Media coverage starting to hot up.
Just wondering how much would you be prepared to accept as an offer. Right now , at this point in the game anything less than a dollar must be considered a joke surely.
Would be interested in what the forum considers a "sell price"?
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http://www.reuters.com/article/2011/07/18/sundance-idUSL3E7II00I20110718
UPDATE 1-Sundance gets $1.5 billion bid proposal from Hanlong
Sun Jul 17, 2011 9:18pm EDT
* Hanlong wants all of African iron ore developer Sundance
* Says will pay $1.5 billion, or A$0.50 a share
* Sundance says take no action
* Sundance questions adequacy of bid (Adds details)
SYDNEY, July 18 (Reuters) - Sichuan Hanlong Group of China on Monday bid A$0.50 a share for West African iron ore exploration company Sundance Resources , valuing the company at A$1.4 billion ($1.5 billion), in the latest move by the private conglomerate to broaden its reach in global resources.
It's also the second takeover offer in a week lodged by Hanlong for an Australia-listed company exploring for minerals in Africa after it bid A$144 million on June 11 for Bannerman Resources , which is looking for uranium in Namibia.
Hanlong is already Sundance's majority shareholder with 18.6 percent of the firm.
Sundance's board is recommending its shareholders take no action until it meets with Hanlong over the terms of the bid, which Sundance deems inadequate, according to a company statement.
The A$0.50 a share offer represents a 25 percent premium to Sundance closing price of A$0.40 on Friday.
The shares jumped 27.5 percent after resuming trade at 0200 GMT.
Sundance has made no secret it's seeking Chinese investors to help fund its $4.7 billion Mbalam iron ore project straddling the republics of Cameroon and Congo.
Sundance Managing Director Giulio Casello in March told Reuters in an interview Sundance was in talks with Chinese steel mills as candidates to invest in the project.
Beijing has been pushing its steel makers to consolidate domestic steelmaking and reduce reliance on sector behemoths Vale , Rio Tinto and BHP Billiton , which together control about 70 percent of seaborne-traded ore.
China has plenty of its own iron ore. But much of it is low grade, meaning it is cheaper to import ore that has higher iron content from countries such as Australia, Brazil and Africa.
Sundance says its ore it suitable for direct shipping to steel mills and that fully developed the Mbalam project could yield 35 million tonnes of iron ore a year.
That's nearly equal to the annual iron ore production of AngloAmerican in Africa, much of it through its majority stake in Kumba Iron Ore .
Hanlong is also the majority shareholder in Moly Mines , which is developing a molybdenum and copper mine in Australia and Marenica Energy , which is looking for uranium, also in Australia
In November 2010, Hanlong signed a cooperation agreement with the Export-Import Bank of China for loans of up to $1.5 billion to fund its overseas expansion plans.
Outside of mining, Hanlong has interests in energy, real estate, pharmaceuticals, industrial chemicals and technology.