastructure for the Mbalam-Nabeba iron ore project.

Former Leighton Holdings chief executive Wal King has been appointed deputy chairman of Africa-focused iron ore hopeful Sundance Resources.Mr King is currently a director of Coca-Cola Amatil and deputy chairman of Ausdrill. 

Andrew Forrest has purchased 1.75 million shares in iron ore giant Fortescue Metals Group for about $7 million.

Sundance Resources has taken a step toward production at its Nabeba iron ore project after signing an agreement with the government of the Republic of Congo and Congo Iron.

Iron ore explorer Sundance Resources has emerged victorious in the Supreme Court today after a damages claim was dismissed, but the Perth-based company will be in court again next year for a further dispute.

Iron ore explorer Sundance Resources says it has raised $40 million through a subscription for its convertible notes and options by resources investor Gennadiy Bogolyubov.

Sundance Resources has appointed former Leighton Holdings chief executive officer Wal King as its new chairman, following the retirement of current chairman George Jones after the company’s AGM in November.

Ausdrill non-executive director Wal King has resigned from his role just three years after joining the company.

Iron ore explorer Sundance Resources has announced a package of cost-cutting measures, including a reduction to its board and staff, in an effort to reduce expenditure amid current market conditions.

The government of the Republic of Cameroon is planning to seek funding from China for the rail and port infrastructure at Sundance Resources' Mbalam-Nabeba iron ore project, allowing the Perth company to focus just on the mine development.

The corporate watchdog says former Hanlong Mining managing director Hui Xiao has pleaded guilty to insider trading involving two Perth resources companies.

The median salary paid to chief executives at Australian mining companies fell by 12 per cent over the past two years, and is set to decline further after recent cost-cutting moves by the likes of BC Iron, Sundance Resources, Paladin Energy and Poseidon Nickel.

Sundance Resources’ hopes of developing its Mbalam-Babeba iron ore project in Cameroon have been dragged out further, with delays to construction of port and rail infrastructure.

Shares in iron ore hopeful Sundance Resources were stripped of half their value after the company announced an aggressive cost reduction strategy that includes job cuts and a reduction in board size and remuneration.

Former Hanlong Mining boss Hui Xiao has been handed an eight-year prison sentence by a Sydney court for insider trading with regards to two Perth resources companies.

SPECIAL REPORT: The dramatic rise and fall of iron ore producers and the recent surge in gold and lithium stocks have been highlighted by a historic review of WA’s major listed companies.

Sundance Resources boss Giulio Casello has taken a big pay cut as the company seeks to cut costs, with the Perth-based explorer also locking in a $1.3 million investment to assist in the search for a partner for its Mbalam Nabeba iron ore project in Africa.

Nearly 4,000 shareholders in West Perth company Moly Mines have effectively become stranded in the $63 million cashbox after a stand-off between its board and the ASX ended in a delisting of its stock.

SPECIAL REPORT: Financing opportunities have improved markedly from just two years ago for the state’s junior miners, amid growing demand for drill rigs and skilled workers.

Helix Resources is pleased to announce the completion of a placement to raise $0.9m via the issue of 30,000,000 at the last market close price of 3 cents. Peloton Capital was the lead manager with the funds raised from institutional and sophisticated investors.

Aurora Minerals has closed its fully underwritten 1-for-1 entitlement offer, raising $1.17 million at 1 cent a share. The offer was heavily undersubscribed, with only $258,630 in subscriptions, while the shortfall of 91,270,212 shares was issued to the underwriter. 

Our board moves wrap includes Alan Winduss, Stuart Third, Michell Guthrie, Calvin Ng, Stephen Mann, Giulio Casello, Simon Whybrow, and Stephen Hewitt-Dutton.