Key Sundance stake goes to Chinese
The estate of the late Queensland entrepreneur Ken Talbot has exited its 16 per cent stake in West African iron ore developer Sundance Resources, selling it to China’s Hanlong Mining for $190.9 million.
The estate of the late Queensland entrepreneur Ken Talbot has exited its 16 per cent stake in West African iron ore developer Sundance Resources , selling it to China’s Hanlong Mining for $190.9 million yesterday.
Hanlong, which also owns a 57 per cent stake in West Australian molybdenum and iron ore miner Moly Mines , informed Sundance chairman George Jones of its intention to purchase the stake on Thursday, ahead of buying the shares at 44¢ through RBC Capital Markets after the market closed. Sundance shares had closed 2¢ higher at 49¢.
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