Sundance Scraps $1.3B Hanlong Deal After Missed Deadlines

Law360, New York (April 8, 2013, 3:35 PM EDT) -- Australian miner Sundance Resources Ltd. on Monday killed a $1.3 billion agreement to merge with China's Hanlong Mining Investment Pty Ltd., ending a nearly two-year chase rife with missed deadlines, political fallout and other difficulties.

The decision to drop the tie-up plans comes after Hanlong last week failed to provide AU$5 million (US$5.2 million) in tranche-two funding it had promised to hand over. On the heels of a skipped deadline for showing credit approval late last month, last week's flub was widely seen as squeezing out...
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