Things are not looking good for the iron ore juniors. From BS:
Shares in Sundance Resources remain in a trading halt, as a potential takeover deal with suitor Hanlong Mining appears to be falling apart.
Sundance released a statement on Monday saying Hanlong wanted to delay the deal because it could not secure credit approval by the China Development Bank by December 13 as part of a revised scheme implementation agreement.
Sundance is developing the $4.7 billion Mbalam iron ore project in Cameroon in west Africa but it is dependent on a larger partner, such as Hanlong, providing funding.
I will be very surprised if any iron ore junior can get debt funding for expansion henceforth.
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