Hanlong Mining of China has secured financing deals to help with a $A1.37b takeover bid for Sundance Resources, an Australian iron ore company.
Hanlong Mining of China has finalised deals securing loans to help it finance its $1.37 billion takeover offer for Sundance Resources, an Australian iron ore company.
AAP reports Hanlong has secured a commitment from China Development Bank to provide a debt facility of up to $A1.02 billion and another from Bank of Deyang Co to help finance the balance of the offer.
In a statement on Monday, the Sundance board said it was satisfied with the terms of the financing agreements organised by Hanlong.
It said Hanlong also was expected to lodge more information with the Australian Securities & Investments Commission in coming days.
Shares in Sundance, which have been suspended from trading since October 1, were due to resume trading at 10am (AEST) on Monday.
Hanlong lowered its offer in August following falls in iron ore prices.